The CEO of Devere Group, a financial advisory and asset management firm, has shared multiple reasons why he is buying the bitcoin dip. “Despite the recent turbulence, I believe that the trajectory of bitcoin and other major cryptos is upwards,” he said.
Nigel Green Explains Why He Is Buying More Bitcoin
The CEO 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 sell-off.
“The continuing strength of the U.S. dollar, which is down to policy tightening by the Federal Reserve, is being felt by bitcoin and all other risk assets, as we have seen in the recent drop in global stock markets,” he began, adding:
But like many serious crypto investors, I’m buying the dip. I’m embracing this short-term volatility for longer-term gains.
Green proceeded to share why he is buying more BTC. “One reason is that I’m ‘whale watching,’” he revealed, noting that “Whales are investors who are giant crypto holders, holding enough assets to have the potential to move currency valuations.”
He continued: “In recent weeks, whales have been selling which has the effect of bringing down the market price as others get spooked and panic-sell. This then allows the big players to buy back more, and cheaper, down the track.”
The Devere CEO opined:
I sense that they are preparing to make their moves to buy and top-up their holdings in the coming weeks.
“Also, there’s other noticeable whale activity taking place. The number of new wallets holding between 10,000 and 100,000 bitcoins has jumped by 103 in the last 30 days,” he pointed out.
Green also cited the fundamentals of crypto among the reasons to buy, emphasizing that the dip in price is a “key buying opportunity.”
He added: “Like many major corporations, financial institutions, governments, prestigious universities, and household-name investing legends, I’m confident that digital currencies are the inevitable future of money.”
“In our increasingly tech-driven, globalized world, it makes sense to hold digital, borderless, decentralized currencies,” Green opined. “In addition, adoption and demand are increasing all the time, whilst at the same time, supply is decreasing.”
The Devere Group executive concluded:
Despite the recent turbulence, I believe that the trajectory of bitcoin and other major cryptos is upwards. This is why I view the current dip 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 CEO Nigel Green? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Image and article originally from news.bitcoin.com. Read the original article here.