The Chief Executive Officer of deVere, Mr. Nigel Green has given a bullish prediction on Bitcion, saying the price will likely hit $50,000 before the end of this month amid rising geopolitical tensions and growing institutional investments.
This prediction is coming as the world’s biggest cryptocurrency by market capitalisation jumped in price by more than 15% in a day.
“In the past 24 hours, Bitcoin surged by more than $6,000 at one point to above $44,000 – its sharpest daily increase since February 2021. 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,” he said.
He however warned that it is still too early to say whether the price 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,” he added.
Green cited the Ukraine-Russia situation, which 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 the 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.
“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 stated further.