Nigel Green, CEO of independent financial consultancy deVere Group, has revealed he believes the price of the flagship cryptocurrency bitcoin ($BTC) could move toward the $50,000 mark by the end of March over the ongoing war between Ukraine and Russia.
According to ETF Trends, commenting on BTC’s current price momentum Green revealed he believes the cryptocurrency’s price should keep on rising, even as other risk assets like equities are moving down over the economic impact of the conflict. Green was quoted saying:
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.
Green added that he believes it’s “still too early to say whether it will then go on to reach the all-time highs of $68,000 from November 2021.” To the analyst, the conflict between Russia and Ukraine has caused “significant financial upheaval” that has seen government agencies, individuals and businesses look for alternatives to the traditional financial system.
The CEO added that as ATMs run out of money and banks close, there are threats of people’s personal savings being taken to pay for war. Moreover, international payments system SWIFT is being weaponized, making the case for a “viable, decentralized, borderless, tamper-proof, unconfiscatable monetary system,” implying he was referring to BTC.
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Notably, the CEO has last year revealed he believes the value of Ethereum will overtake that of the flagship cryptocurrency bitcoin “within five years,” as he sees ETH having more utility and demand for it.
Billionaire veteran investor Mark Mobius, founding partner of Mobius Capital Partners, has recently explained Bitcoin’s recent price surge amid the ongoing Russian invasion of Ukraine that has shaken equities markets.
Mobius noted that Russians having a “way of getting their money out, getting their wealth out,” may be the reason BTC’s price has shown strength over the last few days. The sanctions imposed on Russia’s institutions, including banks, led to significant drops in the value of the ruble and even of Ukraine’s hryvnia.
Ukrainian cryptocurrency exchange Kuna notably saw its trading volume explode after Russia’s invasion was launched. On average the exchange’s trading volume was hovering around 45 million Ukrainian hryvnias per day. On the day Russian forces entered Ukraine, its trading volume exploded to 150 million UAH, equivalent to around $5 million.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Unsplash.