The CEO and founder of one of the biggest independent financial advisories in the world foresees economic conditions that he expects to serve as rocket fuel for Bitcoin (BTC).
Nigel Green of deVere Group names the key factors that may trigger the next Bitcoin bull run.
“We can expect the world’s largest cryptocurrency to be further fuelled for the rest of 2020 by the U.S. presidential election and the weakness of the U.S. dollar, which will serve as high-octane price drivers.
A U.S. presidential election always stirs uncertainty – but 2020 is seen by many as particularly important as not only will whoever wins be the CEO of the world’s largest economy, they will be in that role as the world economically readjusts following the global fallout of coronavirus.”
The deVere Group executive says the uncertainty will drive investors to seek refuge in store-of-value assets such as Bitcoin and gold. But, Green stresses that Bitcoin is playing in a different league.
“Bitcoin is currently realizing its reputation as a form of digital gold. Up to now, the precious metal has been perceived as the ultimate safe-haven asset, but Bitcoin – which shares its key characteristics of being a store of value and scarcity – could potentially in the future knock gold from its long-held top spot as the world becomes driven by the tech revolution.
Decentralized, non-sovereign, secure digital currencies, including Bitcoin, will become more attractive to investors as they will offer a hedge against turbulence in traditional markets.”
As for the US dollar, Green explains that the U.S. government’s monetary policy of printing trillions of dollars makes the crypto king an attractive investment asset.
“You can’t just print Bitcoin…
The greenback could be in for a short-term boost, but in the longer term, there are expectations it’s on a downward trajectory and that it could ultimately lose its global reserves status – and this environment will provide a powerful boost for the price of Bitcoin.”
Green highlights that this year could be a turning point for the largest cryptocurrency.
“History will show that 2020 was a breakout year for Bitcoin.”