The impressive growth of Bitcoin in the previous days allows us to count on reaching a psychological level of $50,000 in March, DeVere Group CEO Nigel Green has predicted.
Bitcoin fell below $35,000 amid the invasion of Ukraine, but in early March it rose above $45,000. On February 28, digital gold rose in price by almost 15% in a day. According to Green, the influence of geopolitics and institutional investments underlie the recovery of quotations. Green has said:
“The situation between Ukraine and Russia has caused significant financial turmoil. Individuals, companies and even government agencies are looking for alternatives to traditional systems.”
With bank closures, cash shortages at ATMs, and the weaponization of SWIFT, a decentralized, “borderless,” tamper-proof and confiscation-free monetary system looks more attractive, according to the head of the DeVere Group.
Sanctions are welcome, but they show how the financial system can be used as a leverage and why alternatives may be needed, he explained.