Nigel Green, CEO of financial consulting firm deVere Group, says he believes the price of Bitcoin (BTC) will rise again before 2020 ends.
The price of the leading cryptocurrency has already risen by 30% since the beginning of the year, which significantly exceeds the S&P 500, Nasdaq Composite and gold. Green has identified a number of scenarios that could continue to charge BTC and push it higher in the coming months.
For starters, Green believes that the response to the central bank pandemic will have a significant impact.
“The large-scale printing of money or the quantitative easing of programs currently being introduced by central banks around the world devalue traditional currencies and provide an incentive for other recognized stocks, such as
Bitcoin and gold.”
He also highlights the fact that the pandemic is stimulating new demand for digital money and says investors are paying attention to the potential of BTC as a legitimately uncorrelated asset in times of uncertainty.
“Investors will increase exposure to decentralized, incompatible, secure digital currencies, such as Bitcoin, to protect them from potential problems in traditional markets.”
The CEO of the DeVere Group also says that geopolitical events such as growing tensions between the United States and China, Brexit and the upcoming US presidential election may also give a strong impetus to BTC.
Green says that since the beginning of May, deVere has seen a jump in customer interest in Bitcoin and other cryptocurrencies. That same month, BTC went through its third halving event, which reduced block prizes from 12.5 BTC to 6.25 BTC and put the scarcity of cryptocurrency in the spotlight.
At the time of writing, the value of Bitcoin is $ 9,453, according to CoinMarketCap.