Bitcoin is back as crypto winter ends, deVere Group boss
After being in bear territory there is a growing sense that Bitcoin is back, according to Nigel Green, Founder and Chief Executive of financial advisory organisation deVere Group.
Green was speaking as the cryptocurrency jumped 20% in less than an hour on Tuesday morning, crossing the $5,000 line. “I’m now calling that the market has bottomed and the so-called crypto winter has come to an end,” he said.
“I believe it will now move higher over the next few weeks and months, making steady gains for investors. As the largest cryptocurrency by market cap, this will have a positive impact on prices in the wider crypto sector.”
The dramatic jump will attract many investors who have been sitting on the sidelines, he believes. And it will also reignite institutional interest. He added that the crypto space is on the verge of a “true global breakout..Adoption is increasing all the time. This is evidenced not only in the financial sector, in which major banks are increasingly looking at blockchain and crypto, but with big names within the tech and retail sectors too.”
“There is increasing acceptance that cryptocurrencies are inevitably the future of money, and the environment is now right for a sustained climb in prices. I think we could reasonably see the Bitcoin price hitting $7,000 in the next few months,” he concluded.