Confidence returns to Bitcoin as it reveals the true value of a high-quality asset :: InvestMacro


Written by George Pryor

Bitcoin investors and traders have reasons to rejoice that the cryptocurrency has maintained its price near $22,000 for the first time since June, says the CEO of one of the world’s largest independent financial advisory, asset management and fintech firms.

Nigel Green’s bullish valuation comes from deVere Group, which launched its own crypto exchange in 2018, as bitcoin price settled above the $21,500 resistance area, started a gradual increase and pushed above $22,800 before pulling back.

He says, “It has been a difficult time in recent months for the cryptocurrency market, which, like all risk assets including stocks, has been hit by a wave of bleak investor sentiment based on concerns about the global economic slowdown, inflation and geopolitical factors, among others.

“Crypto is not out of the woods yet, with a small and final rinse on its way before its price rebounds significantly towards the end of the year.”

He continues, “However, a lot of potentially bad news for the risky asset market, including hawkish central bank agendas, has already been priced in.

This means that investor sentiment, therefore, the price should not be shaken.

People are beginning to realize that it is clear that headwinds are still in place for economies around the world, but that some high-quality assets, such as Bitcoin, are currently cheap.

“Confidence is creeping back into all the markets.

“Specifically in Bitcoin, people appreciate the current and future value of the boundless and global digital currencies, and they will start moving now to take advantage of the current low valuations.”

A high-profile crypto advocate, whose predictions have often been proven correct, the recently game-changing CEO of deVere has publicly said that we will soon see a bullish run that will lead to a “major bounce” in the last quarter of the year for the world’s leading digital currency.

“One good indication that the bottom is near is that tracking services reveal that ‘insiders’ are on a buying spree. They are taking advantage of reasonable valuations to increase their stakes in high-quality companies for long-term wealth creation and growth.”

As Bitcoin gains, as expected, the broader cryptocurrency market follows suit. Ethereum is up more than 7% to cross the $1,450 mark in the past 24 hours.

The global cryptocurrency market capitalization has surged more than 3% this week to regain the $1 trillion mark.

Nigel Green concludes: “As the sugar rush for free money fades, we can see the true value of the assets.

And despite dropping 50% due to the hype it saw in November, bitcoin remains the best performing asset class of the decade.

“We expect a more stable lower octane upward trajectory for bitcoin over the next few months.”

Around:

deVere Group is one of the world’s largest independent advisors for specialized global financial solutions to high-income and high-income international and local clients. It has a network of more than 70 offices worldwide, more than 80,000 clients and $12 billion under advice.


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