Wednesday, 28 August 2019 02:47

Bitcoin new ‘normal bottom’ is US$10,000, says deVere chief Featured

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Bitcoin’s new normal bottom is US$10,000, according to the chief of one of the world’s largest independent financial advisory organisations, deVere Group.

Nigel Green, CEO of deVere made his comments as Bitcoin - the world’s largest cryptocurrency - has lingered around this mark for several days, before jumping up earlier this week.

“Looking at its performance this year, I believe that the new normal bottom price for Bitcoin is US$10,000,” Green said.

“It bounces at this price. If it fluctuates below this level, it shoots back up again. We have seen this in action on Monday when Bitcoin hit US$10,500 in a matter of minutes.”

Earlier this month, the deVere CEO predicted that Bitcoin could hit US$15,000 in the near future, and he says “Bitcoin can be expected to imminently reach US$15,000 for four main reasons”.

“First, geopolitical issues, such as the US-China trade war and Brexit, are intensifying and investors will increase exposure to decentralised, non-sovereign, secure digital currencies, such as Bitcoin, to shield them from the turmoil taking place in traditional markets.

“Second, technical network improvements are further improving performance. Bitcoin’s hash rate has smashed through another new all-time high recently and this fuels investor confidence.

“Third, the 2020 Bitcoin halving will help drive the price skywards. The code for mining Bitcoin halves around every four years and the next one is set for May 2020. When the code halves, miners receive 50 percent fewer coins every few minutes. History shows that there is typically a considerable Bitcoin surge resulting from halving events.

“And fourth – and perhaps the most important one – is that public awareness is consistently growing. Cryptocurrencies, and in particular Bitcoin, are increasingly part of mainstream finance. This is evidenced not only in the financial sector, in which all major banks are increasingly looking at blockchain and crypto, but with big names within the tech and retail sectors too.”

“There is increasing global acceptance that cryptocurrencies, such as Bitcoin, are not only the future of money, but increasingly the money of today. This will be reflected in Bitcoin’s new normal bottom price of US$10,000,” Green concluded.

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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