Bitcoin has surged to a record $60,000 as stimulus hopes and big-name backers fuel demand

Bitcoin has surged to a record $60,000 as stimulus hopes and big-name backers fuel demand

The surge marked a 1,000% gain in the past year. Spencer Platt / Getty Images

Bitcoin surged as high as $60,000 for the first time on Saturday, lifting its price increase over the past year to more than 1,000%.

The cryptocurrency, which boasts a market capitalization of more than $1.1 trillion, has been buoyed by investor optimism. President Joe Biden signed a $1.9 trillion pandemic-relief bill into law on Friday, which will lead to $1,400 stimulus checks being distributed to millions of Americans, fueling hopes that the market boom will continue.

Bitcoin has also benefited from major institutional endorsements this year. Elon Musk's Tesla plowed $1.5 billion into the cryptocurrency, Mastercard said it would allow merchants to accept select cryptocurrencies, and BlackRock has started to "dabble" with it as clients clamor for bigger returns.

"Shark Tank" billionaire Mark Cuban said this week that money is flowing into crypto because rock-bottom interest rates have reduced the appeal of bonds and other assets. People are also bored at home during the pandemic and see owning crypto as a source of entertainment, he continued.

Cuban argued bitcoin's utility has increased massively with the rise of decentralized finance (DeFi) platforms. However, he dismissed the idea that it could serve