Cryptocurrency advocate and the CEO of British-based independent financial advisory company deVere Group, Nigel Green, is disclosing why he recently liquidated 50% of his Bitcoin.
In a blog post, Green says he sold half of his BTC late last month in order to capture some profits and with the expectation that he will buy back in later during the dips.
“There should be no misunderstanding about my decision to sell. It is not due to a lack of belief in Bitcoin, or the concept of digital currencies – it’s profit-taking now to buy more later.”
According to the post, the deVere Group CEO sold the Bitcoin around the time it hit a high of $24,661. The flagship crypto asset went on to reach nearly $35,000 in the first weekend of 2021.
Green maintains that his faith is unwavering despite selling half his Bitcoin.
“Indeed, more than ever, I believe that the future of money is cryptocurrencies.”
The deVere Group CEO adds that with governments engaging in monetary stimulus across the globe leading to increased concerns over inflation, more investors will flock to Bitcoin as a hedge.
In October of 2020, when Bitcoin was trading under $12,000, Green predicted that the flagship cryptocurrency would experience a rally similar to that of 2017.
“There’s a growing sense that we’re set to experience a mini-boom similar to that at the end of 2017…
Prices are yet to catch up with investor interest – but this is only a matter of time as investors will not want to sleepwalk towards perhaps year-high prices in the run-up to the end of 2020.”
At time of writing, Bitcoin is trading at nearly $32,000, an appreciation of more than 150% since Green made his prediction, according to CoinMarketCap.
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