{"id":117768,"date":"2017-12-07T15:19:47","date_gmt":"2017-12-07T20:19:47","guid":{"rendered":"http:\/\/countingpips.com\/?p=117768"},"modified":"2018-06-01T15:48:27","modified_gmt":"2018-06-01T15:48:27","slug":"bitcoins-rally-is-the-dawn-of-the-financial-tech-era-but-it-remains-a-gamble","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/12\/bitcoins-rally-is-the-dawn-of-the-financial-tech-era-but-it-remains-a-gamble\/","title":{"rendered":"Bitcoin\u2019s rally is the dawn of the financial tech era \u2013 but it remains a gamble"},"content":{"rendered":"
December 7, 2017<\/div>
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By George Prior<\/strong><\/em><\/p>\n

Bitcoin\u2019s rally heralds the dawn of the financial technology era, but it remains \u201ca major gamble\u201d, affirms the CEO of one of the world\u2019s largest independent financial services organizations.<\/p>\n

Nigel Green, founder and chief executive of deVere Group\u2019s comment comes as the world’s largest cryptocurrency by market value reached a new lifetime high of $15,058\u00a0Thursday<\/span><\/span>, appreciating by more than $3,000\u00a0in 36 hours<\/span><\/span>.<\/p>\n

Mr Green comments: \u201cBitcoin\u2019s impressive current run continues, leaping over one psychological hurdle after another, and outstripping most previous expectations.\u00a0 It has caught many experts and commentators off guard.<\/p>\n

\u201cThe meteoric rise of Bitcoin underscores the demand and the need for digital currencies in today\u2019s world. Bitcoin and others have identified this and are meeting those demands and needs and filling the void.\u201d<\/p>\n

He continues: \u201cWhilst many Bitcoin investors are popping the champagne corks at the moment, some caution needs to be exercised too.<\/p>

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\u201cBitcoin remains a major gamble as it is very much an \u2018unchartered waters\u2019 asset \u2013 we\u2019ve simply not experienced this before. Also, an asset that goes almost vertically up should typically raise alarm bells for investors.\u00a0 In addition, many would argue that there\u2019s limited underlying economic value.\u201d<\/p>\n

He adds: \u201cBut that said, the U.S. dollar is also a gamble.\u00a0 America has 23 trillion in debts, so some would argue that its currency is also a risk.\u201d<\/p>\n

Mr Green goes on to say: \u201cOf course, no-one knows for sure the short, medium, long-term future for Bitcoin.\u00a0 But what we do know is that the blockchain technology that underpins it is revolutionary and is already changing the way the world handles money.<\/p>\n

\u201cThis week\u2019s rally has demonstrated without doubt that the already considerable marketplace for cryptocurrencies is growing and that it is likely to only grow at a faster pace in coming years.\u00a0 As such, Jamie Dimon\u2019s [CEO of JP Morgan] steadfast dismissal of Bitcoin is totally wrong.\u201d<\/p>\n

The deVere CEO concludes: \u201cToday\u2019s world needs cryptocurrencies. One or two of the existing ones will succeed, whether it\u2019s Bitcoin or not remains to be seen. But the dawn of the financial technology era has arrived.\u201d<\/p>\n

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deVere Group is one of the world\u2019s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.\u00a0 It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.<\/em><\/p>\n

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By George Prior Bitcoin\u2019s rally heralds the dawn of the financial technology era, but it remains \u201ca major gamble\u201d, affirms the CEO of one of the world\u2019s largest independent financial services organizations. Nigel Green, founder and chief executive of deVere Group\u2019s comment comes as the world’s largest cryptocurrency by market value reached a new lifetime […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-117768","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/117768","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=117768"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/117768\/revisions"}],"predecessor-version":[{"id":117769,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/117768\/revisions\/117769"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=117768"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=117768"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=117768"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}