DeVere CEO says Bitcoin sell-off does not reflect lack of faith in cryptocurrencies

DeVere CEO says Bitcoin sell-off does not reflect lack of faith in cryptocurrencies

The chief executive of deVere Group – who has been a consistent advocate for cryptocurrencies – sold half of his Bitcoin holdings when the cryptocurrency peaked in value on Christmas Day.

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Nigel Green has often praised cryptocurrencies for being “borderless” and appealing to younger investors.

However, the deVere Group CEO said in a press statement that his sale did not reflect a lack of faith in Bitcoin, but rather a means to take profit from a strong asset.

“[Bitcoin] should now be treated as any other investment – that’s to say, where possible, it’s better to sell high and re-buy in the dips,” he said.

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Bitcoin has surged this year to record highs amid worldwide economic uncertainty linked to the coronavirus pandemic, passing $24,661 on Christmas Day.

Green said he believes that after widespread government economic stimulus in different countries, the digital currency provides a bastion for investors against inflation.

The highest-valued digital currency, Bitcoin was invented in 2008 and surged in value to a peak of around $17,000 in late 2017.

It is seen as both a volatile asset with limited regulation, and a potential long-term investment as its value continues to rise.

Finance leaders and central bankers from G7 countries had also discussed the ever-growing cryptocurrency market earlier this month, with the German finance minister later stressing the need for governments to maintain a monopoly on currencies.

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A statement from the US Treasury after the G7 meeting said that leaders discussed “national authorities’ work to prevent [cryptocurrencies’] use for malign purposes and illicit activities.”

“There is strong support across the G7 on the need to regulate digital currencies,” the statement added.

With Reuters

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Last Update: Monday, 28 December 2020 KSA 16:53 – GMT 13:53

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