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- The CEO of deVere Group, Nigel Green, predicted the price of the flagship cryptocurrency, Bitcoin, could hit the mark of $50,000 by this month’s end.
- The CEO says he sees no reason why Bitcoin’s price, with its current momentum, should lose its momentum amidst the Russian invasion of Ukraine.
- Green adds that the governments, institutions, and individuals are looking for an alternative to conventional financial systems because of the ongoing situation between Russia and Ukraine.
According to Nigel Green, the CEO of independent financial deVere Group, Bitcoin’s price could be heading towards the $50,000 mark by the end of March as the war continues between Ukraine and Russia.
As per the ETF trends, even though the other risks-assets drop down in value due to the impact of conflicts, Green believes the flagship cryptocurrency should keep on increasing. He says he can’t see a valid reason why the current price momentum should lose its strength.
Further, Green says it is pretty early to predict whether the price of flagship currency will be able to touch its all-time high of $68,000 from November 2021. Due to the Russian- Ukraine War, governments, individuals, and organizations got compelled to look for an alternative option to the traditional financial system.
A few days ago, the Ukrainian government even urged people around the world to donate to cryptocurrencies. The crypto community did not disappoint and donated in large numbers.
Further, the CEO also highlighted the risk to people’s personal wealth as the ATMs run out of money and banks close. With SWIFT, an international payments system, being weaponized too, there comes a need for a “viable, decentralized, borderless, tamper-proof, unconfiscatable monetary system.” Of course, the BTC.
With more Institutions On-Board, Volatility Will Decrease, Says Green.
Besides, Green says: With more institutions starting to embrace and regulate crypto, the credibility of the digital assets will increase, more people getting attracted towards, eventually resulting in less volatility and increased trading volume.
It is also interesting to note that the CEO quoted saying last year that the value of Ethereum can surpass that of Bitcoin in the span of the next five years because, according to him, there is a greater demand for ETH as it has more utility.
Veteran Billionaire Investor Mark Mobius, the founder of Mobius Capital Partners, also explained the recent surge of the flagship currency amidst the ongoing Russian attack on Ukraine. He thinks the increase in BTC price could be due to the Russian’s privilege of “way of getting their money out, getting their wealth out.”
The sanctions imposed by the West on Russian institutions, including banks, have resulted in notable dips in the value of the ruble and that of Ukraine’s hryvnia.
After the Russian attack, Kuna, the Ukrainian cryptocurrency exchange, saw its trading volume skyrocket. The exchange’s trading volume, on average, was fluctuating around 45 million Ukrainian hryvnias per day. The day Russia invaded Ukraine, the exchange’s trading volume exploded to 50 million UAH, an equivalent of approx. $5 million.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
