Bitcoin Will Be More Attractive in Coming Months, Says $10 Billion Wealth Advisor

Michael LaVere
  • deVere Group CEO and founder Nigel Green said bitcoin will be more attractive in the comings months.
  • Green pointed to the historical impact of halving events on bitcoin's price in conjunction with current market conditions post-coronavirus.

The chief executive officer of deVere Group, which has over $10 billion under management, said bitcoin will become more attractive in the coming months as a result of post-coronavirus economic policies. 

Nigel Green, founder and CEO of financial advisory deVere Group, which holds $10 billion in assets under management, says bitcoin will be bolstered by economic shifts in the market place. 

Speaking with Financial Mirror, Green highlighted the “tremendous” buying pressure of bitcoin halvings in the past and said May’s block reward reduction would be a similar catalyst. Green explained that market conditions created by the economic fallout of the coronavirus are creating a favorable environment for bitcoin and crypto-assets. 

He said, 

We’re moving towards an era of zero-interest rates. This reduces the incentive to keep fiat currency. In addition, rate cuts typically lead to higher inflation, which reduces the purchasing power of traditional currencies.

He continued, 

Therefore, Bitcoin, and other decentralized cryptocurrencies, become more attractive and the price will adjust upwards accordingly.

In a recent blog post, Green also argued the coronavirus would force investors to seek out new sectors of the economy. 

He wrote, 

Savvy investors are now actively seeking out these ‘new world’ sectors and businesses so as to accumulate and safeguard their wealth.

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Binance Acquires Crypto Debit Card Issuer for an Undisclosed Sum

Leading cryptocurrency exchange Binance has acquired cryptocurrency debit card issuer Swipe for an undisclosed sum, in a deal that gets the platform one step closer to issuing its Binance Card.

Finance Magnates reports the firms shared revealed the companies will “work together to further mainstream adoption of cryptocurrencies,” by further bringing fiat and digital assets together. The deal will allow for cryptos to be used as a payment method in the traditional financial system.

Binance unveiled its plan to launch a Visa crypto debit card earlier this year, but was having difficulties implementing it. The acquisition of crypto start Swipe should help fix these difficulties and support the exchange in its “mission of making crypto more accessible to the masses.”

Per Binance CEO Changpeng Zhao, off-ramps are a key component to be considered in its mission. He added:

By giving users the ability to convert and spend crypto directly, and have merchants still seamlessly accept fiat, this will make the crypto experience much better for everyone.

Binance and Swipe listed each other’s native tokens as part of the deal. Binance now has trading pairs for Swipe’s SXP token, while the Binance Coin (BNB) was added to the cryptocurrencies, stablecoins, and fiat currencies available as a payment method on Swipe.

Swipe, it’s worth noting, converts cryptoassets into fiat currencies at the point of purchase. Users pay in a cryptoassets of their choice, which is then converted into fiat currency the merchant receives, so the latter does not have to manage cryptoassets, or accept payments in them directly.

Swipe’s cards are issued by Contis Financial Services, a visa Principal Member regulated by the UK’s Financial Conduct Authority. They are available in 31 countries within the European Economic Area, and support transactions in euros, pounds, U.S. dollars, Korean won, and Philippine pesos.

The firm’s CEO Joselito Lizarondo revealed partnering will Binance will “place Swipe in the position to make cryptocurrencies more accessible for millions of users worldwide.” Binance Card users will be able to get up to 4% cashback in bitcoin on their purchases, which will be available in over 50 million locations in the world.

Featured image via Pixabay.