Bitcoin is primed for a bull run to $7,000 later this year, says a major global asset management and financial advisory company in comments early Tuesday morning.
Nigel Green, founder and chief executive of DeVere Group, a $10 billion financial advisory and wealth management firm for high net worth individuals, says crypto winter is over:
“I’m now calling that the market has bottomed and the so-called crypto winter has come to an end. I believe Bitcoin will now move higher over the next few weeks and months, making steady gains for investors. As the largest cryptocurrency by market cap, this will have a positive impact on prices in the wider crypto sector.”
Green made his prediction amid an absolute geyser blast in bitcoin’s price:
DeVere Group’s bitcoin price target for later this year is $7,000, and Green argues the price growth is driven by both individual and institutional FOMO (Fear of Missing Out) as the inevitability of crypto disruption becomes more apparent:
“This dramatic jump is likely to attract many investors who have been sitting on the sidelines. In addition, it can be expected to reignite institutional interest.”
“I feel that there’s a growing sense amongst institutions that unless they embrace this sector, their competitors could move way out in front and they might find it difficult to catch up. This is especially true as the public – their customers – are increasingly eager to explore the opportunities themselves.”
Just as greed for the right things – and for the right reasons can be good – fear of the right things, and for the right reasons, can be smart.
The fear of the unknown, of what one can’t see, of what one doesn’t understand; the kind of fear that comes from anxiety, blindness, and paralysis; the kind of fear that leads business people to do nothing while their livelihood is being disrupted: that is useless fear.
But the kind of fear of missing out that DeVere refers to is fear based on what investors see happening, on what they now know and understand to be true (better late than never): That if they don’t disrupt themselves someone else will. That is useful fear.
Because the finance industry is not going to be disrupted in the near future.
It already has been disrupted irrevocably.
And every investor on the planet should be very afraid of missing out on the most relevant and valuable technological revolution since the Internet itself.
It is apparent today that fear is spurring smart people with a lot of money on the line to take action to join a technological revolution that they cannot beat.
DeVere Group projected a 40% rise in the market value of bitcoin this year just as bitcoin’s price spiked 20% in a few hours. The sudden boom was driven by a well-coordinated whale of an anonymous order for $100 million worth of bitcoin.
Last modified: June 14, 2020 11:11 AM UTC