The CEO of the autonomous financial regulatory organization deVere Group, Nigel Green, sold half of his Bitcoin assets during the Christmas break. But even by doing that, he managed to remain bullish on the asset for the long haul while insisting on the growing adoption curve.
One of the oldest financial advisory companies, deVere Group, was launched in 2002 and has since become the most trusted organization with over 80,000 customers in 100 countries. Green is a long-term supporter of Bitcoin and calls himself “one of the pioneers to support the digital asset”.
In October last year, Green had speculated that the price of Bitcoin would have a massive surge despite the asset struggling to stay above $10,000.
And, once this prediction started to come true, the executive leveraged his position in the market and decided to sell his stash on Christmas day. The price of cryptocurrency surged to over $25,000, recording its all-time high value. This was a 150% rise since Green made the prediction.
He stated that Bitcoin has become a primary investment option in the current market scenario. Investors and financial advisors must treat it the same way traditional options are treated. He also predicted that there may be a short-term pullback on the value of Bitcoin as traders like him might see this record surge as an opportunity to book profits.
Nigel Green Remains a Strong Supporter of Bitcoin
Even though Green sold half of his Bitcoin stash at the end of 2020, Green was persistent in his belief that the future of cryptocurrency had more to offer. He believes it’s yet to reach its peak value. He also stated that the progenitor of cryptocurrencies, Bitcoin is the future of money, and with time, people will start to move from traditional forms of money to Bitcoin.
Green also reinstated that he was selling a major chunk of his Bitcoin share because it was a “now or never” situation. It doesn’t mean that he will stop backing the digital asset or investing in it, but the circumstance calls for profit-booking.
Because of its decentralized and cross-country nature, Nigel Green said that he was aware of the explosion in the popularity of Bitcoin. He noted that these reasons make it suitable for the future world brimming with opportunities in the commerce and trade sectors.
According to Green, due to the considerable price surge of Bitcoin and other altcoins, large corporations and institutional investors are also starting to invest in the crypto sector. And, as they begin to invest heavily in such assets using their huge capital and expertise, its value increases even more and leads to a rise in consumer demand. In other words, he encourages the involvement of big companies in the crypto market.
He concluded by stating that the ever-increasing rising demand of the cryptocurrency will eventually take BTC’s price to new heights, which is a hugely positive step for the long-term prospect of Bitcoin.