The CEO of Devere Group has predicted that the price of bitcoin will reach $50,000 by the end of this month. He explained that geopolitical tensions from the Russia-Ukraine war and institutional investment are key drivers boosting the price of bitcoin. He also said, “the dollar’s reserve status could, ultimately, be in jeopardy.”
Devere CEO on the Future of Bitcoin
Devere Group CEO Nigel Green has predicted that the Bitcoin price will reach $50,000 by the end of this month. Devere is an independent financial advisory and asset management firm headquartered in the United Arab Emirates.
The executive said on Tuesday after the price of bitcoin surged more than $6,000 in 24 hours:
As things stand, I see no reason why this price momentum should weaken. I think we can expect to see bitcoin reach $50,000 by the end of this month.
However, he noted that it is “too early to say” when the price of bitcoin will revisit last year’s all-time highs. Based on data from Bitcoin.com Markets, BTC peaked at $68,892 on Nov. 9.
Green thinks “it’s not such a big jump from $50,000 to $68,000.” He pointed out, “The crypto world and market are moving at an accelerated pace lately. It’s certainly not out of the realm of possibility. As of this writing, bitcoin is trading at $39,007.
Geopolitical Tensions and Dollar’s Reserve Status
The Devere executive sees two key drivers boosting the price of bitcoin: geopolitical tensions and institutional investment.
He explained that the war between Russia and Ukraine “caused major financial upheavals”. This has prompted individuals, businesses and government agencies around the world to seek “alternatives to traditional systems”, he detailed.
“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 weaponized, amongst other factors, the case for a viable, decentralized, borderless, tamper-proof, unconfiscatable monetary system has been laid bare,” the chief executive further opined, elaborating:
And as alternatives, such as crypto, prove credible and feasible, the dollar’s reserve status could, eventually, come under threat.
“Savvy investors know this and will be further increasing their exposure to cryptocurrencies before prices rise further,” he predicted.
Institutional Investors to Drive Bitcoin Demand
The Devere boss further predicted, “As more institutional investors take control of the sector, credibility rises, trading volumes increase and volatility declines.”
Emphasizing that the current Russia-Ukraine crisis has highlighted bitcoin’s key traits, Green concluded:
This is why bitcoin is now the 14th most valuable currency in the world. I expect him to climb even higher in the rankings in the months to come.
Green is not the only one who sees a positive outlook for bitcoin. Veteran investor and fund manager Bill Miller said this week that the situation in Russia is “very bullish for bitcoin.”
