And another financial expert predicts a bright future for Bitcoin.
Bitcoin’s ( BTC ) parabolic soaring is only just beginning, says Nigel Green, founder and CEO of Dubai-based financial consultancy deVere Group
In a Newsmax article on Thursday, Green predicts that Bitcoin will also have “a record year” in 2021, in which the price will increase by at least 50 percent or “possibly even double”.
He made the corresponding remarks on the day on which Bitcoin first climbed above the 23,000 US dollar mark . It only went down slightly at $ 23,777.
Given the current price levels, Green anticipates an upswing in the range between 34,500 and 46,000 US dollars for the next year.
However, the financial expert admits that it will not go straight up, but that this development will also have its ups and downs. As a driving force, he sees that the increased interest of institutional investors in the next year will in turn ensure increased interest of mainstream investors, which catapults the price of the cryptocurrency further upwards.
To this end he writes :
„Some of the largest institutions in the world, including global payment groups and Wall Street corporations, are increasingly venturing into the crypto market, bringing with them their vast expertise and capital, which in turn drives interest from small investors.“
Green’s deVere Group has been researching digital currencies for a long time. Last month, had the results of a survey, the consulting firm published stating the that 73 percent of respondents see crypto currencies positive. In the previous year, this already applied to 68 percent of the participants. The “Survey of Millionaires” shows that wealthy investors are increasingly looking at the new asset class.
In fact, the increased interest of institutional investors is the catalyst behind Bitcoin’s current record run, which makes it all the more sustainable compared to the hype of 2017.
Another important factor is that the narrative about Bitcoin as a store of value and a hedge against inflation and economic uncertainty gained significantly in persuasiveness in the crisis year 2020.
This is what Green thinks in his article:
„As the state governments continue to boost their economies because of the pandemic, investors are increasingly turning to Bitcoin as a hedge against the threat of inflation.“