Financial advisory firm deVere Group CEO Nigel Green says the leading crypto asset Bitcoin (BTC) will likely surge to $50,000 in the near-term.
In a new company blog post, Green says that the top digital asset by market cap is likely to hit $50,000 in March due to escalating geopolitical tensions and growing interest from blue-chip investors.
“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 tell whether it will then go on to reach the all-time highs of $68,000 from November 2021.”
Green explains that BTC will rise to $50,000 because the ongoing Russian-Ukrainian war in Eastern Europe has caused financial institutions to shut down or delay their operations.
“The Ukraine-Russia situation has caused significant financial upheaval and individuals, businesses and indeed government agencies – not just in the region but globally – are looking for alternatives to traditional systems.
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, un-confiscatable monetary system has been laid bare.”
The CEO also says that institutional investors pouring more money into the nascent industry will also be a catalyst for Bitcoin’s climb.
“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.”
Bitcoin is exchanging hands at $40,859 at time of writing, an 8.5% increase from its seven-day low of $37,587.
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