In a recent video update released on July 19, 2024, Nigel Green provided a compelling argument for why the price of Bitcoin (BTC) could reach $100,000 by the end of the year.
Green is a British entrepreneur and financial advisor, best known as the founder and CEO of the deVere Group, an independent financial advisory firm. With a career spanning several decades in the financial services industry, Green has built a reputation for his expertise in international financial planning and investment advice. He established the deVere Group in 2002, which has since grown to provide financial services to expatriates and international investors worldwide. Green is frequently quoted in financial news for his views on market trends and economic developments.
Green emphasizes that Bitcoin is currently tipped to be perhaps the best performing asset between now and the end of 2024, starting from its current value of $60,000.
Green explains that one of the fundamental reasons behind this optimistic price prediction is the limited supply of Bitcoin. He highlights that there are only 21 million Bitcoins in existence, and as demand increases, the price naturally goes up. This contrasts with traditional currencies like the US dollar, which can be printed in unlimited quantities, potentially leading to inflation. According to Green, Bitcoin’s finite supply positions it as a valuable digital asset, often compared to gold by many, including former President Donald Trump.
He also mentions the potential impact of the upcoming U.S. presidential election, noting that Donald Trump, who is likely to be re-elected, is a significant supporter of Bitcoin. Green points out that Trump’s Vice President-elect is also a Bitcoin owner and that Trump himself has expressed a desire to make the United States the center of the crypto industry. He expects this political support to drive Bitcoin’s adoption and value further.
Additionally, Green discusses the role of large financial institutions and investment funds in bolstering Bitcoin’s price. He cites BlackRock, a major investment management corporation, which has bought a billion dollars’ worth of Bitcoin for its spot exchange-traded fund (ETF). According to Green, spot ETFs make it easier for investors to put money into Bitcoin, even in small amounts, thereby increasing its accessibility and appeal.
Global economic uncertainty is another factor that Green believes will drive more people to invest in Bitcoin. He notes that in times of uncertainty, investors often turn to assets like Bitcoin, which are not tied to any central bank or government. This decentralized nature of Bitcoin makes it an attractive option for those looking to hedge against economic instability.
Furthermore, Green observes that as the world becomes more divided with increasing trade tariffs and geopolitical tensions, the appeal of a global digital currency like Bitcoin grows. He argues that Bitcoin’s ability to operate independently of traditional banking systems makes it a valuable asset in a fractured global economy.
Green also shares his personal investment strategy, stating that he owns Bitcoin himself but stresses the importance of diversification. He advises investors to spread their investments across various sectors, including technology, energy, and banking, to ensure a balanced and resilient portfolio.
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