In a media release made on Newsmax Thursday, Green daringly forecast another round of ‘record-breaking year’ for Bitcoin, with at least 50% or even up to 100% appreciation in 2021.
He made the forecast as Bitcoin breached $23,000 and recorded a new all-time high. The leading crypto hit $23,825 on some crypto exchanges before recording minor retracement.
On the basis of prevailing valuation, Green anticipates Bitcoin to trade between $34,500 and $46,000 at some time in 2021. While accepting that Bitcoin’s price will not follow a straight line, Green states that the incoming funds will spark consumer adoption, paving way for better price discovery mechanism.
“Some of the world’s biggest institutions – amongst them multinational payment companies and Wall Street giants – pile ever more into crypto, bringing with them their enormous expertise and capital, this in turn, swells consumer interest.”
Considerably amount of time has been spent by Green’s deVere Group in researching cryptos. In November, the advisory company published outcome of survey indicating that 73% of participants have a bullish view towards cryptos, an increase from 68% last year. The supposed study of millionaires’ highlights a crucial transition that is going on in smart-money coterie.
What differentiates the previous and current rally is that the recent bull market was fueled by institutional demand. The earlier crypto rally that topped in December 2017 was led mostly by retail investors.
Another reason for the recent Bitcoin’s rally is that the asset is now perceived as a hedge against inflationary pressure and global economic uncertainty, a matter which was discussed by Green in his write up.
He explained:
“[…] with governments continuing to support economies and increase spending due to the pandemic, investors are increasingly going to look to Bitcoin as a hedge against the legitimate inflation concern.”