The CEO of Devere Group, a financial advisory and asset management firm, has predicted a bull run and a significant bounce in the price of bitcoin during the fourth quarter of this year.
Financial advisory and asset management firm Devere Group has predicted that the price of bitcoin will bounce significantly in the fourth quarter of this year. Nigel Green, Devere’s founder and CEO, said early last week:
I believe that we’ll soon see a bull run that will lead to a significant bounce in the fourth quarter of the year for the world’s leading digital currency.
The Devere boss explained: “Bitcoin is currently highly correlated to leading global stock markets, such as Wall Street’s S&P500, and I’m confident that the recent market downturn is close to the bottom and a rally is imminent.”
The CEO added:
Bitcoin will benefit from a stock market rally as investors move back into riskier assets.
Green explained that one of the key factors that will drive the bitcoin rally is that investors are using BTC as a hedge against high inflation.
Another factor the Devere chief noted was that bitcoin is increasingly seen as an alternative to fiat currencies. Veteran investor Bill Miller previously explained that the Russia-Ukraine war and subsequent sanctions on Russia have made people think about having an alternative currency to the U.S. dollar.
“The U.S. government started feverishly adding digital dollars to its economy during the pandemic, diluting its value, but adding to the long-term prospects of bitcoin,” Green noted, emphasizing:
Investors are increasingly seeing bitcoin as an alternative to the dollar.
Green further said his predicted bitcoin bull run will be “supported by the growing investment from major institutional investors, who bring with them capital, expertise and reputational pull.” An April survey shows that 80% of institutional investors believe crypto will overtake traditional investments, 70% said crypto was a trustworthy investment, and 68% said they are actively recommending this asset class in investment strategies.
Lastly, the Devere CEO pointed out that major regulators are looking to establish a regulatory framework for crypto. He opined:
Regulation, which I believe is inevitable, would give more protection and, therefore more confidence, to both retail and institutional investors.
Green’s prediction came just days before the weekend market downturn. At the time of writing, BTC is trading at $27,748.30. It has fallen 2.5% in the past 24 hours, more than 7% in the last seven days, and almost 26% over the past year.
What do you think about the prediction by Devere CEO Nigel Green? Let us know in the comments section below.
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Published at Sun, 12 Jun 2022 23:30:33 +0000