Devere CEO is Bullish on Bitcoin (BTC) and Believes It Will reach $50,000 this Month

According to the CEO of Devere Group, the price of bitcoin will exceed $50,000 before the end of this month. He said that geopolitical concerns from the Russia-Ukraine conflict, as well as institutional investment, are important drivers of bitcoin’s price rise. He also said that “the dollar’s reserve position may eventually be jeopardized.”

Devere’s CEO on Bitcoin’s Future

Devere have an unswerving clear purpose: to help their clients achieve their medium and long-term financial goals.

Nigel Green, CEO of Devere Group, predicts that the price of bitcoin will hit $50,000 by the end of this month. Devere is an independent financial advising and asset management organization based in the United Arab Emirates.

The CEO said on Tuesday, after the price of bitcoin increased by more than $6,000 in a 24-hour period.

However, he cautioned that it is “too early to predict” when bitcoin’s price would return to last year’s all-time highs. According to Bitcoin.com Markets, BTC peaked at $68,892 on November 9.

Green argues that “the jump from $50,000 to $685,000 isn’t that huge.” “The globe and the crypto industry are moving at an accelerated clip in recent years,” he said. It’s not beyond the limits of possibility.” At the time of writing, bitcoin was worth $39,007.

Geopolitical Tensions and the Status of the Dollar as a Reserve Currency

The Devere CEO sees geopolitical concerns and institutional investment as two significant causes of bitcoin’s price rise.

He said that the conflict between Russia and Ukraine “had resulted in tremendous financial instability.” It has prompted people, corporations, and government agencies all around the world to seek “alternatives to existing systems,” he said.

“As banks close, ATMs run out of money, threats of personal savings being taken to pay for war, and the major international payments system SWIFT is weaponized, amongst other factors, the case for a viable, decentralized, borderless, tamper-proof, unconfiscatable monetary system has been laid bare,” the CEO added.

“Savvy investors are aware of this and will increase their exposure to cryptocurrencies before prices rise even further,” he predicts.

Bitcoin demand will be boosted by institutional investors.

“As more and more institutional investors take control of the sector, credibility rises, trading volumes rise, and volatility falls,” said Devere’s CEO.

Green concluded by emphasizing that the current Russia-Ukraine crisis has highlighted bitcoin’s key characteristics:

Green is not the only one who believes bitcoin has a bright future. Bill Miller, a veteran investor and fund manager, stated this week that the situation in Russia is “very bullish for bitcoin.”