Nigel Green Elaborates on the Reasons Behind His Increased Bitcoin Purchasing
Nigel Green, who is the CEO of the financial advising and asset management company Devere Group, has revealed that he is buying the dip in the price of bitcoin. The CEO detailed the many motivations behind his decision to increase his Bitcoin holdings in a post to his personal blog that was published this week. The post was published in the midst of a downturn in the cryptocurrency market.
As evidenced by the recent decline in global stock markets, he began by stating that "the continuing strength of the U.S. dollar, which is down to policy tightening by the Federal Reserve, is being felt by bitcoin and all other risk assets." He then went on to say: "The continued strength of the U.S. dollar is down to policy tightening by the Federal Reserve."
But I'm buying the drop, just like a lot of other professional crypto investors. I intend to capitalize on the longer-term benefits by making the most of the short-term volatility.
Green then went on to explain the reasoning behind why he is purchasing additional BTC. "Whales are investors that are large crypto holders, holding enough assets to have the capacity to affect currency valuations," he explained, revealing that "one of the reasons is because I'm 'whale watching.'"
He proceeded by saying, "Within the past few weeks, whales have been selling, which has the effect of pushing down the market price as other buyers become frightened and panic-sell." As a result, this paves the way for the major players to purchase back more at a lower price in the future.
In his opinion, Devere's CEO said:
In the upcoming weeks, I get the impression that they are getting ready to make their moves to buy more and add to the assets that they already have.
Additionally, there is other whale activity that can be clearly seen taking place. Over the past month, there has been a 103 percent increase in the number of new wallets that can hold between 10,000 and 100,000 bitcoins, as he pointed out.
Green also mentioned the fundamentals of cryptocurrency as one of the reasons to invest, highlighting the fact that the recent drop in price is a "major purchasing opportunity."
He continued, saying, "Much like many significant firms, financial organizations, countries, respected universities, and household-name investment legends, I'm sure that crypto currencies are the unavoidable future of money."
Green is of the opinion that it makes sense to possess cryptocurrencies in today's more tech-driven and globalized society since they are borderless and decentralized. In addition, both adoption and demand are continuously rising, despite the fact that supply is steadily falling.
The director of the Devere Group came to the following conclusion:
In spite of the recent volatility, I continue to be optimistic about the long-term prospects of bitcoin and the other major cryptocurrencies. Because of this, I consider the present drop to be a discount.
On multiple occasions, Green has provided price projections that are optimistically exuberant and are related to bitcoin. In June, he forecasted that Bitcoin will experience a "big bounce" and a bull run.
Humphrey Arinze Chukwu 29 w