“In the near term, people see it surpassing gold as a store of value. I think $1 million as a price target within the next 10 years is very reasonable,” Powell said of bitcoin.
More institutional interest in a digital currency means more regulations
One of the key factors driving Bitcoin price to new all-time highs every time is the large institutional interest in the digital currency. In recent months, popular financial institutions invested heavily in the digital token.
For instance, MicroStrategy lifted its debt offering in February to $900 million to invest it in Bitcoin. Meanwhile, Morgan Stanley said it is considering a thrilling $150 billion investment in digital currency. While Tesla (NASDAQ: TSLA) invested $1.5 billion in February.
Nevertheless, the price of Bitcoin plummeted directly after comments from Gary Gensler — the nominee to lead the Securities and Exchange Commission (SEC). Gensler said there will be a confirmation hearing “to make sure crypto markets are free from and manipulation.”