September 1, 2020
The CEO and founder of one of the biggest independent financial advisories across the world expect economic conditions that may serve as rocket fuel for Bitcoin.
Nigel Green from deVere Group names the vital influences that may fuel the next Bitcoin bull run.
“We can expect the world’s largest cryptocurrency to be further fuelled for the rest of 2020 by the U.S. presidential election and the weakness of the U.S. dollar, which will serve as high-octane price drivers.
A U.S. presidential election always stirs uncertainty – but 2020 is seen by many as particularly important as not only will whoever wins be the CEO of the world’s largest economy, they will be in that role as the world economically readjusts following the global fallout of coronavirus.”
He also states that the uncertainty will drive investors to seek refuge in store-of-value assets such as Bitcoin and Gold. However, he stresses that Bitcoin is playing a different league.
“Bitcoin currently realizes its reputation as a form of digital gold. Up to now, the precious metal has been perceived as the ultimate safe-haven asset. Still, Bitcoin – which shares its fundamental characteristics of being a store of value and scarcity – could potentially in the future knock gold from its long-held top spot as the world becomes driven by the tech revolution.
Decentralized, non-sovereign, secure digital currencies, including Bitcoin, will become more attractive to investors as they will offer a hedge against turbulence in traditional markets.”
Speaking about the U.S. Dollar, Green emphasizes that the U.S. government’s monetary policy of printing trillions of dollars can make the crypto king a unique investment asset.
“You can’t just print Bitcoin…The greenback could be in for a short-term boost. Still, there are expectations on a downward trajectory in the longer term and that it could ultimately lose its global reserves status – and this environment will provide a powerful boost for the price of Bitcoin.”
Green stresses that this year could be a decisive moment for the largest cryptocurrency.
“History will show that 2020 was a breakout year for Bitcoin.”
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