Nigel Green, CEO of financial consulting firm DeVere Group, said he thinks Bitcoin (BTC) will surge before the end of 2020.
The price of the leading cryptocurrency has already risen more than 30% since the beginning of the year and the S&P 500 has performed better than Nasdaq Composite and gold. Thus, BTC also signaled that it will continue to reach higher levels in the coming months.
Meanwhile, Nigel Green believes that outbreak measures from central banks will have a significant impact on Bitcoin price.
“Massive money-pressing or monetary relaxation programs currently spreading by central banks around the world depreciate traditional currencies and provide support for other well-known value stores such as Bitcoin and gold.”
Emphasizing that the pandemic creates a new demand for digital money, Green says that investors care about the potential of BTC as a decentralized asset in times of uncertainty.
“Investors will increase adoption of decentralized, decentralized, secure digital currencies like Bitcoin to help protect potential problems in traditional markets.”
Devere Group Management says that the effect of escalating tension on Bitcoin will be inevitable as a result of trade wars and political tension between the USA and China, the post-Brexit situation and the upcoming US presidential election.