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Bitcoin will reach $50,000 by the end of March, says deVere Group CEO

Due to the conflict in Ukraine and increased institutional involvement, Nigel Green, the founder and CEO of global financial advisory firm deVere Group, has forecast that the price of bitcoin (BTC) would reach $50,000 by the end of this month.

The deVere Group is a global independent financial advisory organisation with locations all over the world. The organisation manages more than $10 billion in assets. BTC has experienced tremendous fluctuations since reaching an all-time high of $69,000 on November 10, when panicked investors fled the market owing to concerns about cryptocurrency regulation and the global economic outlook.

Nigel Green, the founder and CEO of global financial advisory firm deVere Group, stated that the Bitcoin price jumped 16%, or $6,000, to more than $44,000 on March 1, the greatest daily rise since February 2021. In the aftermath of Russia’s Feb. 24 invasion of Ukraine, Bitcoin fell 9% to $34,700. Green stated on March 1 that the recent developments [the Russia-Ukraine crisis] have again brought people’s attention to bitcoin’s core characteristics, which are being borderless, permissionless, censorship-resistant, and non-confiscatable. He believes that geopolitical concerns and institutional investment will be important factors in keeping the price increase going. 

The Ukraine-Russia crisis has produced major financial instability, and individuals, businesses, and even government agencies—not just in the area, but internationally—are seeking alternatives to established systems. Green stated that the argument for a sustainable, decentralised, borderless, tamper-proof, non-confiscatable monetary system has been laid plain as banks shut, ATMs run out of money, fears of personal funds being stolen to pay for war, and the key international payments system, SWIFT, gets weaponized, amongst other things.

Green predicted that all of these reasons would combine to drive investors toward more exposure to digital assets, notably bitcoin, warning that the US dollar’s standing as a global reserve currency was in “jeopardy.”

According to him, institutional investors are poised to spearhead this transition. Green explained that the attractiveness of global, digital currencies in our increasingly tech-driven world is, of course, not going unnoticed by institutional investors such as credit unions, banks, major funds such as mutual or hedge funds, venture capital funds, insurance companies, and pension funds.

 

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Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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