From the Indian financial news site Moneycontrol:
Bitcoin surged to over $55,000, albeit briefly, this week… the interest comes primarily from institutional investors as they hope that stimulus checks from the Biden administration will pump financial markets and lift cryptocurrencies.
– “Bitcoin breaks $55,000 as interest from institutional investors stirs appetite: Report“
Just a couple of years ago, mere interest from ‘institutional investors’ in cryptocurrency was weird. Bitcoin – and cryptocurrency in general – was dismissed as too volatile, purely speculative, a conduit for terror financing and the drug trade.
All of this is still true. And yet, institutional investors have not just come around, their buying of bitcoin now influences the price itself.