Devere Group CEO has shared many reasons why he purchased the bitcoin dip. “Despite the recent turbulence, I believe that the trajectory of bitcoin and other major cryptos is upwards,” he said.
Nigel Green explains why he is buying more bitcoin
Nigel Green (CEO of Devere Group), has stated that he will be buying bitcoin dip. This week’s blog post by the CEO of Devere Group, Nigel Green, outlined several reasons why he bought more bitcoin during the market downturn.
“The continuing strength of the U.S. dollar, which is down to policy tightening by the Federal Reserve, is being felt by bitcoin and all other risk assets, as we have seen in the recent drop in global stock markets,” he began, adding:
But like many serious crypto investors, I’m buying the dip. I’m embracing this short-term volatility for longer-term gains.
Green shared his reasons for buying more BTC. “One reason is that I’m ‘whale watching,’” he revealed, noting that “Whales are investors who are giant crypto holders, holding enough assets to have the potential to move currency valuations.”
He continued: “In recent weeks, whales have been selling which has the effect of bringing down the market price as others get spooked and panic-sell. This then allows the big players to buy back more, and cheaper, down the track.”
They are likely to be making moves in the next few weeks to purchase and increase their holdings.
“Also, there’s other noticeable whale activity taking place. The number of new wallets holding between 10,000 and 100,000 bitcoins has jumped by 103 in the last 30 days,” he pointed out.
Green also cited the fundamentals of crypto among the reasons to buy, emphasizing that the dip in price is a “key buying opportunity.”
He added: “Like many major corporations, financial institutions, governments, prestigious universities, and household-name investing legends, I’m confident that digital currencies are the inevitable future of money.”
“In our increasingly tech-driven, globalized world, it makes sense to hold digital, borderless, decentralized currencies,” Green opined. “In addition, adoption and demand are increasing all the time, whilst at the same time, supply is decreasing.”
According to the executive of Devere Group,:
Even with the current turmoil, I think bitcoin and the other major cryptos are on an upward trajectory. The current drop is a discount for me.
Green made several bullish predictions about bitcoin’s price on multiple occasions. In June, he predicted a bull run and a “significant bounce” for BTC.
Are you in agreement with Devere CEO Nigel Green Leave a comment below.
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