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Now’s the time to buy crypto: deVere Group CEO

Tony Zerucha

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Don’t flee cryptocurrencies with the crowd. Instead rush in because that’s where the opportunity awaits, deVere Group founder and CEO Nigel Green believes.

The beginning of this week saw Bitcoin shed $1,400 to dip below $5,000 for the first time in more than one year. Other cryptocurrencies are being dragged down along with it.

Fear not, Mr. Green advised.

“Just a few weeks ago crypto traders were airing concerns about the lack of volatility in the crypto market. Now volatility is back and many savvy investors will be using this as a major buying opportunity, perhaps the last one of 2018.

“Savvy investors understand that digital currencies are the future of money and, as such, they will be capitalizing on the lower prices in order to build their portfolios and shore-up their positions.”

Mr. Green explained the three causes behind recent swings. The Bitcoin Cash hard fork is the first. Itself a fork from the original Bitcoin, Bitcoin Cash is now known as Bitcoin ABC while the new fork is called Bitcoin SV. Turbulence arises as investors choose one version over the other.

SEC attention is another driver, but don’t be worried about that, Mr. Green advised.

“I have long supported and called for regulation of the crypto sector,” Mr. Green said. “Indeed, regulation of the digital currencies is now, I believe, inevitable and will in the longer term give investors even more protection, driving confidence and prices in the burgeoning market.

The herd mentality of many investors is the third reason.

Don’t expect the decline to persist, Mr. Green predicted.

“Prices might fall further over the next few days, but we can expect a long-term upward trajectory for the crypto sector. Crypto cynics are using this current wave of volatility to knock digital currencies.  Whether it is Bitcoin, or any of the current generation of coins, or not, cryptocurrencies are here to stay. 

“Financial traditionalists view cryptocurrencies the way traditional stores used to view online retailers.”

 

Tony Zerucha

Tony Zerucha is an alternative finance journalist with more than seven years experience in the space. The author of more than 1,000 articles, Tony was named LendIt's 2018 Journalist of the Year.

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