The Bitcoin price is likely to continue its skywards trajectory until at least the second quarter of 2022 amid continuing global inflation fears, predicts the boss of one of the world鈥檚 largest independent financial advisory, asset management and fintech groups.
The prediction from Nigel Green, CEO and founder of deVere, comes as the world鈥檚 dominant cryptocurrency hit another all-time high at $69,000 last Wednesday.
It followed data revealing that inflation has surged to a 31-year high in the U.S., raising the prospect the Federal Reserve will raise interest rates sooner rather than later.
Mr Green says: 鈥淧rices paid by U.S. consumers jumped the most since 1990 last month, climbing a staggering 6.2% from a year earlier.
鈥淭his latest data out of the U.S. will only compound global fears about inflation as price pressures run hot around the world.
鈥淚nflation in the UK could rise above 5% by early next year, Euro area annual inflation is 4.1% in October 2021, up from 3.4 % the month before, and the cost of goods leaving Chinese factories surged by another record rate last month 鈥� 13.5% 鈥� and there are increasing signals that consumers are now feeling the pain.鈥�
He continues: 鈥淚t鈥檚 a global issue as businesses have been raising prices as supply chain bottlenecks and a shortage of qualified workers push up costs.
听
More from Cryptocurrency
- Top Blockchain Companies In Saudi Arabia
- Stablecoins Are Going Mainstream 鈥� What Do The People Actually Using Them Think?
- Forget Cash And Cards 鈥� Stablecoins Are Becoming The New Way The World Pays For Things
- Interview With Michael J Bannach, Founder & President Of Stealth Technology Group On AI Governance Blind Spots Putting Bosses鈥� Jobs At Risk
- The UK Just Shut Down A $20 Billion Crypto Black Market, What Does That Mean For Legitimate Crypto Startups?
- USA鈧� Turns Times Square Green With St. Patrick鈥檚 Day Brand Activation Introducing Digital Dollar Payments
- Can I Book Flights And Hotels With Crypto?
- Booking A Trip Or Concert? You Could Pay With Bitcoin
鈥淎nd it鈥檚 one that is likely to last until at least the beginning of the second quarter of 2022, when pressures should start to ease.
鈥淎gainst this backdrop, and amid some peaks and troughs along the way as markets never move in a straight line with traders taking profit, we can expect to see the price of Bitcoin and other major cryptocurrencies continue their skywards trajectory.
鈥淏itcoin is widely regarded as a shield against inflation mainly because of its limited supply, which is not influenced by its price.鈥�
This 鈥榠nflation shield鈥�, says the deVere CEO, will bring to the crypto market growing investment from major institutional investors, bringing with them capital, expertise and reputational pull 鈥� and further driving up prices.Earlier this week, as he accurately predicted that Bitcoin would hit fresh all-time highs, Mr Green said that other cryptos can also be expected to move to the upside.
鈥淏itcoin鈥檚 gravitational pull on other digital assets will show itself again this week, pulling up other major cryptocurrencies as it maintains its own strength.鈥淲e can expect those cryptos involved with fintech development, such as Ether, Solana and Cardano, to do particularly well.鈥�
He concludes: 鈥淚n this inflationary period, Bitcoin has outperformed gold, which has been almost universally hailed as the ultimate inflation hedge 鈥� until now.
