"Under the current circumstances, I believe the Bitcoin price could hit $15,000 within weeks” - Mr. Nigel Green
According to the Chief Executive and Founder of deVere Group Mr. Nigel Green in recent article published by Coinrevert, The devaluation of China’s currency, currently showing growth in global financial markets, shows Bitcoin is now becoming a safe haven asset for investors.
The Chinese currency yuan fell under seven US dollar on Monday which is the lowest in last 10 years. Bitcoin jumped 10% as global stocks dropped by the devaluation of yuan. The trade war between China and US getting more intensified. Mr.Green comments :
“This is not a coincidence. It reveals that consensus is growing that Bitcoin is becoming a flight-to-safety asset during times of market uncertainty. Bitcoin is currently realising its reputation as a form of digital gold,”
Then he added :
“Up to 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, could potentially dethrone gold in the future as the world becomes increasingly digitalised.”
Now US President Mr.Trump administration officially labelling China as a currency manipulator, Mr. Green thinks that investors are now more incline in to decentralised, secure currencies such as Bitcoin to protect them from the uncertainty taking place in traditional markets.
“The legitimate risks posed by the continuing trade dispute, China’s currency devaluation and other geopolitical issues, such as Brexit and its far-reaching associated challenges, will lead an increasing number of institutional and retail investors to diversify their portfolios and hedge against those risks by investing in crypto assets,”
“This will drive the price of Bitcoin and other cryptocurrencies higher. Under the current circumstances, I believe the Bitcoin price could hit $15,000 within weeks,”
Disclaimer & Suggestion : Please always do your due diligence before investing in any cryptocurrency or project. This should not be treated as financial advice.