The founder and CEO of global financial advisory deVere Group, Nigel Green, has forecast that the price of bitcoin (BTC) will reach $50,000 by the end of this month, owing to the conflict in Ukraine and increased institutional involvement.
“Recent developments [Russia-Ukraine crisis] have focused attention on bitcoin’s core characteristics, which include being borderless, permissionless, censorship-resistant, and unconfiscatable,” Green said in a statement on March 1.
“These innate qualities have immense — and growing — value.” This is why bitcoin is currently the world’s 14th most valuable currency. I expect it to rise even higher in the rankings in the coming months.”
The Devere Group is a global independent financial advice organization with offices all over the world. The organization, headquartered in Dubai, UAE, manages more than $10 billion in assets.
Green said as the Bitcoin price jumped 16%, or $6,000, to more than $44,000 on March 1, the greatest daily increase since February 2021. Bitcoin fell 9% to $34,700 in the aftermath of Russia’s Feb. 24 invasion on Ukraine.
BTC has experienced tremendous fluctuations since reaching an all-time high of $69,000 on November 10, when panicked investors fled the market owing to concerns about cryptocurrency regulation and the global economic outlook.
At the time of writing, the top crypto asset has fallen slightly to $43,450, down 1% on the day.
Europe’s crisis, as well as institutional usage, are driving expansion.
There is “no reason why this pricing momentum should falter,” according to Nigel Green. In that regard, he anticipates that “bitcoin will reach $50,000 by the end of this month.”
The CEO and founder of deVere believes that geopolitical concerns and institutional investment will be important factors in keeping the pricing increase going.
“The Ukraine-Russia crisis has produced major financial instability, and individuals, businesses, and even government agencies – not just in the region, but globally – are seeking for alternatives to established systems,” Green said, adding:
“The case for a sustainable, decentralized, borderless, tamper-proof, unconfiscatable monetary system has been laid bare as banks close, ATMs run out of money, fears of personal funds being stolen to pay for war, and the key international payments system SWIFT gets weaponized, amongst other things.”
Green predicted that all of these factors would combine to drive investors toward more exposure to digital assets, notably bitcoin, warning that the US dollar’s standing as a global reserve currency was in “jeopardy.”
According to him, institutional investors are poised to spearhead this transition.
“The appeal of global, digital currencies in our increasingly tech-driven world is, of course, not going unnoticed by institutional investors such as credit unions, banks, major funds such as a mutual or hedge fund, venture capital funds, insurance companies, and pension funds,” Green explained.
“As more institutional investors take control of the industry, credibility grows, trading volumes improve, and volatility falls – all of this is good news for everyday investors,” he continued.
‘War is beneficial to bitcoin.’
Green may not be the only one who believes that conflict could be beneficial to bitcoin. On February 25, crypto expert Jack Niewold cited Russia’s invasion of Ukraine as a buying opportunity for long-term crypto investors.
“Historically, shots fired have heralded a market bottom,” he asserted. According to Niewold, the war may cause central banks to produce more money, with economic repercussions forcing nation-states to adopt BTC.