The impressive rise in Bitcoin in recent days has led to expectations that it could reach the psychological level of $50 000 in March. Nigel Green, CEO of DeVere Group, made the forecast.
Nigel Green is expecting Bitcoin to hit $50 000 this month, amid rising geopolitical tensions and growing institutional investments. Do you think the crypto coin can reach the $50k mark? #PressRelease https://t.co/if2rESEzdY
— deVere Group (@deveregroup) March 1, 2022
Bitcoin had fallen below $35 000 amid the invasion of Ukraine, but in early March it had risen above $45 000. On February 28, digital gold rose by almost 15%. Green says geopolitics and institutional investments underpin the price rebound.
“The situation between Ukraine and Russia has caused significant financial upheaval. Private individuals, companies and even state institutions are seeking alternatives to traditional systems,” Green said.
According to Green, in an environment of bank closures, cash shortages at ATMs and SWIFT being weaponised, a decentralized, ‘borderless’, protected against external interference and not subject to confiscation monetary system looks more attractive.
“As cryptocurrencies prove reliable and usable, the dollar’s reserve status could, in the end, be under threat. Sophisticated investors know this and will increase their stake in digital assets. Their appeal has not gone unnoticed among institutional investors. […] Bitcoin has moved up to 14th in value among world currencies. I expect it to move higher in the coming months,” Green said.
Green declined to forecast the probability of returning to the all-time high above $68 000 this year.
Trading volume in the BTC/RUB pair reached a nine-month high, according to Kaiko.
Earlier, founder and CEO of BTC.TOP Jiang Zhuoer called the removal of Russian banks from SWIFT and other sanctions against Russia a positive factor for the cryptocurrency market.
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