The CEO of financial advisory firm deVere Group, Nigel Green, is bullish about crypto assets over the longer term.
Green says that while crypto assets are not “out of the woods just yet,” their prices will eventually rally.
“It’s been a tricky time in recent months for the cryptocurrency market which, like all risk assets including stocks, have been hit by a wave of gloomy investor sentiment based on global economic slowdown fears, inflation and geopolitical factors, amongst other issues.
Crypto isn’t out of the woods just yet, with a maybe small and final rinse-out on its way before a considerable price bounce towards the end of the year.”
According to the deVere Group CEO, Bitcoin (BTC) is set to attract buyers as it is a quality asset with an appealing valuation.
“People are starting to realize that, clearly, headwinds remain for economies around the world, but that some quality assets, like Bitcoin, are currently cheap.
Confidence is creeping back into all markets.
Specifically, on Bitcoin, people are appreciating the inherent current and future value of digital, borderless, global currencies, and will start moving now to take advantage of the current lower valuations.”
Green further says that Bitcoin will be relatively less volatile over the next couple of months.
“As the sugar-rush of free money fades away, we can see the real value of assets.
And despite coming down 50% from its hype and heat-fuelled November high, Bitcoin remains the best-performing asset class of the decade.
We expect a less high-octane, more steady, continued upward trajectory for Bitcoin over the next few months.”
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