DeVere Group CEO sells half of Bitcoin holdings as Bitcoin clears $24 500

The head of the consulting firm deVere Group, Nigel Green, liquidated half of his Bitcoin holdings on December 25, as the price of the first cryptocurrency rose past the $24 500 mark. This was reported by Forbes.

Green attributed his decision to Bitcoin’s more-than-200% rise in 2020. He said that cryptocurrency should be treated like any other investment asset: buy on dips and sell at highs.

“I thought it was time to lock in profits. There’s no need to misinterpret my decision. It is not born of a lack of faith in Bitcoin or in the concept of digital currencies,” Green said.

He also noted institutional interest in the first cryptocurrency. Green expects that investors will pay attention to the digital asset amid well-founded inflation concerns.

“Many traders, like me, view record prices as an opportunity to sell, so one can expect some near-term downside. But the long-term trajectory of Bitcoin, as I see it, is undoubtedly upwards,” Green added.

Earlier in November deVere Group polled 700 millionaires and found that 511 of them already own or plan to add Bitcoin, Ethereum and XRP to their portfolios.

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