Bitcoin Can Replace Gold As Top Safe-Haven Within A Generation As Devere Group CEO Predicts
The view of different experts is different when it comes to investing in Bitcoin. Here we fetch those from Nigel Green. What does he have to say?
As Nigel Green Speaks
Devere Group CEO and founder Nigel Green said that he believed the US election would bolster the price of bitcoin a few weeks ago. Green said he also believes that bitcoin will replace gold as the ultimate financial safe haven within the timespan of a generation speaking with the financial broadcast MoneyFM on Monday.
He has been more vocal about his forecasts in recent days as the Devere Group CEO Nigel Green is a big believer in crypto assets like bitcoin. Green explained why he thinks the US presidential election would have devastating effects on the US dollar but also bolster bitcoin at the same time last August.
The firm’s assets under management exceed $10 billion as Green’s firm Devere Group comes to be one of the world’s largest independent financial advisory organisations in the fintech world.
Again during an interview with broadcast MoneyFM, on Monday, Green once again spoke about the crypto asset. Invoking two new crypto indexes in order to create a price standard for BTC and ETH throughout Asia the discussion was prompted by the Singapore Exchange (SGX).
Explaining why he thinks bitcoin could potentially replace gold, Green shared his thoughts about Bitcoin and other digital currencies in the interview.
What Are His Views On The Crypto Asset?
He said that he thought bitcoin comes to be gradually more accepted. There’s always been a system of payments in the world when you go back to the basics. There’s always been some way of people keeping score if you go back to bartering. Not everyone in the world is comfortable with their own government with the current situation where we have a government keeping score. A computer is keeping score which is one way of looking at cryptocurrencies.
Adding to this the Devere Group CEO said:
With just gradually more and more acceptance from people, that’s what we have seen over a number year. As so much as gold is limited, as well as obviously young people are more willing to accept a digital currency than perhaps some older people, bitcoin is similar to gold.
Basically, equivalent to owning promises from governments is the owning of US dollars or Venezuelan bolivars according to Green. The scorekeepers are easily corrupted as essentially citizens are allowing governments to keep score.
Further stressing he adds whereas it’s really digitally added as of course what’s happened in recent times has been mass printing of money. Then in fact you are devaluing money if you are flooding the market with extra dollars. There is a limited amount which is the advantage of bitcoin.
Some people would not have faith in their government and they would rather have something where there’s a limited amount as some people would rather a computer keep score.
The Impact Of Covid-19
Green responded that he thinks the coronavirus has fuelled his forecast and technology in general when asked if his bitcoin prediction was sped up by Covid-19.
Green insisted thereafter that will we have digital currencies or do we really think we will have Singapore dollars in our pocket? Ultimately it will be digital currencies as we think we accept. Is bitcoin accepted as part of that digital world, is the next question. As younger people are more familiar with bitcoin and they trust in that world than perhaps other people as it has become more and more apparent that it is as the Devere Group founder added to it.
There was a strong prevalence of the youth being more geared toward innovations like bitcoin as Green continuously noted.
He further said that there is another generation coming through as there’s a particular generation that is more trusting in gold.
Even at his age, he believes digital currencies like bitcoin are easier than storing precious metals as however he also said he was in his sixties.
Green remarked it’s easier. He concluded that you can therefore put those crypto assets on the telephone as opposed to carrying some gold or storing gold.
So when we move forward with the crypto asset, with all these discussions we find a more positive upswing in the market cap. Whether be it for bitcoin or other coins, it is sure that the younger generation gets to plunge into the depths of crypto mining. With more coins in hand, it outshines the precious metals and especially gold, which has been since ages the best investment vehicle.