Business

Bitcoin could hit $50,000 in March spurred by Ukraine crisis, says deVere Group CEO

blank

Nigel Green, founder and CEO of global financial consultancy deVere Group, has predicted that the price of Bitcoin (BTC) will hit $50,000 by the end of this month, amid the war in Ukraine and rising institutional investment.

“Developments of the last few days [Russia-Ukraine crisis] shone a spotlight on key features of Bitcoin, including borderless, permissionless, censorship-resistant, and unbeatable,” Green said in a March 1 statement.

“These inherent qualities have tremendous—and growing—value. Because of this, Bitcoin is now the 14th most valuable currency in the world. I expect it will continue to jump up the rankings in the coming months.”

Devere Group is an independent financial advisory firm with offices around the world. Headquartered in Dubai, United Arab Emirates, the company has over $10 billion in assets under management.

Green was speaking as BTC price surged 16%, or $6,000, to over $44,000 on March 1, its biggest daily rise since February 2021. Bitcoin fell 9% to $34,700 after Russia attacked Ukraine on February 24 had attacked.

BTC has seen wild swings since hitting an all-time high of $69,000 on Nov. 10, as panicked investors exited the market amid uncertainty over cryptocurrency regulation and the global economic outlook.

At press time, the top crypto asset is slightly down to $43,450, down 1% on the day.

Crisis in Europe, institutional imposition to promote growth

According to Nigel Green, “there is no reason why this price momentum should slow down”. With that in mind, he expects “Bitcoin to hit $50,000 by the end of this month.”

The deVere CEO and founder believes geopolitical tensions and institutional investment will be key drivers in sustaining the price surge.

“The situation between Ukraine and Russia has caused significant financial upheaval, and individuals, companies and even government agencies – not just in the region but globally – are looking for alternatives to traditional systems,” Green explained, adding:

“While banks are closing, ATMs are out of money, threats that personal savings will be used to pay for wars, and the major international payment system SWIFT, among other arguments, has been exposed as an argument for a viable, decentralized, borderless, tamper-proof, non-confiscable monetary system.”

Green warned that the U.S. dollar’s status as a global reserve currency is “under threat,” and predicted a situation where all of these factors will conspire to drive investors toward increased exposure to digital assets, particularly Bitcoin.

Institutional investors are prepared to drive this change, he says.

“Of course, the appeal of global digital currencies in our increasingly technology-driven world has not gone unnoticed by institutional investors, which include credit unions, banks, large funds such as mutual or hedge funds, venture capital funds, insurance companies, and pension funds,” Green said.

“As more institutional investors take control of the sector, credibility increases, trading volume increases and volatility decreases — all good news for everyday investors,” he added.

“War is good for Bitcoin”

Green may not be the only one who thinks war could be good for Bitcoin. Crypto analyst Jack Niewold on Feb. 25 touted Russia’s invasion of Ukraine as a buying opportunity for long-term crypto investors.

“Shots fired have historically signaled a market bottom,” he argued. Niewold said the war could result in central banks printing more money, with economic sanctions prompting nation states to adopt BTC.

Disclaimer

All information contained on our website is published to the best of our knowledge and for general information purposes only. Any actions taken by the reader based on the information contained on our website are entirely at your own risk.

https://beincrypto.com/bitcoin-50000-march-ukraine-crisis-devere-group-ceo/ Bitcoin could hit $50,000 in March spurred by Ukraine crisis, says deVere Group CEO

Songdep

Inter Reviewed is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@interreviewed.com. The content will be deleted within 24 hours.

Related Articles

Back to top button