{"id":166984,"date":"2020-03-20T11:00:34","date_gmt":"2020-03-20T15:00:34","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=166984"},"modified":"2020-03-20T09:13:44","modified_gmt":"2020-03-20T13:13:44","slug":"bitcoins-sharp-recovery-to-take-price-beyond-7000-in-next-week-devere-ceo","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2020\/03\/bitcoins-sharp-recovery-to-take-price-beyond-7000-in-next-week-devere-ceo\/","title":{"rendered":"Bitcoin\u2019s sharp recovery to take price beyond $7,000 in next week: deVere CEO"},"content":{"rendered":"
March 20, 2020<\/div>
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By George Prior<\/strong><\/p>\n

The price of Bitcoin is likely to recover to at least $7,000 in the next week, with the wider cryptocurrency market receiving a major resurgence.<\/p>\n

This is the bullish forecast from Nigel Green, the chief executive of deVere Group, one of the world\u2019s largest independent financial advisory and services organizations.<\/p>\n

It comes as the price of Bitcoin, the largest digital currency with a current market capitalisation of around $130bn, shot up by more than 20 per cent in 24 hours on Thursday.<\/p>\n

Mr Green, who launched the deVere Crypto app in 2018, says: \u201cGlobal financial markets \u2013 such as stocks, oil, currency, bonds and gold \u2013 experienced a massive sell-off this week. Investors who needed cash went into panic-mode about the coronavirus pandemic and whether governments’\u00a0and central banks’ policies are enough to mitigate the economic impact.<\/p>\n

\u201cBitcoin was no different from any of these other assets – including the safe havens \u2013 it was just another asset to sell at the time.<\/p>

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\u201cHowever, it has recovered significantly better than many other assets, jumping 20 per cent in 24 hours.\u201d<\/p>\n

He continues: \u201cI\u2019m confident that this upward trajectory will remain strong.\u00a0 The price of Bitcoin is likely to recover to at least $7,000 in the next week as the volatility in traditional financial markets, including fiat currency markets, looks likely to remain in the near-term.<\/p>\n

\u201cAs such, a growing number of institutional and retail investors will seek to diversify their portfolios and hedge against the turmoil by investing in decentralised, non-sovereign, secure crypto assets, such as Bitcoin.<\/p>\n

\u201cIn other recent times of market uncertainty, a growing consensus has been revealed that Bitcoin is becoming a flight-to-safety asset.<\/p>\n

\u201cUp to now, gold has been known as the ultimate safe-haven asset, but Bitcoin\u00a0 – which shares its key characteristics of being a store of value and scarcity \u2013 could potentially dethrone gold in the future as the world becomes increasingly digitalised.”<\/p>\n

Mr Green adds: \u201cMoreover, the upswing in Bitcoin\u2019s price will remain on track because the fundamentals remain intact \u2013 namely that cryptocurrency is the future of money.<\/p>\n

\u201cCryptocurrencies like Bitcoin are digital and global. Digitalization is often called the fourth industrial revolution and cryptocurrencies are digital by their very nature. Meanwhile, the borderless nature of cryptocurrencies makes them perfectly suited to an ever globalized world of commerce and\u00a0trade.<\/p>\n

\u201cIt is also about demographics.\u00a0 Younger people, who are of course the future, have always lived in a digital era, so using digital currency is going to be second nature.<\/p>\n

\u201cIn addition, there will be an acceleration of institutional investment which is likely to be driven by greater regulatory clarity. More and more global jurisdictions can be expected to join the likes of Malta, Hong Kong, Japan and Switzerland in becoming crypto-friendly from a regulatory and pro-business viewpoint. The institutional expertise and capital will bolster prices significantly.\u201d<\/p>\n

The deVere CEO concludes: \u201cVolatility in traditional markets, combined with a growing consensus of it being a flight-to-safety asset, plus its strong inherent fundamentals will ensure Bitcoin\u2019s continued upward trajectory.\u201d<\/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.<\/em><\/p>\n

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

By George Prior The price of Bitcoin is likely to recover to at least $7,000 in the next week, with the wider cryptocurrency market receiving a major resurgence. This is the bullish forecast from Nigel Green, the chief executive of deVere Group, one of the world\u2019s largest independent financial advisory and services organizations. It comes […]<\/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-166984","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/166984","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=166984"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/166984\/revisions"}],"predecessor-version":[{"id":166985,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/166984\/revisions\/166985"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=166984"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=166984"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=166984"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}