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Could Bitcoin be about to hit $50,000 this month? deVere CEO Nigel Green thinks so

Bitcoin, the world’s biggest cryptocurrency by market cap that saw its price jump 15 per cent in a day, is likely to hit $50,000 before the end of this month amid rising geopolitical tensions and growing institutional investments.

By LLM Reporters  |  March 12, 2022

It’s been a turbulent few months for Bitcoin – but amid rising geopolitical tensions and growing institutional investments globally, it seems its price could be about to surge as high as $50,000 by the end of this month. While this is a far cry from the $100k that was predicted by the end of last year – before the onset of new Covid variant, amongst other factors, saw its value instead take a dramatic tumble – it’s a sure-fire sign that things are on the up for this particular digital asset, which means now could be the perfect time to invest.

With trading platforms like reporting a dramatic surge in the number of new investor sign-ups over the past year, those who have been holding fire on making their first move could now be facing the perfect opportunity, with Nigel Green – CEO of one of the world’s largest independent financial advisory, asset management and fintech organisations, deVere – predicting that the current market movement for Bitcoin is just the start of what is to come.

As the world’s biggest cryptocurrency by market capitalisation jumped in price by more than 15 per cent in a day, he is confident that the momentum is set to continue – although just how long it will last, as ever, remains to be seen.

“In the past 24 hours, Bitcoin has surged by more than $6,000 at one point, to above $44,000 – its sharpest daily increase since February 2021,” says Green.

Cryptocurrencies such as Bitcoin use peer-to-peer technology to operate with no central authority or banks

“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. However, it’s not that big a leap from $50k to $68k, and the world and the crypto market are moving at an accelerated rate in recent times. It’s certainly not out of the realms of possibility.”

The deVere CEO and founder believes geopolitical tensions and institutional investment are key drivers for sustaining the price push, with the current Ukraine-Russia conflict causing significant financial upheaval and individuals, businesses and indeed government agencies – not just in the region but globally – looking for alternatives to traditional systems.

“As banks close and ATMs run out of money, threats of personal savings being taken to pay for war intensify, and the major international payments system, SWIFT, being weaponised – amongst other factors – the case for a viable, decentralised, borderless, tamper-proof, unconfiscatable monetary system has been laid bare,” he says.

“And as alternatives, such as crypto, prove to be credible and workable, the dollar’s Reserve Status could, ultimately, be in jeopardy.

“Savvy investors know this and will be further increasing their exposure to cryptocurrencies before prices rise further.”

He continues: “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.

Bitcoin’s breath-taking upward trajectory has blown away investors over the past 18 months, and despite market volatility and the occasional minor crash, it has proven to be resilient and quick to bounce back

“In fact, some reports say that institutions – who bring with them enormous capital, expertise and reputational influence – are now the dominant traders of cryptocurrencies.

“As more and more institutional investors take control of the sector, credibility increases, trading volumes go up and volatility goes down – this is all good news for everyday investors.”

Developments in recent days have put a spotlight on Bitcoin’s key traits, which include being borderless, permissionless, censorship-resistant and non confiscatable.

“These inherent characteristics have enormous – and growing – value,” Green concludes. “This is why Bitcoin is now the 14th most valuable currency in the world. I expect it to jump further still up the rankings in coming months.”

Whether or not he is right, we will have to wait and see – but currently, the market is looking favourable for crypto investors. And it seems alt-coins like Ethereum’s Ether, too, could soon be on the rise as cryptocurrencies increasingly make their way into the mainstream.

Disclaimer: Investing money carries risk, do so at your own risk and we advise people to never invest more money than they can afford to lose and to seek professional advice before doing so.