The big boss of Devere Group believes in the potential of Bitcoin as a hedge against inflation, despite the ongoing chaos in the crypto market.
Devere Group CEO Nigel Green forecasts that the price of bitcoin will experience a “substantial bounce” in the fourth quarter of this year.
Peter Schiff, chief economist and strategist of Euro Pacific Capital, issued a bleak forecast for the whole cryptocurrency industry on Saturday, stating that Bitcoin will fall to $20,000 and Ethereum to $1,000.
Don’t buy the dip, otherwise you lose all your money, he said. But, Green doesn’t see it that way. The Devere boss’ vision for the future of Bitcoin is not hindered by any current forces pulling the market down. In fact, his optimism is shared by some of the well-known experts in the crypto industry.
The Devere Group is one of the world’s top independent financial institutions, providing clients with a blend of personalized financial advice and new digital solutions.
Bitcoin, the most sought-after crypto asset in the world, is currently correlated with prominent global financial markets, such as the S&P500 on Wall Street, according to the Devere CEO.
Green further explained:
As of this writing, Bitcoin is taking a major beating, selling at $23,746.93, down 20.6% in the last seven days, data from Coingecko show.
Bitcoin recently traded about $26,600, a decline of more than 8% since late Friday. In the previous 30 days, the top cryptocurrency by market capitalization hovered around $30,000.
The values of numerous cryptocurrencies plummeted over the weekend due to massive sell-offs. On Wednesday, the Federal Reserve is anticipated to announce an increase in interest rates. Fears of a recession create a gloomy view for the cryptocurrency industry.
Green highlighted that investors’ use of bitcoin as a hedge against rising inflation will be one of the primary causes driving the bitcoin boom.
Numerous individuals, like the renowned hedge fund manager Paul Tudor Jones and venture capitalist Tim Draper believe that cryptocurrencies are an effective hedge against economic volatility.
Meanwhile, Santiment, a blockchain intelligence and analytics platform, has recently provided statistics indicating that investor trust in holding crypto assets is increasing.
Last Monday, the platform reported in a tweet that Bitcoin supply in various crypto exchanges reached roughly 10 percent for the first time in three and a half years.