Bitcoin has surpassed the psychological level of $ 25,000, bringing its December earnings to almost 50%, as the bullfight in 2020 shows no signs of slowing down.
The price of bitcoin, after starting the year at about $ 7,000 on bitcoin, has risen throughout the year, far exceeding the 2017 high of about $ 20,000.
However, even as the price of bitcoin continues to rise, the executive director of deVere’s financial advisory group, Nigel Green, revealed that he has sold half of his bitcoin holdings.
The price of bitcoin is set to end in 2020 almost three times higher than the year began, explosively … [+]
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“I sold half of my bitcoin holdings because it reached an all-time high,” said Green, who spoke about bitcoin prospects for years in an emailed statement. “Why? Because now it should be treated like any other investment – that is, where possible, it is better to sell at a high value and buy again in decline.”
The selling pressure of Bitcoin will increase as the price rises and investors try to reach the top of the market. With the bitcoin price now rising by 250% in the last 12 months, the takeover of long-term investors could reduce the price.
“The steady gains in the price of bitcoin have made digital currency the best performing asset of 2020, growing by more than 200%,” Green added. “As such, I felt it was the right time for profit.”
However, Green remains confident about the long-term performance of Bitcoin.
“There should be no misunderstanding about my decision to sell. It’s not due to a lack of faith in bitcoin or the concept of digital currencies – now it’s profitable to buy more later.”
The Bitcoin profile has risen in price this year, with the coronavirus pandemic and subsequent government spending sharply contrasting it with fiat currencies.
As a result, bitcoin has attracted the attention of a number of well-known investors who see bitcoin as an emerging asset of refuge and cover for inflation.
British fund manager Ruffer Investment Management pushed bitcoin above $ 20,000 last week when it revealed it had bought $ 745 million worth of bitcoin, widely seen as a sign of growing institutional interest.
As institutional investors and Wall Street giants “pile up more and more in crypto, bringing with them their expertise and huge capital, which in turn increases consumer interest,” Green believes investors will look increasingly bitcoin as a hedge against “the legitimate concern of inflation. “
The price of bitcoin has risen by 250% in the last year, this week … [+]
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Elsewhere, the bitcoin and cryptocurrency community is optimistic by 2021, with many feeling claimed for bitcoin’s performance this year.
Earlier this week, Michael Novogratz, a former hedge fund invested in bitcoin and crypto-investor, said he could see bitcoin reaching $ 50,000 next year – predicting that Bitcoin would “eclipse gold.”
Ray Dalio, the legendary billionaire founder and co-chair of the world’s largest hedge fund, Bridgewater Associates, acknowledged this month that Bitcoin has established itself as an “alternative to gold-like assets.”