Bitcoin - already one of the year's best-performing assets - is likely to \"soar in value\" this year with central banks' money printing agendas and a spike in public interest, the CEO of deVere Group said this morning.<\/p>\n
The bullish comment from deVere Group's founder, Nigel Green, follows a wider positive investor sentiment regarding the leading cryptocurrency. This week Bloomberg analysts said in a note that the digital currency could jump to $20,000 in 2020.<\/p>\n
Green affirmed: \"Bitcoin price is already up around 30% from the beginning of the year, putting it on track to be one of the year's best-performing assets.<\/p>\n
Bitcoin price is already up around 30% from the beginning of the year, putting it on track to be one of the year's best-performing assets.\"<\/p>\n
\"I believe it would be surprising not to see Bitcoin soar in value further throughout this year for three key reasons.<\/p>\n
Bitcoin underwent a scheduled \"halving\" last month, which led to an itial fall against the dollar. But the world's most popular cryptocurrency has since recovered its losses.<\/p>\n
\"First, the massive money-printing, or quantitative easing, programmes currently being rolled-out by central banks around the globe devalue traditional currencies and provide a boost for other recognised stores of value, such as Bitcoin and gold.<\/p>\n
\"Second, the global health emergency has been accelerating the demand and need for digital money.<\/p>\n
\"And third is that it is a legitimate hedge against longer-term inflation concerns.\"<\/p>\n
He continued: \"Globally, we have seen client interest in Bitcoin, and other cryptocurrencies such as ETH, spike since the beginning of May.<\/p>\n
\"There's been about a 25% month-on-month jump in enquiries about deVere Crypto, our crypto exchange app.<\/p>\n
\"We largely attribute this to the pandemic collectively focusing minds on readjusting to a new world.<\/p>\n
\"Of course, our lives in this new era, which was on its way but which has been ushered in faster due to Covid-19, will be increasingly tech-driven. This includes our financial lives, meaning digital currencies such as Bitcoin, amongst other fintech [financial technology] solutions.\"<\/p>\n
Geopolitical risks, including the heightening of U.S.-China tensions, Brexit and the U.S. presidential election can also be \"expected to serve as a boost for Bitcoin\" says Mr Green.<\/p>\n
\"Investors will increase exposure to decentralized, non-sovereign, secure digital currencies, such as Bitcoin, to help shield them from the potential issues in traditional markets.\"<\/p>\n
The deVere CEO concluded: \"2020's global public health emergency, the record-shattering policies implemented to soothe economic downturns, political uncertainty and social unrest can be expected to drive the price of Bitcoin upwards.\"<\/p>\n
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