Institutional Investment Will Force Bitcoin To Hit $70,000
TECHDIGEST – The Chief Executive Officer of deVere Group, Nigel Green has predicted that Bitcoin will hit a fresh all-time high of $70,000 this year amid growing institutional investment.
The prediction from one of the world’s largest independent financial advisory, asset management and fintech organisations is coming on the heel of the announcement that a major U.S.-based asset manager and crypto exchange have partnered to expand access to crypto among institutional investors.
“I would not be surprised for it to hit $70,000, which would surpass the previous all-time high of $68,000 in November 2021.
There’s been a groundswell of interest from institutional investors in Bitcoin and crypto in recent months – and this is set to grow exponentially. These experts appreciate the inherent value of digital, borderless, global, tamper-proof, unconfiscatable currency in our increasingly tech-driven world. They understand the key characteristics of Bitcoin and cryptocurrencies are designed for this century and, therefore, are growing in appeal,” he said.
He added that as regulatory scrutiny of digital assets is being ramped up globally – giving them more confidence – and as prices are currently relatively low, the likes of Bitcoin seem temporarily undervalued in the market.
According to him, this is why now we are seeing institutional investors coming off the sidelines to make significant moves to increase their crypto exposure at lower entry points; sensibly, employing the ‘buy the dip’ mantra.