Nigel Green, founder and CEO of global financial advisor DVire Group, has predicted that the price of bitcoin (BTC) will reach $50,000 by the end of this month, driven by the war in Ukraine and rising institutional investment.
“Development in recent times” [Russia-Ukraine crisis] In a statement on March 1, Greene said it “highlights key characteristics of bitcoin, which include being borderless, permissionless, censorship-resistant and irreplaceable.”
“These underlying characteristics have enormous – and growing – value. This is why bitcoin is now the 14th most valuable currency in the world. I expect it to rise further up the rankings in the months to come.
Deore Group is an independent financial advisory firm with offices around the world. Headquartered in Dubai, United Arab Emirates, the company has over $10 billion in assets under management.
Green added that the price of BTC surged 16%, or $6,000, to over $44,000 on March 1, the biggest daily increase since February 2021. Bitcoin fell 9% to $34,700 in the wake of Russia’s attack on Ukraine on February 24.
Since hitting an all-time high of $69,000 on November 10th, BTC has seen tremendous volatility, as panicky investors exited the market due to uncertainty over cryptocurrency regulation and the global economic outlook.
At press time, the top crypto asset fell slightly to $43,450, down 1% that day.
Crisis in Europe, institutional adoption to drive growth
According to Nigel Green, “there’s no reason this price momentum should falter.” In that sense, he expects “Bitcoin to reach $50,000 by the end of this month.”
The CEO and Founder of Devire believes that geopolitical tensions and institutional investments will be the key drivers for sustaining the price growth.
“The Ukraine-Russia situation has caused significant financial turmoil and individuals, businesses and indeed government agencies – not only in the region but globally – are looking for alternatives to traditional systems,” explained Green. , and said:
“As banks close, ATMs run out of money, personal savings to pay for war are threatened, and the major international payment system SWIFT is weaponized, among other factors, a viable In the case of a decentralized, borderless, tamper-proof, irreplaceable monetary system has been laid bare.”
Alerting that the position of the US dollar as a global reserve currency was “at risk”, Green predicted a situation where all of these factors would prompt investors to turn to growth in digital assets, particularly bitcoin. .
He says institutional investors are ready to lead the change.
“The appeal of global, digital currencies, in our increasingly tech-driven world, is certainly not being noticed by institutional investors, including large funds such as credit unions, banks, mutual or hedge funds, venture capital funds, insurance companies, etc. and pension funds,” Green said.
“As more and more institutional investors take control of the sector, credibility increases, trading volume increases and volatility decreases – all of which is great news for everyday investors,” he said.
‘War is good for bitcoin’
Green may not be the only one who thinks war could be good for bitcoin. On February 25 crypto analyst Jack Neuwald described Russia’s invasion of Ukraine as a buying opportunity for long-term crypto investors.
“Firing has historically signaled market lows,” he argued. Neuwald said the war could cause central banks to print more money, with economic sanctions prompting nation-states to adopt BTC.