The CEO of Devere Group, a financial advisory and asset management firm, predicted a significant spike and jump in the price of bitcoin during the fourth quarter of this year.
Devere CEO predicts fourth-quarter bull run for Bitcoin
Financial consulting and asset management firm Devere Group has predicted that the price of bitcoin will jump significantly in the fourth quarter of this year. Nigel Green, founder and CEO of Devere, said earlier this week:
I believe we will soon see a bull run that will lead to a significant leap forward in the fourth quarter of the year for the world’s leading digital currency.
The Devere boss explained, “Bitcoin is currently highly correlated with major global equity markets such as Wall Street’s S&P500, and I am confident that the recent market downturn is close to bottoming and a rally is imminent.”
The CEO added:
Bitcoin will benefit from a stock market rally as investors turn to riskier assets.
Green explained that one of the main factors that will drive bitcoin’s rally is that investors are using BTC as a hedge against high inflation.
Many people, including famous hedge fund manager Paul Tudor Jones and venture capitalist Tim Draper, believe that cryptocurrency is a good hedge against inflation.
Another factor that the Devere boss noted was that bitcoin is increasingly seen as an alternative to fiat currencies. Veteran investor Bill Miller previously explained that the Russia-Ukraine war and subsequent sanctions on Russia made people think about having an alternative currency to the US dollar.
“The US government began fervently adding digital dollars to its economy during the pandemic, diluting its value but increasing bitcoin’s long-term prospects,” noted Green, emphasizing:
Investors are increasingly seeing bitcoin as an alternative to the dollar.
Green further said that his bullish bitcoin forecast will be “supported by increasing investment from large institutional investors, who bring with them capital, experience and reputation attraction.” An April survey shows that 80% of institutional investors believe cryptocurrency will outperform traditional investments, 70% said cryptocurrency was a reliable investment, and 68% said they are actively recommending this asset class in investment strategies.
Finally, Devere’s CEO pointed out that major regulators are looking to establish a regulatory framework for crypto. He opined:
Regulation, which I believe is inevitable, would give more protection and therefore more confidence to both retail and institutional investors.
Green’s prediction came just days before the market downturn over the weekend. At the time of writing, BTC is trading at $27,748.30. It is down 2.5% in the last 24 hours, more than 7% in the last seven days and almost 26% in the last year.
What do you think of Devere CEO Nigel Green’s prediction? Let us know in the comments section below.
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