The Bitcoin price is likely to hit $50,000 before the end of this month amid rising geopolitical tensions and growing institutional investments, predicts the CEO of one of the world鈥檚 largest independent financial advisory, asset management and fintech organisations.听The bullish prediction from deVere Group鈥檚 Nigel Green comes as the world鈥檚 biggest cryptocurrency by market capitalisation jumped in price by more than 15% in a day.听He says: 鈥淚n the past 24 hours, Bitcoin surged by more than $6,000 at one point to above $44,000 – its sharpest daily increase since February 2021.听鈥淎s it currently stands, I can see no reason why this price momentum should falter.听 I think we can expect to see Bitcoin hit $50,000 by the end of this month.听鈥淚t鈥檚 still too early to say whether it will then go on to reach the all-time highs of $68,000 from November 2021.听鈥淗owever, it鈥檚 not that big a leap from 50k to 68k and the world and the crypto market are moving at an accelerated rate in recent times. It鈥檚 certainly not out of the realms of possibility.鈥�听The deVere CEO and founder believes geopolitical tensions and institutional investment are key drivers for sustaining the price push.听鈥淭he Ukraine-Russia situation has caused significant financial upheaval and individuals, businesses and indeed government agencies 鈥� not just in the region but globally – are looking for alternatives to traditional systems.
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听鈥淎s banks close, ATMs run out of money, threats of personal savings being taken to pay for war, and the major international payments system SWIFT is weaponised, amongst other factors, the case for a viable, decentralised, borderless, tamper-proof, unconfiscatable monetary system has been laid bare.听鈥淎nd as alternatives, such as crypto, prove to be credible and workable, the dollar鈥檚 Reserve Status could, ultimately, be in jeopardy.听鈥淪avvy investors know this and will be further increasing their exposure to cryptocurrencies before prices rise further.鈥�听He continues: 鈥淭he appeal of global, digital currencies in our increasingly tech-driven world is, of course, not going unnoticed by institutional investors who include credit unions, banks, large funds such as a mutual or hedge fund, venture capital funds, insurance companies, and pension funds.听听鈥淚n fact, some reports say that institutions 鈥� who bring with them enormous capital, expertise and reputational influence – are now the dominant traders of cryptocurrencies.听鈥淎s more and more institutional investors take control of the sector, credibility increases, trading volumes go up and volatility goes down 鈥� this is all good news for everyday investors.鈥�听Nigel Green concludes: 鈥淒evelopments in recent days have put a spotlight on Bitcoin鈥檚 key traits, which include being borderless, permissionless, censorship-resistant and unconfiscatable.听鈥淭hese inherent characteristics have enormous 鈥� and growing 鈥� value.听鈥淭his is why Bitcoin is now the 14th most valuable currency in the world. I expect it to jump further still up the rankings in coming months.鈥�
