In a recent blog post, deVere Group CEO Nigel Green commented on Bitcoin’s price action, and why he views the current dip in the price of Bitcoin as a “key buying opportunity.”
His comments were made on a blog post published on Wednesday (September 7), which is when the Bitcoin price dropped below the $19,000 level.
Green said:
“The continuing strength of the U.S. dollar, which is down to policy tightening by the Federal Reserve, is being felt by Bitcoin and all other risk assets, as we have seen in the recent drop in global stock markets. But like many serious crypto investors, I’m buying the dip. I’m embracing this short-term volatility for longer-term gains…
“One reason is that I’m ‘whale watching’… In recent weeks, whales have been selling which has the effect of bringing down the market price as others get spooked and panic-sell. This then allows the big players to buy back more, and cheaper, down the track. I sense that they are preparing to make their moves to buy and top-up their holdings in the coming weeks.
“Also, there’s other noticeable whale activity taking place. The number of new wallets holding between 10,000 and 100,000 Bitcoins has jumped by 103 in the last 30 days…
“Like many major corporations, financial institutions, governments, prestigious universities, and household-name investing legends, I’m confident that digital currencies are the inevitable future of money. In our increasingly tech-driven, globalised world, it makes sense to hold digital, borderless, decentralised currencies. In addition, adoption and demand are increasing all the time, whilst at the same time, supply is decreasing…
“Despite the recent turbulence, I believe that the trajectory of Bitcoin and other major cryptos is upwards. This is why I view the current dip as a discount.”
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