Bitcoin Could Reach $50,000 by March End, According to deVere Group CEO
Nigel Green, CEO of independent financial consultant deVere Group, has said that he expects the price of bitcoin ($BTC) might reach $50,000 by the end of March as a result of the escalating conflict between Ukraine and Russia.
According to ETF Trends, Green said in response to BTC’s current price momentum that he expects the cryptocurrency’s price should continue to rise, despite the fact that other risk assets such as shares are falling due to concerns about the economic effect of the war. Green was said to have stated:
As things stand now, I see no reason for this price momentum to stop. I believe that Bitcoin will reach $50,000 before the end of this month.
Green noted that it is “still too early to predict if it will then rise to all-time highs of $68,000 in November 2021.” According to the expert, Russia’s war with Ukraine has resulted in “substantial financial turbulence,” prompting government agencies, people, and enterprises to seek alternatives to the established financial system.
The CEO said, “As ATMs run out of money and banks collapse, there is a risk that people’s personal funds may be seized to pay for war.” Additionally, SWIFT’s international payment system is being weaponized, arguing for a “viable, decentralised, borderless, tamper-proof, unconfiscatable monetary system,” hinting he was referring to BTC.
Green continued: As institutional investors get a greater share of the market, credibility grows, trade volumes increase, and volatility decreases – all of which is beneficial for retail investors.
Notably, the CEO said last year that he expects Ethereum’s value would surpass that of the flagship cryptocurrency bitcoin “within five years,” owing to ETH’s greater usefulness and demand.
Mark Mobius, a billionaire and founding partner of Mobius Capital Partners, recently described Bitcoin’s recent price spike in light of Russia’s continuing invasion of Ukraine, which has shook equity markets.
Mobius said that Russians’ ability to “get their money out, their riches out” may be one of the reasons BTC’s price has showed strength in recent days. Sanctions on Russian institutions, especially banks, resulted in severe declines in the value of the ruble and even the hryvnia in Ukraine.
Kuna, a Ukrainian bitcoin exchange, saw its trade volume soar after Russia’s incursion. The exchange’s daily average trading volume was roughly 45 million Ukrainian hryvnias. On the day when Russian soldiers invaded Ukraine, its trade volume soared to 150 million UAH, or almost $5 million.