Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of economics and cryptography.
Devere CEO Explains Why He’s Buying Bitcoin Dip – Markets & Prices Bitcoin News
The CEO of Devere Group, a financial advisory and asset management firm, has shared several reasons why he is buying the bitcoin dip. “Despite the recent turbulence, I believe the trajectory for bitcoin and other major cryptos is up,” he said.
Nigel Green explains why he is buying more Bitcoin
The managing director of financial advisory and asset management firm Devere Group, Nigel Green, has confirmed that he is buying the bitcoin dip. In a blog post published this week, the executive outlined various reasons why he is buying more bitcoin amid the crypto market.
“The continued strength of the US dollar, due to policy tightening by the Federal Reserve, is being felt by bitcoin and all other risk assets, as we have seen in the recent fall in global stock markets,” he began, adding:
But like many serious crypto investors, I buy the dip. I embrace this short-term volatility for long-term gains.
Green went on to share why he is buying more BTC. “One reason is that I’m ‘whaling,'” he revealed, noting that “Whales are investors who are giant crypto holders, who have enough assets to have the potential to move currency valuations.”
He continued: “In recent weeks, whales have been selling, which has brought the market price down as others get spooked and panic sell. This means that the big players can buy back more, and more cheaply, down the track.”
The Devere manager said:
I sense they are preparing to make their moves to buy and replenish inventory in the coming weeks.
“There is also other noticeable whale activity taking place. The number of new wallets with between 10,000 and 100,000 bitcoins has increased by 103 in the last 30 days,” he pointed out.
Green also cited crypto fundamentals among the reasons to buy, stressing that the price drop is a “key buying opportunity.”
He added: “Like many large companies, financial institutions, governments, prestigious universities and legends with famous investments, I am sure that digital currencies are the inevitable future of money.”
“In our increasingly technology-driven, globalized world, it makes sense to have digital, borderless, decentralized currencies,” Green said. “In addition, adoption and demand are constantly increasing, while supply is decreasing.”
The Devere Group CEO concluded:
Despite the recent turbulence, I believe the trajectory of bitcoin and other major cryptos is up. This is why I see the current drop as a discount.
Green has made some bullish forecasts about the price of bitcoin on several occasions. In June, he predicted a bull run and a “significant bounce” for BTC.
Do you agree with Devere boss Nigel Green? Let us know in the comments section below.
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