Bitcoin has been trading above the $40k over the past few days and could rally past the $50k soon.
Nigel Green, founder and CEO of global financial advisory deVere Group, is confident that Bitcoin will hit $50k before the end of the month. He made this statement as Bitcoin has been trading above the $40k level for the past few days.
According to Green, Bitcoin will hit $50k fueled by the ongoing unrest in Ukraine. The deVere CEO said;
“In the past 24 hours, Bitcoin surged by more than $6,000 at one point to above $44,000 – its sharpest daily increase since February 2021. As it currently stands, I can see no reason why this price momentum should falter. I think we can expect to see Bitcoin hit $50,000 by the end of this month. It’s still too early to say whether it will then go on to reach the all-time highs of $68,000 from November 2021.”
Green further added that moving from $50k to $68k would not be such a huge jump for Bitcoin as the cryptocurrency is used to such movement. He added that;
“The Ukraine-Russia situation has caused significant financial upheaval and individuals, businesses and indeed government agencies – not just in the region but globally – are looking for alternatives to traditional systems. As banks close, ATMs run out of money, threats of personal savings being taken to pay for war, and the major international payments system SWIFT is weaponised, amongst other factors, the case for a viable, decentralised, borderless, tamper-proof, unconfiscatable monetary system has been laid bare.”
According to Green, cryptocurrencies have become credible alternatives for investors and will continue to provide stiff competition to the US Dollar as the global reserve currency. He continued that;
“Savvy investors know this and will be further increasing their exposure to cryptocurrencies before prices rise further. The appeal of global, digital currencies in our increasingly tech-driven world is, of course, not going unnoticed by institutional investors who include credit unions, banks, large funds such as a mutual or hedge fund, venture capital funds, insurance companies, and pension funds. In fact, some reports say that institutions – who bring with them enormous capital, expertise and reputational influence – are now the dominant traders of cryptocurrencies.”
Bitcoin is currently down by less than 1% in the last 24 hours and now trades above $42k per coin.