Nigel Green, CEO of independent financial consultancy deVere Group, has revealed he believes the price of the flagship cryptocurrency bitcoin (BTC) could move toward the $50,000 mark by the end of March over the ongoing war between Ukraine and Russia.
According to ETF Trends, in response to Bitcoin’s current price momentum, Green stated that he expects the cryptocurrency’s price should continue to rise, even as other risk assets such as shares are falling due to the conflict’s economic impact. Green was reported to have said:
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 say if it will then go on to achieve all-time highs of $68,000 from November 2021,” Green remarked. The conflict between Russia and Ukraine, according to the expert, has resulted in “substantial financial turmoil,” with government agencies, individuals, and enterprises seeking alternatives to the traditional banking system.
The CEO went on to say that as ATMs run out of money and banks close, people’s personal savings could be stolen to pay for war. Furthermore, the international payments system SWIFT is being weaponized, with the argument being made for a “viable, decentralized, borderless, tamper-proof, unconfiscatable monetary system,” meaning BTC. He add:
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
The CEO stated last year that he believes the value of Ethereum would surpass that of the flagship cryptocurrency Bitcoin “within five years”
Bitcoin’s recent price spike has been described by billionaire veteran investor Mark Mobius, founding partner of Mobius Capital Partners, despite the ongoing Russian invasion of Ukraine, which has shook equity markets.
Russians having a “means of getting their money out, getting their riches out,” according to Mobius, may be the reason BTC’s price has risen in recent days. Sanctions put on Russian institutions, particularly banks, caused the ruble and even the Ukrainian hryvnia to plummet in value.
Following Russia’s incursion, the trade volume on the Ukrainian cryptocurrency exchange Kuna exploded. The exchange’s typical daily trading volume was roughly 45 million Ukrainian hryvnias.The transaction volume in Ukraine exploded to 150 million UAH, roughly $5 million, on the day Russian military entered the country.
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