deVere Group founder and CEO Nigel Green has predicted bitcoin will surpass US$50,000 by the end of March following strong price growth in recent days.
Mr Green explained that geopolitical tensions were a key driver of crypto’s rebound as the Russian invasion of Ukraine unleashes financial upheaval and greater interest in alternatives to traditional systems.
“As banks close, ATMs run out of money, threats of personal savings being taken to pay for war, and the major international payments system SWIFT is weaponised, amongst other factors, the case for a viable, decentralised, borderless, tamper-proof, unconfiscatable monetary system has been laid bare,” he said.
“And as alternatives, such as crypto, prove to be credible and workable, the dollar’s Reserve Status could, ultimately, be in jeopardy.”
Additionally, increased interest from institutions is expected to drive up the price of bitcoin, according to Mr Green.
“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,” Mr Green said.
“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.”
While bullish on the outlook for this month, Mr Green remained uncertain about the likelihood of strong price momentum continuing over the longer term.
“It’s still too early to say whether it will then go on to reach the all-time highs of US$68,000 from November 2021,” he said.
“However, it’s not that big a leap from 50k to 68k and the world and the crypto market are moving at an accelerated rate in recent times. It’s certainly not out of the realms of possibility.”
Furthermore, Mr Green tipped that bitcoin would continue to rise in the rankings of the world’s most valuable currencies in the next few months above its current position in 14th place.
Jon Bragg
Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.
