Devere Group's CEO, a financial advisory firm and asset management company, shared several reasons why he bought the bitcoin dip. He stated that despite recent turmoil, he believes the trajectory of bitcoin (and other major cryptos) is upwards.
Nigel Green explains Why He is Buying More Bitcoin
Nigel Green, the CEO of Devere Group, a financial advisory and asset management company, confirmed that he has bought bitcoin dip. The executive explained why he was buying more bitcoin in the midst of the cryptocurrency market sell-off in a blog post.
He continued, saying that the U.S. Dollar's strength is due to Federal Reserve policy tightening. Bitcoin and other risk assets are feeling it, as evidenced by the recent fall in global stock market prices.
Like many serious crypto investors I am buying the dip. This short-term volatility is my long-term investment.
Green shared his reasons for buying more BTC. Green explained that he is buying more BTC because he's "whale watching," adding that whales are crypto investors that have enough assets to be able to move currency values.
He said, "In the recent weeks, whales were selling which has had the effect of bringing down market prices as others panic-sell and get scared. This allows the major players to purchase more and lower-costly down the road.
They are likely to be making moves to purchase and increase their holdings over the next few weeks, I feel.
"There is also other whale activity. He pointed out that the number of wallets with between 10,000 and 100,000 bitcoins have risen by 103 over the past 30 days.
Green also mentioned the fundamentals of crypto as reasons to buy, emphasizing the fact that the price drop is a "key buying opportunity."
He said: "Like many large corporations, financial institutions and governments, prestigious Universities, and household-name investors legends, digital currencies are the unavoidable future of money."
Green stated that it made sense to have digital, borderless, and decentralized currencies in today's tech-driven, globalized world. "Adoption and demand are growing all the while supply is decreasing."
Executives of the Devere Group concluded:
Despite recent turmoil, I believe the trajectory of bitcoins and other major cryptos will continue to climb. The current dip I see as a discount is because of this.
Green has repeatedly made bullish predictions about bitcoin's price. He predicted a bull market and a "significant bounce for bitcoin" in June.
Are you in agreement with Devere CEO Nigel Green Comment below to let us know your thoughts.
By: Kevin Helms
Title: Devere CEO Explains Why He Is Buying the Bitcoin Dip
Sourced From: news.bitcoin.com/devere-ceo-explains-why-he-is-buying-the-bitcoin-dip/
Published Date: Sun, 11 Sep 2022 01:30:43 +0000
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