Nigel Green believes the Ukraine crisis and institutional investor interest could spur a price surge
He explained that the recent developments have paraded Bitcoin’s key traits
Since hitting an all-time peak, Bitcoin has been the epitome of fluctuating currencies, but CEO of Financial services firm deVere Group Nigel Green believes that the asset is likely to rise (in the coming months) from its 14th place among the most valuable currencies in the world today.
Pointing to its current momentum, the CEO has predicted that Bitcoin could hit $50k before the end of March. Green backed his projection citing the ongoing crisis in Ukraine and a growing appetite for institutional investment as the impetus that will sustain the push to the predicted price.
The financial services mogul held that these recent developments have made a case for Bitcoin, owing to its fundamental traits – “borderless, permissionless, censorship-resistant and unconfiscatable.”
Green held his cards close to the chest, saying it’s still too early to determine if the world’s leading digital asset would reach the all-time high $68k it saw last November. He did not entirely rule out such growth, though.
“It’s not that big a leap from 50k to 68k and the world and the crypto market are moving at an accelerated rate in recent times. It’s certainly not out of the realms of possibility.”
An alternative is needed, and crypto could be the one
On the role Bitcoin could potentially have, the deVere Group founder elucidated that the ‘situation’ in Ukraine has subverted financial markets not only in Ukraine and Russia but also in other regions around the world.
He observed that investors and even government agencies are now seeking an alternative, and crypto could be the one.
“As banks close, ATMs run out of money, threats of personal savings being taken to pay for war, and the major international payments system SWIFT is weaponised, amongst other factors, the case for a viable, decentralised, borderless, tamper-proof, unconfiscatable monetary system has been laid bare.”
Institutional investors also want in
The deVere Group executive also noted that institutional investors have a role to play in the growth to come.
Noting the ever-increasing appeal of global digital currencies, Green explained that this profile of investors is becoming dominant in crypto. He added that their involvement should mean stability for crypto markets.
“As more and more institutional investors take control of the sector, credibility increases, trading volumes go up and volatility goes down – this is all good news for everyday investors,” he stated.