The chief executive officer of deVere Group, which has over $10 billion under management, said bitcoin will become more attractive in the coming months as a result of post-coronavirus economic policies.
Nigel Green, founder and CEO of financial advisory deVere Group, which holds $10 billion in assets under management, says bitcoin will be bolstered by economic shifts in the market place.
Speaking with Financial Mirror, Green highlighted the “tremendous” buying pressure of bitcoin halvings in the past and said May’s block reward reduction would be a similar catalyst. Green explained that market conditions created by the economic fallout of the coronavirus are creating a favorable environment for bitcoin and crypto-assets.
He said,
We’re moving towards an era of zero-interest rates. This reduces the incentive to keep fiat currency. In addition, rate cuts typically lead to higher inflation, which reduces the purchasing power of traditional currencies.
He continued,
Therefore, Bitcoin, and other decentralized cryptocurrencies, become more attractive and the price will adjust upwards accordingly.
In a recent blog post, Green also argued the coronavirus would force investors to seek out new sectors of the economy.
He wrote,
Savvy investors are now actively seeking out these ‘new world’ sectors and businesses so as to accumulate and safeguard their wealth.
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