Geopolitical concerns and institutional investors are the two main factors.
Bitcoin has been down 5.83% in the last 24 hours.
According to Devere Group CEO Nigel Green, Bitcoin will hit $50,000 by the end of this month. Devere’s finance consultancy and asset management business is based in the United Arab Emirates (UAE). The statement came on Tuesday when the price of bitcoin jumped more than $6,000 in 24 hours.
The Executive said:
“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.”
However, it is “too early to say,” when the price of bitcoin will return to the all-time highs of last year, he noted. BTC reached a record high of $68,892 on November 9th, according to CoinMarketCap and is currently trading at $39,029.79.
ETH Would Surpass BTC
According to the CEO, if ATMs and banks run out of cash, people’s funds might be seized to pay for the war. Aside from that, SWIFT is being used as a weapons system in favor of a “viable, decentralized, borderless, tamper-proof, unconfiscatable monetary system,” which implies that he talked about Bitcoin.
Furthermore, he expects that “within five years,” the value of Ethereum would surpass that of bitcoin, the leading cryptocurrency, due to ETH’s greater usefulness and growing demand.
According to a Devere official, geopolitical concerns and institutional investors are the two main factors driving the price of bitcoin. Green isn’t the only one who thinks bitcoin has a bright future. The ongoing geopolitical tension” very bullish for bitcoin,” Bill Miller, a veteran investor and fund manager, stated this week. According to CoinMarketCap, the Bitcoin price today is $38,964.62 USD with a 24-hour trading volume of $27,573,310,731 USD. Bitcoin has been down 5.83% in the last 24 hours.