The CEO of the consulting company deVere Group, Nigel Green, predicts that by the end of the month, the BTC rate could reach $50,000.
The Russian-Ukrainian conflict will become the catalyst for Bitcoin reaching $50K. Last week, the price of bitcoin fell to $34,300, but over the past week, it has recovered by about 16%, and now bitcoin is trading above $44,000 per coin.
Nigel Green noted that the military conflict between Russia and Ukraine had caused significant financial turmoil, so individuals, businesses, and even government agencies worldwide are looking for alternatives to traditional assets.
“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,”
Bitcoin is becoming more and more attractive for investment. Both bitcoin futures ETFs and crypto-pegged exchange-traded funds can benefit from this.
“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 whether it will then go on to reach the all-time highs of $68,000 from November 2021.”
People fear that many banks will close, ATMs will run out of money, and the SWIFT international payment system is already “turning into a weapon.” Green considers this a strong argument in favor of Bitcoin – a viable, decentralized, and tamper-proof network. More institutional investors are becoming participants in the cryptocurrency market, confidence in bitcoin is growing, as are trading volumes, and the volatility of the first cryptocurrency is gradually decreasing – all this is good news for investors, Green concluded.
“As banks close, ATMs run out of money, threats of personal savings being taken to pay for the war, and the major international payments system SWIFT is weaponized, amongst other factors, the case for a viable, decentralized, borderless, tamper-proof, unconfiscatable monetary system has been laid bare.”
Last year, the founder of deVere suggested that Ethereum could swap places with Bitcoin in the next five years, overtaking it in market capitalization. The main prerequisite for this will be the network’s transition to the Proof-of-Stake (PoS) algorithm.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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