This week, Bitcoin price smashed its former all-time high setting off excitement across the finance industry. All eyes were once again on cryptocurrencies, including the founder of deVere Group – a firm with $12 billion under advisement.
According to Nigel Green, CEO and founder of deVere Group, the new record “cements Bitcoin as a mainstream asset class,” adding that “most investors should consider including crypto assets as part of a diversified portfolio.”
deVere CEO Expects Upward Trajectory To Continue For Crypto
While the rest of the market was bearish back in July, Nigel Green made a public prediction that the leading cryptocurrency by market cap would revisit and surpass the all-time high set in April 2021. That prediction came true yesterday, following the first ever Bitcoin ETF going live for trading.
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The ProShares Bitcoin Strategy Fund was the fastest EFT to ever reach $1 billion AUM, doing so in only two days. It smashed the previous record holder, SPDR Gold Shares ETF at three days to the milestone.
Green accurately predicted another leg up in crypto, and is now saying that “whilst there might be some profit-taking in the near-term … the momentum is such that we can expect prices to continue on their upward trajectory.”
Green Gives Five Reasons For Bitcoin Bull Run To Continue
Green also believes that “most investors should consider including crypto assets as part of a diversified portfolio,” likening the asset class to early internet stocks.
“Why? Because crypto is the inevitable future of money and there is clearly going to be advantages for those investors who have exposure early on – in the same way as those who invested in the major internet, online and tech successes back in the day, such as Amazon, Google and Apple, have secured enormous returns.”
Beyond the ETF and comparison with some of the biggest tech companies today, Green also gives five additional reasons for why the uptrend will continue. He says Bitcoin could enjoy “god-like status’ compared to other cryptocurrencies as regulators step in. Next, he speaks of the institutions that still haven’t gotten in, but are ready and waiting to do so.
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Third, he cites the impact of the likes of “Elon Musk, Jack Dorsey and Cathie Wood” are having on giving the market credibility. Fourth, he points to the technicals and fundamentals of Bitcoin price, specifically related to the halving.
Bitcoin likely has some upside left | Source: BTCUSD on TradingView.com
Finally, he claims that “cryptocurrencies – Bitcoin in particular – have changed the way the world handles money, does business, makes transactions and manages assets”
“Investors appreciate the intrinsic value of digital, borderless, global currencies for trade and commerce purposes in increasingly digitalised economies in which businesses operate in more than one jurisdiction.”
As of this writing, Bitcoin is trading below $63,000, but considering all the cryptocurrency has going for it, Green and many others expect more upside to come.
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Featured image from iStockPhoto, Charts from TradingView.com