Devere Group CEO has forecasted that bitcoin’s price will rise to $50,000 before the month ends. The key driving factors behind bitcoin’s rise in price are geopolitical tensions and institutional investment. He also said, “the dollar’s reserve status could, ultimately, be in jeopardy.”
Devere’s CEO on the Future of Bitcoin
The CEO of Devere Group, Nigel Green, has predicted that bitcoin’s price will reach $50,000 by the end of this month. Devere Group is an independent asset management and financial advisory firm with headquarters in Dubai.
On Tuesday, the executive stated that bitcoin prices had risen more than $6,000 within 24 hours.
It is hard to see why the price momentum could slow as it stands now. Bitcoin could reach $50,000 this month, according to my estimation.
However, he noted that it is “too early to say” when the price of bitcoin will revisit last year’s all-time highs. BTC hit $68,892 in November, according to Bitcoin.com Markets data.
Green believes that “It’s not that big a leap from $50K to $68K.” He emphasized: “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.” At the time of writing, bitcoin is trading at $39,007.
Geopolitical Tensions and Dollar’s Reserve Status
According to Devere’s executive, there are two major drivers that will boost bitcoin’s price: institutional and geopolitical investment.
He explained that the war between Russia and Ukraine “has caused significant financial upheaval.” It has driven individuals, businesses and government agencies globally to look for “alternatives to traditional systems,” he detailed.
“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 weaponized, amongst other factors, the case for a viable, decentralized, borderless, tamper-proof, unconfiscatable monetary system has been laid bare,” the chief executive further opined, elaborating:
And as alternatives, such as crypto, prove to be credible and workable, the dollar’s reserve status could, ultimately, be in jeopardy.
“Savvy investors know this and will be further increasing their exposure to cryptocurrencies before prices rise further,” he predicted.
To Boost Bitcoin Demand, Institutional Investors
The Devere boss further predicted: “As more and more institutional investors take control of the sector, credibility increases, trading volumes go up and volatility goes down.”
Emphasizing that the current Russia-Ukraine crisis has highlighted bitcoin’s key traits, Green concluded:
It is therefore the 14th-most valuable global currency. It is expected to climb further up the rankings over the next months.
Green is not alone who views bitcoin as a positive investment. Veteran investor and fund manager Bill Miller said this week that the situation in Russia is “very bullish for bitcoin.”
What do you think about the prediction by Devere’s CEO? Comment below.
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