Bitcoin will hit its previous all-time highs again by the end of the year with prices driven higher by the 鈥渃arefully considered arguments鈥� and 鈥渘ew measured tone鈥� being put forward by the likes of Elon Musk, Jack Dorsey and Cathie Wood, affirms the CEO of deVere Group.
The bullish Bitcoin price prediction from Nigel Green, chief executive and founder of one of the world鈥檚 largest independent financial advisory and fintech organisations, follows Wednesday鈥檚 The B Word Conference.
At the live virtual event, Tesla and Space X founder Elon Musk, Twitter founder Jack Dorsey, and Ark Investment鈥檚 Cathie Wood all advocated for the cryptocurrency and talked about its massive future potential.
Bitcoin surged as much as 10% on the back of their comments.
Nigel Green says: 鈥淢usk, Dorsey and Wood are three of the most important and forward-thinking business leaders of our time. What they say matters.
鈥淐rucially, the tone was less sensationalist than it has been in past, with all the panelists putting across carefully considered, fact-based arguments about why they are all bullish on the future of Bitcoin and crypto generally.
鈥淭his will not have gone unnoticed by investors.
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鈥淎s such, I believe that with these hugely influential figures pursuing this stance and this new tone, we can expect the price of Bitcoin to hit, or even surpass, its mid-April all-time high of $65,000 by the end of 2021.鈥�
Demand will boom because of what Musk, Dorsey and Wood said for two main reasons, says Mr Green.
鈥淔irst, both institutional and retail investors were given a considerable crypto confidence boost by comments the panelists made about their own multinational businesses and their visions for the future.
鈥淢usk, one of the world鈥檚 most successful and richest entrepreneurs, confirmed for the first time that both of his companies, Tesla and Space X, and that he personally, owned Bitcoin. And that neither he nor his companies, will sell the cryptocurrency. He also revealed Tesla is likely to restart taking payments in Bitcoin.
鈥淪imilarly, Dorsey hinted that Twitter will soon allow advertisers to pay for advertising on the giant social platform in crypto.
鈥淗e went on to say the cryptocurrency could function as the internet鈥檚 鈥榥ative currency鈥� and this would help all businesses in a much faster way.
鈥淪econd, Dorsey and Wood 鈥� and Musk to a lesser degree 鈥� addressed the environmental impact of Bitcoin mining, an issue which has weighed heavy on the price in recent months.鈥�
Wood, in particular, spoke about how Bitcoin aligns with the environmental, social, and governance (ESG) investing growth trend.
She highlighted how Bitcoin 鈥渨ill be much more environmentally friendly鈥攃ertainly more than traditional gold mining or the traditional financial services sector. In many ways, it already is.鈥�
She added that Bitcoin has much to offer in the 鈥榮ocial鈥� bracket 鈥渂y providing financially underserved people with 鈥渁ccess to payment technology鈥� everywhere around the world without friction鈥�; and the 鈥榞overnance鈥� bracket by offering transparency 鈥渦nlike the opaqueness of financial systems and the toll-takers in the traditional financial world.鈥�
The deVere CEO affirms: 鈥淎ll of this will help drive Bitcoin prices higher and this will have a knock-on effect to the wider crypto market.鈥�
He concludes: 鈥淭he message from mega-influencers Elon Musk, Jack Dorsey and Cathie Wood was clear: crypto is the inevitable future.鈥�
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