Cryptocurrencies ‘increasingly the money of today’, deVere Group boss

Bitcoin’s new normal bottom is $10,000, according to Nigel Green, Chief Executive and Founder of financial advisory organisation deVere Group.

His prediction came as the world’s largest cryptocurrency lingered around this mark for several days, before jumping up on Monday. “It bounces at this price. If it fluctuates below this level, it shoots back up again. We have seen this in action on Monday when Bitcoin hit $10,500 in a matter of minutes,” Green says.

Earlier this month, he stated that Bitcoin could hit $15,000 in the near future. It is a prediction he is doubling down on for four main reasons. First, geopolitical issues, such as the US-China trade war and Brexit, are intensifying and investors will increase exposure to decentralised, non-sovereign, secure digital currencies to shield them from the turmoil taking place in traditional markets.

Second, technical network improvements are further improving performance. Bitcoin’s hash rate has smashed through another new all-time high recently and this fuels investor confidence. Third, the 2020 Bitcoin halving will help drive the price skywards. The code for mining Bitcoin halves around every four years and the next one is set for May 2020. When the code halves, miners receive 50% fewer coins every few minutes. History shows that there is typically a considerable surge resulting from halving events.

And fourth, public awareness is consistently growing. “Cryptocurrencies, and in particular Bitcoin, are increasingly part of mainstream finance. This is evidenced not only in the financial sector, in which all major banks are increasingly looking at blockchain and crypto, but with big names within the tech and retail sectors too,” Green comments.

He concludes: “There is increasing global acceptance that cryptocurrencies, such as Bitcoin, are not only the future of money, but increasingly the money of today. This will be reflected in Bitcoin’s new normal bottom price of $10,000.”