Bitcoin will replace gold as the ultimate financial safe haven within a generation, predicts the CEO of one of the world’s largest independent financial advisory and fintech organisations.
The prediction from Nigel Green, chief executive and founder of deVere Group, comes as growing geopolitical uncertainty, including Brexit and the U.S. presidential election, and central banks’ historic money printing policies, amongst other issues, are prompting many investors to urgently rebalance their portfolios.
He comments: “For thousands of years, gold has been the ultimate financial safe haven.
“It’s always been the go-to asset in times of political, social and economic uncertainty as it is expected to retain its value or even grow in value when other assets fall, therefore enabling investors to reduce their exposure to losses.
“Moving forward, older investors are likely to continue with gold, but millennials and Generation Z, who are so-called ‘digital natives’, can be expected to go for Bitcoin and other digital currencies instead.
“I believe that the precious metal will lose its crown as the most sought-after reserve asset to Bitcoin within a generation – particularly because the biggest-ever generational transfer of wealth – likely to be more than $60tn – from baby boomers to millennials is already underway.”
Mr Green continues: “Bitcoin’s key characteristics, such as its fixed supply and how transactions are immutable, distributed, non-sovereign and decentralised are highly attractive for investors in an uncertain but increasingly digitalised, tech-driven world.
“It has already earned it the label ‘digital gold’ and I believe its status in this regard will grow exponentially over the next year or two, especially with the economic fallout from Covid, central banks’ record-shattering levels of money-printing, heightening trade tensions between economic superpowers, and mounting social and political unrest.”
The deVere CEO concludes: “Until now, gold has been known as the ultimate safe-haven asset, but Bitcoin — which shares its key characteristics of being a store of value and scarcity — will take over.
“As the world turns ever-more digital and is more and more financially dominated by those who have grown up surrounded by technology, from an investment point of view, gold will increasingly be seen as a relic of the past.”
Experts Predict Ethereum Price to Hit $19,842 by 2025
Thirty-five experts have come together to predict the price of ethereum, the second-largest cryptocurrency after bitcoin. On average, they expect the price of ether to hit $19,842 by 2025. The majority of panelists say now is the time to buy ethereum while 28 percent say to hodl.
The “Finder Cryptocurrency Predictions 2021” which was updated Monday predicts that the price of ether will be nearly $20K by 2025 according to 35 experts on Finder’s cryptocurrency panel. The report says: “By 2025, the panel expects Ethereum to hit $19,842 on average.”
The ethereum price, after beginning the year at under $1,000 per ether token, has smashed through $4,000—climbing alongside bitcoin and most other major cryptocurrencies.
Now, an expert panel has predicted ethereum is set to soar to almost $20,000 by 2025, an increase of 400 percent from its current price, with “major upgrades” to the ethereum network potentially pushing it higher.
The highest forecast came from Bitbull Capital COO Sarah Bergstrand who believes that the price of ether would be $100,000 by 2025. “We are likely to see major upgrades to the Ethereum network this year, and those can be expected to push the price higher,” she explained.
One of the most bearish forecasts came from UNSW associate professor Elvira Sojli who predicted that ETH will end 2025 at just $1,850.
The report continues: “The majority of panelists (59 percent) say now is the time to buy ethereum, while 28 percent say ‘hodl’ and 13 percent say it’s time to sell.”
As for the price prediction for the year 2021, the report notes that the “Panellists predict that the price of Ethereum will hit $4,512 on average by the end of the year. That’s a 234% increase from December’s end-of-year prediction of $1,351.”
One of the highest forecasts came from YAP Global founder and CEO Samantha Yap who noted that the price of ether would be $10,000 at the end of this year, emphasizing that “once BTC is mass adopted, ETH will be next on people’s list.”
Paul Ennis, a lecturer and assistant professor at the University College of Dublin, arrived at the same forecast of $10K for ETH this year, “arguing ethereum is highly undervalued and has far more uses than bitcoin.”
LMAX Group’s cryptocurrency strategist, Joel Kruger, gave a more moderate forecast of $2,000. He is also convinced of “ethereum’s potential, viewing the currency as the major hub of innovation on the blockchain.” He described that “As crypto adoption continues, most of that innovation will therefore be hosted on Ethereum, which we expect will translate into a much higher valuation.”
The panelists include Bitriver CEO Igor Runets; Thomson Reuter’s technologist Joseph Raczynski; Okcoin COO Jason Lau; Etoro analyst and senior account manager Simon Peters; Consensys head economist Lex Sokolin; Coinmama CEO Sagi Bakshi; Unocoin CEO Sathvik Vishwanath; and Origin Protocol co-founder Josh Fraser.
Tesla Suspension Won’t Derail Bitcoin, It’s Still a Buy- Says Bloomberg’s McGlone
Elon Musk’s concern that bitcoin might be bad for the environment isn’t enough to derail the cryptocurrency’s potential for further price gains, said Bloomberg Intelligence commodity strategist Mike McGlone.
McGlone in a new report on Thursday wrote “Elon Musk saying Tesla is suspending purchases using bitcoin doesn’t shake our thesis that the crypto is in early price discovery days on its way to becoming the global digital reserve asset in a world of accelerating digitalization and electrification.”
The report follows a 13 percent drop in the price of bitcoin, the most in a single day in almost four months. The drop was prompted by Musk, Tesla’s CEO, saying late Wednesday the electric-car company was ending its bitcoin-for-cars offer made earlier in the year. That Feb. 8 announcement drove up bitcoin’s price so dramatically – by 19 percent – that it was lionized by some fans of the cryptocurrency as “Elon’s candle,” in a reference to the resulting pattern on price charts.
Now, bitcoin analysts are scrambling to adjust their price forecasts and respond to concerns about bitcoin’s energy needs contribute to fossil-fuel burning, making it a climate threat at a time when environmental, social and governance concerns are becoming more important to institutional investors.
McGlone is considered a hot hand in cryptocurrency markets because he accurately forecasts bitcoin’s price rise to $50,000 last year, at a time when it was trading at just a fraction of that level.
What matters the most, according to McGlone, is the source of the Bitcoin network’s energy.
“The source of electricity is increasing from solar and wind, which are cost effective,” according to the report. “On a global scale, electricity is going renewable.”
Musk’s remarks about the crypto’s electricity consumption are “odd” coming from an automaker whose product is “fed solely by electricity,” the analyst wrote.
McGlone wrote that bitcoin “shows comfort at the whole-number level around $50,000, which was our initial call on a 2021 target resistance value.”
“The rule of money flowing to where it’s treated best looks like an enduring tailwind for bitcoin,” he wrote.
Coinbase Take Steps To Add DOGE
Coinbase, known for being particularly choosy in the cryptocurrencies it allows to list, has decided to be a lot more inclusive, potentially bringing in a flood of new revenue as a result.
As part of the new policy, the leading U.S. exchange will be listing meme-based cryptocurrency dogecoin in the next six to eight weeks.
Coinbase sat on the sidelines this year as competing exchanges raked in untold millions of fees as trading in dogecoin, a cryptocurrency that was started as a joke, exploded in popularity.
Speaking on the company’s Q1 earnings call, CEO Brian Armstrong said Coinbase is also changing its process for listing coins to include digital assets that have just been minted. In the future, the company will start listing what are called “debut” coins or cryptocurrencies that have just been minted and are seeing their first day of trading volume.
Currently, the company evaluates cryptocurrencies based on the security of the digital asset and whether or not it could potentially be deemed a security. This is the first time the exchange’s executives have said they would list coins with no volume.
“We’re going to have to do this in the future–be the first to list a number of these coins,” CEO Brian Armstrong said.
Currently, there is a backlog of assets that the exchange needs to get to, and it’s working on accelerating its coin listing process, Armstrong added.
News4 weeks ago
COVID-19: Nirsal Microfinance Bank (NMFB) Loan – Covid19.nmfb.com.ng
News4 weeks ago
Covid19.nmfb.com.ng: How to Check Nirsal COVID-19 Loan Status
Billionaire Watch2 weeks ago
Ethereum Co-Founder Becomes The Youngest Crypto Billionaire As ETH Hits $3K
Cryptocurrency3 weeks ago
Electronics Retailer Newegg now Accepts Dogecoin As Payment
News2 weeks ago
FG Declares Monday, May 3rd Public Holiday To Celebrate Workers Day
Appointments1 week ago
Buhari Suspends Hadiza Bala Usman as MD of NPA, Appoints Koko
Brands3 weeks ago
Netflix Partners Ikorodu Bois on Oscars Film Brand Campaign
News2 weeks ago
Baba Ijesha Begs to Commit Suicide After Child Molestation