{"id":117811,"date":"2017-12-08T10:35:43","date_gmt":"2017-12-08T15:35:43","guid":{"rendered":"http:\/\/countingpips.com\/?p=117811"},"modified":"2018-06-01T15:48:26","modified_gmt":"2018-06-01T15:48:26","slug":"bitcoin-expected-to-see-saw-but-cryptocurrency-mania-is-set-to-grow","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/12\/bitcoin-expected-to-see-saw-but-cryptocurrency-mania-is-set-to-grow\/","title":{"rendered":"Bitcoin expected to see-saw, but cryptocurrency mania is set to grow"},"content":{"rendered":"
December 8, 2017<\/div>
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By George Prior<\/strong><\/em><\/p>\n

Bitcoin will see-saw in coming weeks but the cryptocurrency mania is set to grow, affirms the CEO of one of the world\u2019s largest independent financial services organizations.<\/p>\n

The observations by Nigel Green, founder and chief executive of deVere Group, come\u00a0after Bitcoin fell by $2,500\u00a0Friday<\/span><\/span>\u00a0after hitting record highs.<\/p>\n

Mr Green comments: \u201cBitcoin investors have been on a rollercoaster this year.\u00a0 The world\u2019s biggest cryptocurrency soared to a new record of $17,000\u00a0Thursday<\/span><\/span>before nosediving by $2,500 hours later<\/span><\/span>.<\/p>\n

\u201cThis correction is an appropriate one after such frenzied trading.\u00a0 We should expect to see Bitcoin see-sawing in coming weeks. Sharp moves are likely, followed by subsequent corrections.<\/p>\n

\u201cThis is due to the increased interest in this exciting new alternative currency, and especially with the Chicago Board Options Exchange allowing investors to trade Bitcoin futures in the next few days, driving hikes.\u201d<\/p>

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He continues: \u201cBitcoin\u2019s impressive rally has piqued interest in the phenomenon of cryptocurrencies in recent days and pushed demand further skywards.\u00a0 I believe we will look back on this point as the start of digital currencies becoming mainstream.\u00a0 They can no longer be dismissed as a fad or fraud.\u00a0 Of course, Bitcoin and other cryptocurrencies will rise and fall \u2013 but all traditional currencies do the same.<\/p>\n

\u201cAs they become ever-more established, cryptocurrencies will gain in popularity and the growing cryptocurrency mania will likely result in the launch of more and more digital currencies to meet demand.\u201d<\/p>\n

In a statement\u00a0on Thursday<\/span><\/span>, Mr Green also urged caution.\u00a0 He said: \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

The deVere CEO concluded: \u201cToday\u2019s digital 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 will see-saw in coming weeks but the cryptocurrency mania is set to grow, affirms the CEO of one of the world\u2019s largest independent financial services organizations. The observations by Nigel Green, founder and chief executive of deVere Group, come\u00a0after Bitcoin fell by $2,500\u00a0Friday\u00a0after hitting record highs. Mr Green comments: \u201cBitcoin investors […]<\/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-117811","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/117811","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=117811"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/117811\/revisions"}],"predecessor-version":[{"id":117812,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/117811\/revisions\/117812"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=117811"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=117811"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=117811"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}