The CEO of Devere Group, a financial advisory and asset management firm, has predicted a bull run and a significant bounce in the price of Bitcoin during Q4 of this year. He believes that the recession is already close to the bottom.
Financial consulting company Devere Group predicts that the price of Bitcoin will rebound significantly in Q4 2022. Nigel Green, founder and CEO of Devere, made the statement last week, according to Bitcoin.com.
“I believe that we'll soon see a bull run that will lead to a significant bounce in the fourth quarter of the year for the world's leading digital currency.”
Green explained that Bitcoin is currently highly correlated to leading global stock markets, such as Wall Street’s S&P500, so he is confident that the recent market downturn is close to the bottom and a rally is imminent.
“Bitcoin will benefit from a stock market rally as investors move back into riskier assets.”
Green explained that one of the key factors that will fuel the Bitcoin rally is that investors are using BTC as a hedge against high inflation. Another factor he noted is that Bitcoin is increasingly seen as an alternative to fiat currencies.
“The U.S. government started feverishly adding digital dollars to its economy during the pandemic, diluting its value, but adding to the long-term prospects of bitcoin.
“Investors are increasingly seeing bitcoin as an alternative to the dollar.”
Green also said that his predicted bull run for Bitcoin will be supported by a growing investment by large institutional investors, who bring capital, experience, and reputation with them. The April survey shows that 80% of institutional investors believe that crypto will outperform traditional investments, 70% consider crypto to be a sound investment, and 68% said they strongly recommend this asset class in investment strategies.
In addition, Devere's CEO noted that major regulators are looking to create a regulatory framework for cryptocurrencies.
“Regulation, which I believe is inevitable, would give more protection and, therefore more confidence, to both retail and institutional investors.”
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Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.