The pace of Bitcoin’s price losses has accelerated as it has failed to maintain the upward momentum it experienced after last week’s lightning crash.
But the CEO and founder of one of the world’s largest independent financial advisory, asset management and fintech organizations says he embraces the volatility and “confidently buys the downside.”
The comments from Nigel Green of the deVere group come after Bitcoin slipped around 6% on Thursday, before gaining ground on Friday, after it failed to maintain the significant price point of $ 50,000. Other digital currencies were also down.
Mr Green said: “It has been a crazy few days for Bitcoin and other cryptocurrencies which have oscillated between price gains and losses.
“Since the 20% flash crash last weekend – which was sparked by a broader sense of risk that also impacted many areas of the global stock market – Bitcoin had made small gains over the past few years. days.
“But he failed to keep that momentum going after failing to exceed $ 50,000.
“This is an important threshold and failure to secure it will likely scare some traders.”
He continues, “However, like many serious crypto investors, I embrace this short-term volatility for longer-term gains.
“I use the lower prices of Bitcoin and other major cryptocurrencies to top up my wallet. Why? Because, like many large corporations, financial institutions, governments, prestigious universities, and investment legends, I believe that digital currencies are the inevitable future of money.
“In our increasingly technology-driven globalized world, it makes sense to hold digital, borderless and decentralized currencies.
“Moreover, adoption and demand are increasing all the time, while at the same time, the supply is decreasing.”
The boss of deVere is apparently not the only one taking this approach. The third largest holder of Bitcoin added more than $ 150 million in cryptocurrency to its holdings after the flash crash last weekend.
Figures from BitInfoCharts show that the investor has purchased over 3,000 Bitcoins in the past few days.
“Such ‘whales,’ which are individuals or entities who hold enough cryptocurrency to have the potential to shift currency valuations, ignore concerns about dips, use them as buying opportunities. and focus on long term trends. This approach alone has the power to drive up crypto values, ”says Green.
He concludes: “Despite the recent turmoil, the trajectory of Bitcoin and other major cryptos is on the rise. I wouldn’t be surprised to see Bitcoin hit $ 100,000 in the first half of 2022. ”