Bitcoin to Hit New All-Time High as Institutional Investors Get More Access
Bitcoin will hit a new all-time high of $70,000 this year amid growing institutional investment, the CEO of one of the world’s largest independent financial advisory, asset management and fintech organizations predicts.
The prediction from deVere Group’s Nigel Green comes as it is announced that a major US-based asset manager and a crypto exchange have teamed up to expand access to crypto among institutional investors.
He notes, “There has been an outpouring of interest from institutional investors in Bitcoin and crypto in recent months – and this is expected to grow exponentially.
“These experts appreciate the inherent value of digital, borderless, global, tamper-proof and unconfiscatable currency in our increasingly technology-driven world.
“They understand that the key characteristics of Bitcoin and cryptocurrencies are designed for this century and therefore gaining appeal.”
Green continues, “As regulatory scrutiny of digital assets intensifies globally – giving them more confidence – and prices are currently relatively low, the likes of Bitcoin look temporarily undervalued in the market.
“That’s why we are now seeing institutional investors pull back. They are taking significant steps to increase their exposure to crypto at lower entry points; wisely employing the ‘buy the dip’ mantra.
The CEO of DeVere continues, “With them, these institutional investors bring huge amounts of capital, reputational appeal and market expertise, which will then bring additional confidence to more retail investors.
“As institutional and retail inflows gain momentum, I predict we will see Bitcoin reach new all-time highs by the end of the year.
“I wouldn’t be surprised if it reached $70,000, which would surpass the previous high of $68,000 in November 2021.”
While the world’s largest asset manager, which oversees $10 billion in assets, has finally made a big leap into crypto to provide its institutional clients with access to cryptocurrency, Green, which launched the deVere Crypto exchange, says it expects “a slew of other Wall Street giants to follow suit.”
He concludes: “We will likely see a steady increase in price momentum through to the end of 2022 as institutional interest increases due to better access.
“Sophisticated retail investors will pay attention and supplement their own crypto portfolios accordingly.”