Nigel Green, head of financial services giant Nigel Devere says that panic sellers in the crypto markets are a Christmas gift to whales and big investors.
Speaking in a new interview with Business Leader, Green says that Bitcoin’s failure to hold $50,000 in recent weeks will push out hordes of weak-handed traders afraid of further drops.
“It’s been a wild few days for Bitcoin and other cryptocurrencies which have been swinging between price gains and losses. Since the 20% flash crash last weekend – which was triggered by a wider risk-off sentiment that also impacted many areas of global stock markets – Bitcoin had been making small gains over the last few days. But it has failed to hold on to this momentum after not being able to hold above $50,000. This is an important threshold and the failure to secure it will likely spook some traders.”
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Green, who calls himself a “serious crypto investor,” says he’s embracing the short-term volatility for longer-term gains, using the lower prices of BTC and other major cryptos to add to his stack.
“Why? Because 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.”
The veteran investor believes that in an “increasingly tech-driven, globalized world,” holding on to cryptocurrencies is logical as they are digital, borderless, and decentralized.
Green, who oversees more than $10 billion in assets under management, believes that whales buying the Christmas gift of lower prices from panic sellers who are passing their coins to investors who just “accumulate, accumulate, accumulate.” He predicts BTC hitting the six-figure mark within the next 6 months.
“Despite the recent turbulence, the trajectory of Bitcoin and other major cryptos is upwards. I would not be surprised to see Bitcoin reach $100,000 in the first half of 2022.”
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.