Bitcoin Needs More Institutional Investment: Goldman Sachs Exec

Despite the bolstering institutional investor base Bitcoin (BTC) has gathered, Wall Street expert, Jeff Curie, noted that the market is still in significant need of institutional investment presence to prop up its stability. The Head of Commodities Research at Goldman Sachs made his opinion known in a recent interview with CNBC.

Before now, many companies and institutional investors were wary of BTC, citing its instability as the deal-breaker. Fast-forward to 2020, and corporations are jumping at the idea of Bitcoin investment and have poured significant sums into the cryptocurrency.

One of the pertinent reasons Bitcoin witnessed a spike in institutional investment in 2020 is because of the widespread dovish monetary policies adopted by governments and central banks to combat the coronavirus-induced economic crisis. Big shot investors believe that continuous money printing to fund stimulus packages and other financial bailouts could trigger a significant loss of value for the underlying currency, thereby affecting their wealth.

Meanwhile, the inflow of institutional investment was significantly behind the recent $42k rally.

While the influx of corporate interest in Bitcoin is at an all-time high, Curie still believes that more institutional fund needs to find its way to BTC, adding that “the key to creating some type of stability in the market is to see an increase in the participation of institutional investors and right now they’re small.”

Key BTC Levels to Watch — January 13

Bitcoin remains on its steady recovery journey, as it crossed the $36k resistance just a few hours ago. However, it now has to scale the crucial $36,500 resistance to confirm a full bullish recovery and restore it.

A fall from this current level will likely get repelled by the $35k support, where our mini ascending trendline is.

Meanwhile, our key resistance levels are at $36,500, $37,827, and $39,800. While our key support levels are at $34,474, $32,000 and $30,000.

Total Market Capitalization: $978 billion

Bitcoin Market Capitalization: $672 billion

Bitcoin Dominance: 68.7%

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