Nigel Green, CEO of the independent financial advisory organization deVere Group, has sold half of his bitcoin stash during the Christmas holidays. However, he maintained his bullish position on the cryptocurrency for the long-run while highlighting the growing adoption curve.
Founded in 2002, deVere Group is a large financial advisory company with over 80,000 clients in 100 countries. Its CEO, Nigel Green, has been a long-term BTC supporter who describes himself as “one of the first high-profile cryptocurrency advocates.”
In October 2020, Green predicted a massive price increase for the asset while it struggled with remaining above $10,000.
It seems that the executive has taken advantage after his forecast came true and took some profits off his bitcoin holdings on Christmas day. At the time, the primary cryptocurrency surged to an all-time high level of about $25,000. This meant a 150% increase since Green’s initial prediction.
He indicated that BTC had become a mainstream investment opportunity that has to be treated the same way as more traditional options:
“[Bitcoin] should now be treated as any other investment – that is to say, where possible, it is better to sell high and re-buy in the dips.
Like me, many traders will see record-high prices as an opportunity to sell, so we can expect some pullback on prices in the near term.”
Despite disposing of half of his bitcoins before the end of 2020, Green insisted that he remained optimistic about the future of the cryptocurrency industry. In fact, he reiterated his stance, saying that “more than ever, I believe that the future of money is cryptocurrencies.”
“There should be no misunderstanding about my decision to sell. It is not due to a lack of belief in Bitcoin, or the concept of digital currencies – it is profit-taking now to buy more later.”
Green noted that the popularity of cryptocurrencies has exploded in the past several months because their borderless nature makes them “perfectly suited to a globalized world of commerce, trade, and people.”
He also attributed the significant price growth of bitcoin and other digital assets to large corporations and institutions entering the space. Such organizations allocate “ever more into crypto, bringing with them their enormous expertise and capital,” hence rising consumer interest.
He concluded that the surging demand will ultimately result in BTC’s price trajectory heading “undoubtedly upwards” in the long-term.
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