The price of bitcoin (BTC) will surpass $50,000 by the end of this month, according to Nigel Green, founder and CEO of global financial consulting deVere Group, pushed by the situation in Ukraine and increased institutional involvement.
Devere Group is a global financial advice organization with locations all over the world. The company is headquartered in Dubai, UAE, and manages over $10 billion in assets.
On November 10, the BTC price skyrocketed 16 percent, or $6,000, to more than $44,69,000, as panicked investors fled the market owing to concerns about cryptocurrency regulation and the global economic outlook.
At the time of publication, the top crypto asset has plummeted to $43,450, down 1% on the day.
“There is no reason why this pricing momentum should falter,” says Nigel Green. In this regard, he predicts that “bitcoin will hit $50,000 by the end of this month.”
Geopolitical concerns and institutional investment, according to the deVere CEO and founder, will be important drivers for maintaining the price increase.
“The Ukraine-Russia situation has caused significant financial upheaval and individuals,”
“businesses and indeed government agencies – not just in the region but globally”
” – are looking for alternatives to traditional systems,”
So, Green explains.
Green predicted a scenario in which all of these reasons combined to drive investors toward more exposure to digital assets, notably bitcoin, warning that the dollar’s standing as a global reserve currency was in “jeopardy.”
Lastly, Institutional investors, he claims, are well positioned to spearhead this transition.
“The appeal of global, digital currencies in our increasingly tech-driven world is, of course,”
” not going unnoticed by institutional investors who include credit unions, banks, large funds”.
“such as a mutual or hedge fund, venture capital funds, insurance companies, and pension funds,”
So, Green continues.
“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,”
Then, he adds.
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