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Nigel Green says bitcoin will grow in Q4 2022
Nigel Green , CEO of Devere Group, predicted a rally in price and a significant recovery in bitcoin's price in the fourth quarter.
"I believe we will soon see a rally in price that leads to a significant recovery in the fourth quarter of the year for the world's leading digital currency."
Nigel Green explains bitcoin's growth
BTC is used as a hedge against inflation.
Nigel Green explains that one of the key factors that will drive bitcoin's growth is that investors are using BTC as a hedge against high inflation.
Many, including prominent hedge fund manager Paul Tudor Jones and venture capitalist Tim Draper, believe that cryptocurrencies are a good hedge against inflation.
BTC replaces Fiat currencies
Another factor that Devere noted is that bitcoin is increasingly seen as an alternative to fiat currencies. Veteran investor Bill Miller has previously explained that the Russia-Ukraine war and subsequent sanctions on Russia have made people think of having an alternative currency for the U.S. dollar.
green currencies, stressing: "The U.S. government began to zealously add digital dollars to its economy during the pandemic, reducing its value, but adding to bitcoin's long-term prospects. Investors are increasingly seeing bitcoin as an alternative to the dollar." Green added that the bitcoin price rally will be "supported by an increase in investment from large institutional investors who provide capital, expertise and credibility." A survey in April found that 80% of institutional investors believe that cryptocurrencies will surpass traditional investments, 70% say that cryptocurrencies are a reliable investment, and 68% actively recommend this asset class in investment strategies.
Cryptocurrency regulations are tightly established
Finally, Devere's CEO pointed out that major regulators are looking to establish a regulatory framework for cryptocurrencies.
"Regulation, which I believe is inevitable, will provide more protection and therefore more confidence, for both institutional and retail investors."
Nigel Green's prediction comes just days before the market's weekend downturn. On June 13, BTC was trading at $27,748.30. BTC has fallen 2.5% in the last 24 hours, more than 7% in the last seven days and nearly 26% in the past year.
