/

Bitcoin could hit $50,000 this month 

1561 views
3 mins read

Bitcoin, the world’s biggest cryptocurrency by market cap that saw its price jump 15% in a day, is likely to hit $50,000 before the end of this month amid rising geopolitical tensions and growing institutional investments, according to the CEO of a leading independent financial advisory and fintech.

“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,” said deVere Group’s Nigel Green. “I think we can expect to see Bitcoin hit $50,000 by the end of this month.”

Green said it’s still too early to say whether it 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.”

The deVere founder and chief executive believes geopolitical tensions and institutional investment are key drivers for sustaining the price push.

“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 weaponised; the case for a viable, decentralised, borderless, tamper-proof, unconfiscatable monetary system has been laid bare.

Credible and workable

“As alternatives, such as crypto, prove to be credible and workable, the dollar’s Reserve Status could, ultimately, be in jeopardy,” Green said.

“Savvy investors know this and will be further increasing their exposure to cryptocurrencies before prices rise further.”

He added that the appeal of global, digital currencies in an increasingly tech-driven world is not going unnoticed by institutional investors that include credit unions, banks, large funds such as mutual or hedge funds, venture capital funds, insurance companies, and pension funds.

Green also referred to some reports suggeting that institutions – that bring with them enormous capital, expertise and reputational influence – are now the dominant traders of cryptocurrencies.

“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 deVere CEO concluded that developments in recent days have put the spotlight on Bitcoin’s key traits, which include being borderless, permissionless, censorship-resistant and unconfiscatable.

“These inherent characteristics have enormous – and growing – value. This is why Bitcoin is now the 14th most valuable currency in the world. I expect it to jump further still up the rankings in coming months.”