The chief executive and founder of one of the world’s largest independent financial advisory, asset management and fintech organisations is still buying more Bitcoin, despite deep losses across the cryptocurrency market.
The bullish approach from deVere Group’s Nigel Green comes as Bitcoin has fallen around 17% over the past 24 hours, trading as low as $20,889 on Monday evening.
He says: “The current selloff has been triggered by a wider risk-off sentiment that also impacted many areas of global stock markets.
“It’s happening as inflation is running red-hot and, therefore, encouraging central banks to tighten monetary policies, putting at risk the liquidity that has benefitted many asset classes, including Bitcoin.”
Bitcoin is down more than 60% from its November 2021 all-time high.
“Despite the crypto crash, like many long-term crypto investors I’m still accumulating Bitcoin,” affirms the deVere CEO. “I’m using the volatility as a buying opportunity; I’m topping up my investment portfolio at a lower price point.
“The reason why I’m still buying Bitcoin? Because I’m confident that digital, global, borderless, decentralised, tamper-proof, unconfiscatable money is, inevitably, the future.”
The high-profile Bitcoin bull’s comments come as central banks – including The Fed which will make a key announcement on Wednesday – are now being forced to act in order to combat inflation.
Bitcoin and other digital currencies are widely regarded as a shield against inflation mainly because of its limited supply, which is not influenced by its price.
Like many investors, Nigel Green says he is viewing the current Bitcoin price dips “as discounts,” echoing the sentiment of the quote by the investment legend and the world’s fifth richest man, Warren Buffet, who famously said "Be fearful when others are greedy, and greedy when others are fearful.”
The deVere boss goes on to add: “Everyone will have their own opinions, of course, but my take is that Bitcoin may get a tough summer in thinner markets but that it could stage a bull run in the fourth quarter. Time will tell.”
He concludes: “I’m still stacking Bitcoin as its unique fundamentals haven’t changed.”