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

• Bitcoin hit a record $60,000 on Saturday, marking a 1,000% gain in the past year.
• The cryptocurrency has benefited from institutional support and fiscal stimulus.
• Mark Cuban and Kevin O'Leary are fans, Warren Buffett and Michael Burry aren't.
• $4.

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 $4 a $1.9 trillion pandemic-relief bill into law on Friday, which will lead to $4 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 $4 into the cryptocurrency, Mastercard $4 merchants to accept select cryptocurrencies, and BlackRock has $4 "dabble" with it as clients clamor for bigger returns.

"Shark Tank" billionaire Mark Cuban $4 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 as a currency or hedge against inflation.

One of Cuban's "Shark Tank" costars, Kevin O'Leary, has $4 to bitcoin after previously calling it "garbage." He cited inflation risks and the advent of bitcoin ETFs as reasons for his change of heart, and plans to give the digital coin a 3% allocation in his portfolio.

However, other high-profile investors remain deeply skeptical of bitcoin. Warren Buffett has $4 as "rat poison squared" and a worthless delusion. He warned that cryptocurrencies would come to a bad end.

Buffett's business partner, Charlie Munger, $4 it was too volatile to serve as a medium of exchange, and advised others to follow his lead and not buy it.

Michael Burry, the investor who anticipated the collapse of the US housing market in the mid-2000s and made a fortune betting on that outcome, has $4 bitcoin is a "speculative bubble" and predicted a "dramatic and painful fall."