MBR_ISSUE 52_JUNE-compressed (5)

Malta Business Review
ANALYSIS: BITCOIN
The next Bitcoin run is
imminent: deVere CEO
Image by Gerd Altmann from Pixabay
8
Nigel Green, Chief Executive
of deVere Group
What we do know
for sure is that
cryptocurrencies are
the future of money.
Bitcoin could be on the verge of the
next bull run, affirms the CEO of one
of the world’s largest independent
financial advisory organisations.
The prediction from Nigel Green, founder
and chief executive of deVere Group,
comes as the Bitcoin price on Wednesday
broke through the $8,000 barrier against
the U.S. Dollar after a period of low
volatility. Mr Green observes: “Ditching its
trademark volatility, Bitcoin has been stuck
in no-man’s land for over a week oscillating
within a $600 range. But the price of the
world’s largest cryptocurrency surged to
the upside on Wednesday and cleared the
key $8,000 resistance level.”
He continues: “This could indicate that
Bitcoin is on the verge of the next bull run.
Crypto history teaches us that periods of
low volatility come directly before extended
crypto bull runs. For instance, Bitcoin went
through a relatively stable period in February
this year, then the price ran towards $4,200
in March and to $9,090 before the end of
May. Should Bitcoin experience a new run,
we can expect it to deliver a boost to the
wider crypto market, with other leading
cryptocurrencies such as Ethereum, XRP
and Litecoin, rallying too.”
He goes on to say: “Volatility is typically
welcomed by traders and investors as it can
present important buying opportunities
and bring positive rewards. However, I think
moving forward, we are likely to see less
extreme volatility. Lower volatility is a sign
of the maturation of the cryptocurrency
market. Although volatility will return again,
as it does in all financial markets, I think
we’re experiencing a fundamental shift
and, overall, the crypto market will have
less turbulent bouts in the future. This
is essential for the cryptocurrency sector
long-term as it will further encourage mass
adoption and institutional investment.”
The deVere CEO, a high-profile advocate
of cryptocurrencies having launched the
deVere Crypto app in 2018, concludes: “Of
course, no-one knows for sure when the
next crypto run will happen, but current
relative low volatility suggests it is imminent.
“What we do know for sure, however, is
that cryptocurrencies are the future of
money.” MBR
Editor’s Note
deVere Group is one of the world’s
largest independent advisors of
specialist global financial solutions
to international, local mass affluent,
and high-net-worth clients. It has
a network of more than 70 offices
across the world, over 80,000 clients
and $12bn under advisement.