The rise of the bitcoin parabola (BTC) has just begun, according to Nigel Green, founder and CEO of Dubai-based Devere Financial Advisors.
In an article published in Newsmax on Thursday, Greene boldly stated that Bitcoin will have another “record year” in 2021 with prices that will increase by at least 50% and “maybe double”.
He predicted when bitcoin crossed $ 23,000 for the first time on Thursday. The major digital coin will trade up to $ 23,777 on Bitstamp before a small drawdown occurs.
Based on current values, Green expects BTC to top $ 34,500 to $ 46,000 sometime next year.
While Greene acknowledges that Bitcoin will not grow in a straight line, Greene says the influx of institutional investors will spur consumer interest and create the perfect storm to unlock prices.
“Some of the largest organizations in the world – including multinational payment companies and Wall Street giants – are increasingly investing in cryptocurrencies, bringing with them extensive experience and capital, which in turn increases consumer interest.”
The Green’s deVere Group has spent a lot of time researching digital assets. The consulting firm published a survey last month that showed 73% of respondents are optimistic about cryptocurrencies, up from 68% in 2019. This so-called millionaire survey highlights an important shift taking place in smart money circles.
Institutional demand has been the main catalyst for the Bitcoin beef market, and one of the main reasons why the current trend is so markedly different from its high peak in 2017.
Another important catalyst is the claim that Bitcoin is a way to hedge against inflation and macroeconomic uncertainty, which is what Green touched on in his article.
It is to explain:
“[…] As governments continue to strengthen their economies and increase spending due to the pandemic, investors will increasingly view Bitcoin as a hedge against legitimate concerns about inflation.”