The founder and CEO of deVere Group, Nigel Green, said that Bitcoin’s new normal bottom price is $10,000 USD.
LondonLovesBusiness posted an article on August 27, 2019, where he said, “Looking at its performance this year, I believe that the new normal bottom price for Bitcoin is $10,000.”
The deVere Group is a financial consultancy firm that advertises itself as “one of the world’s leading independent financial advisory organisations, with more than $10bn under advice from over 80,000 clients in 100 countries.” Its CEO had predicted earlier in August that Bitcoin could break $15,000 again in the new future.
According to Green, “Bitcoin can be expected to imminently reach $15,000 for four main reasons” which includes geopolitical issues, improvements in the performance of technical networks, the 2020 Bitcoin halving and lastly, he noted that the public awareness about cryptocurrencies is consistently growing.
With geopolitical issues, like Brexit and the trade war between China and the U.S. are escalating which leads investors to increase exposure to decentralized, secure digital currencies like Bitcoin to prevent them from any negative impacts that may happen in the traditional markets.
Next is the continuous improvements in the performance of cryptocurrencies’ technical networks. The hash rate of Bitcoin has broken another all-time high recently which influences investors’ confidence.
The 2020 Bitcoin halving is also expected to help boost its price. Bitcoin mining codes halves around every four years, the last Bitcoin halving in 2016 helped increase Bitcoin’s price by almost 10 times, from July of 2016 to the end of 2017 the price skyrocketed from $268 to $2,525. It was even noted at that time that Bitcoin is expected to surge to $100,000. Even though the history of Bitcoin’s performance does not guarantee that the future will have the same results, we have seen an incredible increase of the asset. The next planned Bitcoin halving will be in May of 2020, which means that the mining rewards will be decreased by half. History shows that the surge of Bitcoin’s price has been consistent.
Lastly, public awareness is rapidly growing. Bitcoin and other cryptocurrencies are now recognized in most parts of mainstream finance.
Bitcoin, the father of cryptocurrency first hit the $10,000 mark in November of 2017 and it keeps bouncing at this price. Whenever it goes below this level, it goes back up again.
Nigel Green concluded: “There is increasing global acceptance that cryptocurrencies such as Bitcoin, are not only the future money, but increasingly the money of today. This will be reflected in Bitcoin’s new normal bottom price of $10,000.”
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