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CEO Nigel Green: Still One Last Flush Before Crypto Boom

CEO Nigel Green of financial advisory firm deVere Group is bullish on cryptocurrencies in the long term.

CEO of deVere Group, Nigel Green

Green said that while the cryptocurrency is not yet “out of the woods just yet,” the price will eventually rise.

“It’s been a tricky time in recent months for the cryptocurrency market which, like all risk assets including stocks, have been hit by a wave of gloomy investor sentiment based on global economic slowdown fears, inflation and geopolitical factors, amongst other issues.

Crypto isn’t out of the woods just yet, with a maybe small and final rinse-out on its way before a considerable price bounce towards the end of the year.”

According to the CEO of deVere Group, Bitcoin attracts buyers because it is a quality asset with an attractive valuation.

“People are starting to realize that, clearly, headwinds remain for economies around the world, but that some quality assets, like Bitcoin, are currently cheap.
Confidence is creeping back into all markets.
Specifically, on Bitcoin, people are appreciating the inherent current and future value of digital, borderless, global currencies, and will start moving now to take advantage of the current lower valuations.”

Green still has a positive view of the market in the long term

Nigel Green added that Bitcoin would be relatively less volatile over the next few months.

“As the sugar-rush of free money fades away, we can see the real value of assets.
And despite coming down 50% from its hype and heat-fuelled November high, Bitcoin remains the best-performing asset class of the decade.
We expect a less high-octane, more steady, continued upward trajectory for Bitcoin over the next few months.”

Bitcoin has also been struggling to regain the critical support area of $28,000 since early June, news of Tesla selling 75% of its BTC holdings has also affected the market, but if in a positive direction. then the $20,000 price zone has been maintained in recent times. Currently, BTC is trading at $23,000.

BTC daily chart. Source: CoinCu

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.