{"id":160671,"date":"2019-11-27T09:00:51","date_gmt":"2019-11-27T14:00:51","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=160671"},"modified":"2019-11-27T08:12:26","modified_gmt":"2019-11-27T13:12:26","slug":"crypto-haters-bitcoin-cynicism-is-placing-them-on-the-wrong-side-of-history","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/11\/crypto-haters-bitcoin-cynicism-is-placing-them-on-the-wrong-side-of-history\/","title":{"rendered":"Crypto haters\u2019 Bitcoin cynicism is placing them on the wrong side of history"},"content":{"rendered":"
November 27, 2019<\/div>
\r\n<\/div><\/div>

By George Prior<\/strong><\/p>\n

The price of Bitcoin has dropped in recent weeks, but cryptocurrencies are redefining and reshaping the financial system and their influence is growing. Denying this puts you on the wrong side of history.<\/p>\n

This is the unequivocal message from the founder and CEO of one of the world\u2019s largest independent financial advisory organizations.<\/p>\n

Nigel Green, chief executive of deVere Group, is speaking out as the price of Bitcoin, the largest cryptocurrency by market cap, has fallen 6 per cent since the beginning of the month, prompting many critics to launch tirades against digital money.<\/p>\n

Indeed, on Tuesday NYU Economist Nouriel Roubini declared there to be a \u2018total crypto-apocalypse.\u2019<\/p>\n

Mr Green comments: \u201cMany\u00a0crypto critics are becoming radicalized in their attacks.<\/p>

\r\n
\r\n

Free Reports:<\/p><\/div>\r\n

\r\n

<\/a>\r\n\t Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p>

\r\n
\r\n
\r\n

<\/a>\r\n\t Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p>

\r\n<\/div>\r\n

\r\n
<\/div>\n

\u201cThe reality is that there are peaks and troughs in all financial markets, the cryptocurrency market is not \u2013 and should not be – any different.<\/p>\n

\u201cYet each time there is a dip in the market or a bout of volatility in cryptocurrencies, the crypto haters declare that digital currencies are finished – only for them to subsequently experience a rally.<\/p>\n

\u201cThe same people do not make such extreme and unfounded statements with most other financial markets. I would suggest that most people saying these things do not understand the crypto sector as it is relatively young and\/or have vested interests in older, traditional ones.\u201d<\/p>\n

He continues: \u201cHowever, whether they like it or not, dyed-in-the-wool financial traditionalists need to accept that cryptocurrencies are here to stay.<\/p>\n

\u201cThe world has changed in three significant ways that support the rise of cryptocurrencies.<\/p>\n

\u201cFirst, technological advancement. We are adopting more and more technology into our lives.\u00a0 And the rate at which we\u2019re doing so is increasing rapidly.<\/p>\n

\u201cSecond, political shifts. There is an appetite, a huge and growing one, for currencies that are not controlled by central banks and governments.\u00a0 Supporters believe that these digital currencies are part of the antidote to what they see as the ills caused by the traditional system.<\/p>\n

\u201cAnd third, globalization.\u00a0 We\u2019re all becoming increasingly interdependent and internationally-minded, and this, when harnessed properly, is an immensely positive force for trade, commerce and prosperity across the world.\u201d<\/p>\n

The deVere CEO concludes: \u201cTemporary market dips or bouts of volatility can have negative outcomes, but to believe they are necessarily and entirely negative is misguided.<\/p>\n

\u201cIn the crypto market, as in all financial markets, movements of this nature create important buying opportunities and can be capitalised upon by investors for their long-term financial gain.\u00a0 Using them effectively can be a very rewarding strategy.<\/p>\n

About:<\/strong><\/p>\n

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<\/p>\n","protected":false},"excerpt":{"rendered":"

By George Prior The price of Bitcoin has dropped in recent weeks, but cryptocurrencies are redefining and reshaping the financial system and their influence is growing. Denying this puts you on the wrong side of history. This is the unequivocal message from the founder and CEO of one of the world\u2019s largest independent financial advisory […]<\/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-160671","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/160671","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=160671"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/160671\/revisions"}],"predecessor-version":[{"id":160672,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/160671\/revisions\/160672"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=160671"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=160671"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=160671"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}