Bitcoin approaching all-time highs
Bitcoin could hit fresh all-time highs this week, which will bring upside to other cryptocurrencies, particularly those directly involved in fintech development.
This was the bullish prediction from Nigel Green, chief executive and founder of deVere Group, a multi-national financial advisory, asset management and fintech organisation.
The ultra-bullish prediction came as prices were on an upward trajectory and as the Australian Securities and Investments Commission (ASIC), became the latest watchdog to approve spot exchange-traded funds (ETFs) in the world’s two largest cryptocurrencies, Bitcoin and Ethereum.
Green said: “It’s taken a week or so longer than the Bitcoin bulls would’ve liked, but overnight on Sunday the world’s largest crypto took off again”.
Bitcoin reclaimed its previous high of US$64,900 ($87,400) from April and is closing in on its all-time high spot price of US$66,000 ($89,000) from 19 October.
“Bitcoin will maintain its strength and is likely to shoot further this week, possibly hitting fresh all-time highs, as this current ‘take off’ generates further interest and momentum, attracting even more retail investors,” Green said.
“In addition, Australia’s securities watchdog has followed other global regulators, by giving the green light to the highly anticipated spot ETFs in a move that has provided a framework for other countries to follow suit.
“This move – especially when other regulators do the same, which they will – will mean that not only more retail investors will pile in but, crucially, more institutional investors such as family offices, hedge funds and real money asset managers will further increase their exposure into digital assets.
“They will bring with them unprecedented levels of capital and stability to the famously volatile crypto market. This will further drive prices skywards.”
Green said the US Securities and Exchange Commission (SEC) would be the “tipping point” in regard to ETFs.
“I believe that the Wall Street’s top regulator will eventually approve a spot Bitcoin ETF,” he said.
“A US-based spot Bitcoin ETF would give the sector an unseen level of legitimacy and act as the ultimate tipping point for the market as it will allow corporates to buy and sell quickly and have direct exposure to the crypto itself, unlike with a futures-based ETF.”
As Bitcoin moved towards fresh all-time highs, other cryptos were also expected to move to the upside, said Green. His observation followed Solana and Ether both hitting record highs last week.
“Bitcoin’s gravitational pull on other digital assets will show itself again this week, pulling up other major cryptocurrencies as it maintains its own strength,” said Green.
“We can expect those cryptos involved with fintech development, such as Ether, Solana and Cardano, to do particularly well.
“Bitcoin is just the start of the fintech revolution which is redefining and reshaping the way that all financial services are delivered.”
AUTHOR
Liam Cormican
Recommended for you
Outflows from an Australian private markets fund manager have caused FUM at Pacific Current to decline by $1 billion in the last quarter.
Former RIAA chief executive Simon O’Connor has joined the ethical advisory panel at U Ethical Investors.
Financial services leaders are “all cashed up with nowhere to grow” when it comes to M&A activity, according to Deloitte, with 90 per cent saying they have strong balance sheets ready for an acquisition.
As fund managers are urged to diversify their product ranges, they are finding a faster way to do this is via an acquisition of existing firms but experts say it is not without potential culture clashes.
