Nigel Green, CEO of independent financial consultant deVere Group, estimates that pricing of the flagship cryptocurrency Bitcoin ($BTC) could perhaps reach $50,000 even by end of March as either a result of the current conflict surrounding Ukraine and Russia.
Bitcoin Pricing To Grow Till $50,000
Thus according to ETF Trends, in response to BTC’s current price momentum, Green stated that he expects the cryptocurrency’s price would continue to rise, even while other risk assets, such as stocks, are falling due to the economic effect of the conflict. Green was said to have said:
As things are, I don’t see why this price momentum shouldn’t continue. I believe Bitcoin will reach $50,000 by the end of this month.
Green went on to claim that it’s “still too early to predict if it will then go on to achieve all-time highs of $68,000 from November 2021.” According to the analyst, the conflict between Russia and Ukraine has resulted in “substantial financial turmoil,” with government agencies, people, and enterprises seeking alternatives to the traditional banking system.
The CEO went on to say that if ATMs run out of cash and banks close, there is a risk that people’s personal resources may be used to fund the war.
Furthermore, the international payment system SWIFT is being weaponized, arguing for a “viable, decentralized, borderless, tamper-proof, unconfiscatable monetary system,” hinting he was referring to Bitcoin.
Green continued, saying:
As more institutional investors gain control of the industry, credibility rises, trade volumes rise, and volatility falls – all of which is excellent news for average investors.
Interestingly, the CEO stated last year that he expects the value of Ethereum would surpass that of the flagship cryptocurrency bitcoin “within five years,” citing ETH’s greater utility and demand.
Mark Mobius, the founder of Mobius Capital Partners and a billionaire experienced investor, recently discussed Bitcoin’s recent price spike in the midst of Russia’s continuing invasion of Ukraine, which has shook equity markets.
Mobius speculated that Russians had a “means of getting their money out, getting their riches out” which might be the reason BTC’s price has risen in recent days.
Sanctions imposed on Russian institutions, particularly banks, resulted in severe decreases in the value of the ruble and even the Ukrainian hryvnia.
Kuna, a Ukrainian bitcoin exchange, saw its trade volume skyrocket once Russia started its invasion. The exchange’s daily trading volume averaged roughly 45 million Ukrainian hryvnias.
On the day Russian soldiers entered Ukraine, the country’s trading volume skyrocketed to 150 million UAH, or almost $5 million.
Also Visit: Top Ways to Mitigate Volatility in Cryptocurrency