Institutions are driving up the price of Bitcoin

Bitcoin, the largest cryptocurrency by market cap, seems to be having a fantastic time since October 2020 and shows no signs of slowing down.
After finally breaking its all-time high of around $20,000 set on Dec. 16, 2017, Bitcoin has rebounded into untested waters and continues to set new highs on a daily basis following a significant close to 2020.
In light of this, Galaxy Digital and renowned Bitcoin bull CEO Mike Novogratz, along with several other analysts, affirmed that institutional interest and support for Bitcoin has contributed greatly to the surge in Bitcoin, as we are seeing in the market today.
Mike Novogratz pointed this out in a live interview with BBC News with his words;
“Now we’re seeing places like PayPal — which has 340 million customers — offering services for Bitcoin and selling Bitcoin in the U.S. with large insurance companies.”
He further stated, “With the institutions coming in, there’s just not a huge supply. There are over 21 million millionaires out there.
In addition to this, Novogratz also said that the massive printing of US dollars and the government flooding the economy with these funds also pushed up the value of Bitcoin. This theory confirms the opinion of Robert Kiyosaki, a famous author, that fiat currencies suffer due to printing.
Some notable institutions driving Bitcoin’s value higher As Mike Novogratz rightly pointed out, some of the notable names contributing to Bitcoin’s boring price rally include S Square Inc, MicroStrategy, and Mass Mutual.
In addition, Galaxy Digital Holdings holds more than $500 million in Bitcoin, which is worth more than 280% today than its purchase price.
Even though Bitcoin was called a scam, PayPal accepted it along with other cryptocurrencies. PayPal’s adoption opened the way to PayPal for more people, and the company reported crazy profits from the sale of crypto assets in a short period of time.

More Institutional Investment Voices Supporting Bitcoin Mike Novogratz appears to be joining many other analysts in supporting the fact that institutions are now interested in Bitcoin - including Wall Street.
While encouraging the crypto community as we approach the end of 2020, Robert Kiyosaki expressed his opinion that a wall of institutional money entering Bitcoin will push the asset’s value as high as $50,000 by 2021.
"Glad I bought Bitcoin. Next stop $50k. Institutional money wall coming in 2021. Buy below $20k. If you missed Bitcoin, buy Silver. Silver will move thanks to Aoc's Green New Deal. The future is bright for US entrepreneurs with Gold, Silver, Bitcoin."
Since 2019, JPMorgan analyst ZyCrypto has confirmed that institutional investors have had an impact on the bull market. (Baijiahao)