Why Devere CEO Doesn’t Hesitate to Buy Bitcoin Dip
Undeterred by the ongoing crypto bear market, the big boss of Devere Group has confirmed that he is buying Bitcoin dips in a blog post published this week.
Nigel Green, CEO of Devere Group – a financial advisory and asset management firm – explained why he is buying more of the world’s leading digital currency despite a market sell-off.
At the time of writing, Bitcoin is trading at $21,640, up 9.4% in the past seven days, figures from Coingecko show on Sunday.
Nigel explained that he is buying Bitcoin on the dip because, despite the current bear market, he is optimistic about the long-term development of the cryptocurrency market.
Image: Coinpedia
Devere CEO: Holding Bitcoin Makes Sense
In an increasingly technology-driven, globalized world, “it makes sense to hold digital, borderless, decentralized currencies,” the CEO stated, citing the future potential of Bitcoin as one of several additional points he highlighted.
Green says the recent activity of crypto whales makes him optimistic about Bitcoin. According to him, Bitcoin whales may be preparing to re-enter the market after a period of selling.
The ongoing strength of the US dollar, which is a result of the US Federal Reserve’s policy tightening, is another reason Green says he is taking advantage of Bitcoin’s reduced price.
This, he claims, is experienced by cryptocurrencies and all other risk assets, as many have witnessed in the recent decline in global stock markets.
CEO predicts a Bitcoin Bull Run
Several times Green has issued bullish price forecasts for bitcoin. He predicted a bull run and “significant bounce” for the cryptocurrency in June this year.
“Like many serious cryptocurrency investors, I buy the dip. I embrace this short-term volatility for long-term gains,”
The Devere boss elaborates by saying that large investors, known as “whales”, have been selling recently, driving down the market price and giving the whales an opportunity to buy back at a lower price.
He stated:
“Market analysts say Bitcoin’s negative price action can be attributed to US macroeconomic conditions, the ongoing Russia-Ukraine conflict, rising inflation and rising interest rates.”
However, Green clarified that as an investor he is okay with short-term volatility in exchange for long-term gains.
The Devere boss states that the number of Bitcoin whale addresses has increased in the past month. He added that Bitcoin and other top cryptoassets are currently trading at a discount and have huge upside potential.
BTC total market cap at $414 billion on the daily chart | Source: TradingView.com Featured image from Ventureburn, chart from TradingView.com
