Bitcoin and Cryptocurrencies News

$1 billion Bitcoin bet placed by El Salvador president 

  • Bitcoin net worth $1 billion placed by El Salvador’s president in El Zonte 
  • Bitcoin is a legal tender in El Salvador since 7th September 2021
  • The village of El Zonte forms the base of the BTC advent in the country 

On Thursday, American secretly and openly supported non-benefit media association National Public Radio (NPR) discussed the Bitcoin upset that is occurring in El Salvador. As you might bear in mind, the bill to make BTC legitimate delicate in El Salvador got passed by the Legislative Assembly on June 9 and the Bitcoin Law became powerful on 7 September 2021.

On 24 June 2021, Salvadoran President Nayib Bukele declared during a public location that the Bitcoin Law would become viable on 7 September 7 2021.

El Zonte is a town on the Pacific coast that has a populace of around 3,000 individuals and is famous for surfing and fishing. While an ocean side town could sound well-off, El Zonte isn’t: According to Reuters, ‘El Zonte is apparently poor, with back roads and a broken waste framework.’ 

El Zonte Bitcoin hub  

In 2019, a mysterious benefactor in the U.S. purportedly started sending BTC to not-for-profits nearby fully intent on tracking down ways of building a practical digital currency environment locally.

Then, at that point, philanthropic laborers in El Zonte, in discussion with the giver, sent off Bitcoin Beach, a drive that infused the cryptographic money into the nearby economy, set individuals up with computerized wallets, and assisted organizations with setting up frameworks to acknowledge Bitcoin installments.

Inhabitants utilize a Venmo-like application installment framework for trading Bitcoin, which was created by a tech organization in California called Galoy Money. Utilizing the application, individuals can see which organizations acknowledge BTC and find each other by username. ‘This was only the ideal research facility,’ said Chris Hunter, prime supporter of Galoy, of El Zonte. 

Tracker says El Zonte was an ideal spot for test-driving a Bitcoin installment framework in light of the absence of administrative and taxation rates, the way that most traders and individuals don’t have Visas, and the dollarization of El Salvador’s economy.

Recently, Carrie Kahn, a NPR International Correspondent situated in Mexico City, Mexico, distributed a report on her new visit to El Zonte.

Crypto area

Kahn began her report by saying that the leader of El Salvador is making a colossal bet on bitcoin with his nation’s depository, expecting to  acquire a billion dollars to load up on bitcoin and to assemble a bitcoin exchange zone close to a torpid fountain of liquid magma, an arrangement that has made him a saint in the crypto local area.

Kahn likewise met Dutch siblings Jaap-Jaan and Martin Vanhangel, who are both in their mid 20s and were an extended get-away around there. They told her that they had the option to pay for almost everything with Bitcoin:

Also read: Cambridge University with IMF and BIS launches crypto research project

As CoinDesk covered on February 9, Salvadoran Finance Minister Alejandro Zelaya has affirmed that his nation’s underlying $1 billion bitcoin bond issue would happen between March 15 and March 20. 

At the point when President Bukele presented the BTC bond on 20 November 2021 during a show at an occasion called BTC Week in the beach front town of Mizata, he said that he would utilize $500 million of the returns to construct Bitcoin City and the other $500 million to purchase much more Bitcoin and lock it up for a very long time.

It’s an amazing bet. This would be the first of its sort all through the world. However, the president is by all accounts encouraged by the way that his fame remains high as can be inside the country.

2,262 Bitcoin Addresses Hold at Least 1,000 BTC

The number of Bitcoin millionaires, addresses with 1,000+ coins, has touched its highest level since April 2021. Glassnode’s on-chain data shows that 2,262 BTC addresses are now holding more than 1,000 coins.Q4 2021 volumes have gone up or down and how much?

According to the current price of Bitcoin, each of these addresses hold at least $40 million worth of cryptocurrency. “Number of addresses holding 1k+ coins just reached an 11-month high of 2,262,” Glassnode highlighted.

Despite price challenges and a drop in network activity, Bitcoin addresses holding more than 1,000 coins have increased. A sharp surge was observed at the start of March 2022. Relatively smaller Bitcoin holders with at least 1 BTC also joined the accumulation trend.

According to Glassnode, there are more than 820,000 addresses with at least $40,000 worth of BTC. “The number of BTC addresses holding 1+ Bitcoin just reached a 10-month high of 820,552,” the on-chain analytics platform mentioned.

Related content

BTC witnessed a decent rally at the start of March 2022 after global investors shifted their focus towards emerging assets. However, its price failed to sustain above $40,000 on Friday.

Bitcoin Adoption

The adoption of the digital asset kept rising at a rapid pace despite challenges in the recent weeks. In an interview with The Street, Jamie Iannone, CEO of eBay, said that the company is planning to explore the possibilities to accept digital currencies.

“Crypto adoption globally continues to soar and aligns with the thesis that we are in an accumulation phase. Ebay’s CEO hinted this week that they will soon integrate crypto payments, as they aim to capture GenZ and millennial audiences. This comes after the firm enabled NFT trading last year on its platform. Integrating crypto would be a great step for mainstream adoption, as eBay has around 160 million active buyers worldwide as of Q2 2021,” Marcus Sotiriou, Analyst at GlobalBlock, said.

The number of Bitcoin millionaires, addresses with 1,000+ coins, has touched its highest level since April 2021. Glassnode’s on-chain data shows that 2,262 BTC addresses are now holding more than 1,000 coins.

According to the current price of Bitcoin, each of these addresses hold at least $40 million worth of cryptocurrency. “Number of addresses holding 1k+ coins just reached an 11-month high of 2,262,” Glassnode highlighted.Q4 2021 volumes have gone up or down and how much?

Despite price challenges and a drop in network activity, Bitcoin addresses holding more than 1,000 coins have increased. A sharp surge was observed at the start of March 2022. Relatively smaller Bitcoin holders with at least 1 BTC also joined the accumulation trend.

According to Glassnode, there are more than 820,000 addresses with at least $40,000 worth of BTC. “The number of BTC addresses holding 1+ Bitcoin just reached a 10-month high of 820,552,” the on-chain analytics platform mentioned.

Related content

BTC witnessed a decent rally at the start of March 2022 after global investors shifted their focus towards emerging assets. However, its price failed to sustain above $40,000 on Friday.

Bitcoin Adoption

The adoption of the digital asset kept rising at a rapid pace despite challenges in the recent weeks. In an interview with The Street, Jamie Iannone, CEO of eBay, said that the company is planning to explore the possibilities to accept digital currencies.

Crypto adoption globally continues to soar and aligns with the thesis that we are in an accumulation phase. Ebay’s CEO hinted this week that they will soon integrate crypto payments, as they aim to capture GenZ and millennial audiences. This comes after the firm enabled NFT trading last year on its platform. Integrating crypto would be a great step for mainstream adoption, as eBay has around 160 million active buyers worldwide as of Q2 2021,” Marcus Sotiriou, Analyst at GlobalBlock, said.

Source: https://www.financemagnates.com/cryptocurrency/news/2262-bitcoin-addresses-hold-at-least-1000-btc/

Gold Proves A Safer Bet Than Bitcoin As Crypto Markets Lose $100 Billion Amid Geopolitical Tensions ⋆ ZyCrypto

The crypto market plunged on Friday as Wednesday’s upward momentum faded in the wake of rapidly escalating tensions between Russia and Ukraine. Markets have been rattled ever since Russian President Vladimir Putin announced on television that his army will be carrying out a “special military operation” aimed at achieving the “demilitarization and denazification” in Ukraine.

The military invasion of Ukraine began on 24th February as missile explosions were reported in the capital of Kyiv and other cities, including Kharkiv, Dnipro, and Mariupol. These tensions appear to have created uncertainty in the markets, spooking investors.

Is Gold The Real Safe Haven?

The benchmark cryptocurrency is presently changing hands at $38,839.50, according to data provided by CoinMarketCap, a drop of 6.44% over the last 24 hours. Ethereum, the crypto industry’s second-biggest crypto, is down 5.85% on the day to a current price of $2,643.

The debate of whether bitcoin is stealing gold’s market share as a store-of-value asset has been heating up in recent years. With bitcoin getting clobbered amid the crisis in Ukraine, investors are now questioning its safe-haven status.

The gold market is gaining traction as investors reposition themselves ahead of another uncertain weekend, with all eyes on Russia’s escalating aggression on Ukraine.

On Friday, gold rose more than $35 as Russian forces in Ukraine took control of Europe’s largest nuclear power facility in a terrifying assault.

Many other crypto assets, including Terra (LUNA), Solana (SOL), Polkadot (DOT), and Shiba Inu (SHIB) also took a big hit as the aggregated crypto market capitalization tanked 9.61% to $1.7 trillion.

Traditional markets have not fared much better either. The Dow Jones Industrial Average and the Standard & Poor’s 500 have both plummeted 1.9% in overnight trading. The MOEX, a major equity index that tracks the 50 biggest and most liquid companies in Russia, has also nosedived 20% from yesterday.

Ukraine is ranked among the countries with the highest rates of cryptocurrency adoption in the world. The eastern European country’s path to the legalization of cryptocurrencies has been in the works.

The US and some of its allies are throwing their weight of support behind Ukraine, and are all hitting Russia with wide-ranging sanctions to defuse the tensions as fears persist on the odds of Russia turning to Crypto to ease sanctions.

Source: https://zycrypto.com/gold-proves-a-safer-bet-than-bitcoin-as-crypto-markets-lose-100-billion-amid-geopolitical-tensions/

Citadel Plans to Start Making Markets in Crypto in Coming Months, CEO Ken Griffin Says – Featured Bitcoin News

Citadel Getting Into Crypto

The CEO and founder of financial services firm Citadel, billionaire Ken Griffin, talked about cryptocurrency and his company’s decision to enter the space in an interview with David Rubenstein on Bloomberg Thursday.

The billionaire executive has long been a bitcoin skeptic. He previously described the rush to embrace cryptocurrencies as a “jihadist call” against the U.S. dollar. In 2017, he told CNBC that bitcoin has “many of the elements of the tulip bulb mania.” He also said: “I get very worried that people that are buying bitcoins don’t really understand what they’re participating in.”

Griffin made headlines in November last year when he bought a rare copy of the U.S. Constitution at a Sotheby’s auction for $43.2 million, beating out ConstitutionDAO.

He was asked whether Citadel has plans to trade or make markets in crypto. “To the extent that we’re trying to help institutions and investors solve their portfolio allocation problems, we have to give serious consideration to being a market maker in crypto,” he replied, elaborating:

It’s fair to assume that over the months to come, you will see us engage in making markets in cryptocurrencies.

Founded in 1990, Citadel operates two primary businesses. The first is Citadel, one of the largest hedge funds with more than $38 billion in assets under management. The other is Citadel Securities, the largest market maker in stocks, options, and interest rate swaps for retail and institutional clients. The firm handles 40% of all stock trades in the U.S.

Griffin also admitted Thursday that he has not been right about his crypto call.

“Crypto has been one of the great stories in finance over the course of the last 15 years. And I’ll be clear, I’ve been in the naysayer camp over that period of time,” the CEO shared, adding:

But the crypto market today has a market capitalization of about $2 trillion in round numbers, which tells you that I haven’t been right on this call.

Nonetheless, the Citadel CEO clarified: “I still have my skepticism, but there are hundreds and millions of people in this world today who disagree with that.”

Bitcoin Price Prediction: BTC Spell Bound In A Range Of $38-$45K; Is $45K Next!

Bitcoin (BTC) price trades with modest losses on Saturday. Bears seem exhausted near the lower levels after falling more than 12% in the past four sessions. Although the long-term downside trend remains intact. But the formation of higher highs since January lows of $32,933.33 makes bulls hopeful.

  • Bitcoin (BTC) price makes consolidative moves on Weekends.
  • BTC remains to sub $40K with no meaningful price action.
  • The formation of a ‘Doji’ candlestick suggests investors need some catalyst to set a directional basis.

Looking at the formation, it is interesting to watch how the peaks are forming. From analyzing the pattern it can be said that bulls lack conviction in sustaining a foothold above $45,000. As the first attempt was made on February 10, and then March 2.

The market is expected to move in a sideways movement in a range of $38,000 and $45,000.

Technical indicators:

RSI: The daily Relative Strength Index is trading at 44 with a neutral bias while holding below the average line.

MACD: The Moving Average Convergence Divergence (MACD) is hovering near the midline with no clear directional bias.

PVT: The Price Volume Trend indicates higher selling pressure with a decline in prices. The trading volume indicator paints a bearish picture.

Furthermore, the crucial 200-day Exponential Moving Average (EMA) acts like an upside barrier for the bulls.

The formation of “Doji” candlesticks indicates indecisiveness among investors. If the price is able to sustain the session’s low then the price might retest the $40,000 mark.

Next, BTC bulls would like to capture the previous session’s high of $42,524.87. Ultimately, revisiting $45,000.

On the flip side, a resurgence in the bearish momentum might push toward the horizontal support line at $36,000.

As of publication time, BTC/USD is exchanging hands at $39,021, down 0.37% for the day.

Bitcoin loses $40K as BTC price support levels give way to 1-week lows

Upper range support levels crumble for BTC

Data from Cointelegraph Markets Pro and TradingView painted a lackluster picture for BTC/USD Saturday, the pair lingering near $39,000 after seeing lows of $38,600.

Traders had hoped that various price points above $40,000 would be sufficient to steady the market after its latest run to $45,200.

In the event, however, bids failed to preserve the trend, sending Bitcoin back to the middle of a range in which it had acted throughout 2022.

#Bitcoin is hanging onto the edge of a cliff the past few hours pic.twitter.com/dAD2AveTOi

— Matthew Hyland (@MatthewHyland_) March 5, 2022

In a market update released Friday, Filbfilb, co-founder of trading suite Decentrader, had highlighted $36,000 as a potential target for shorts should the area around $39,500 fail to hold — something which ultimately proved to be so. 

Bitcoin, he had said, was “still rangebound on a macro level,” but support was there as a “rising tide,” which looked apt to preserve long-term structures.

Among these was the 200-week moving average (MA), now above $20,000 and rising, which should provide definitive support as macro markets experience something similar to the March 2020 Covid crash in terms of sentiment.

“Systematic risk in the market is high and as a result, volatility should be expected and trade size and duration should be considered with this in mind,” Filbfilb advised.

“Short-term panic”

Also eyeing the macro environment was Cointelegraph contributor Michaël van de Poppe, who in an extended YouTube video discussed the impact of the Ukraine-Russia conflict and its knock-on effects worldwide.

Related: Price analysis 3/4: BTC, ETH, BNB, XRP, LUNA, SOL, ADA, AVAX, DOT, DOGE

Due to short-term flights to safety, he argued, gold and the U.S. dollar were profiting at Bitcoin’s expense, yet under the surface, adoption was taking place.

“At this stage, we’re seeing that Bitcoin is dropping down significantly. Why is that? That’s because of short-term panic,” he said.

In another nod to the events of March 2020, both Bitcoin and altcoins should be in for a renaissance as usage increases, Van de Poppe added, this beginning with Bitcoin before expanding into DeFi assets.

Major altcoin tokens managed to avoid the extent of Bitcoin’s losses on daily timeframes, broadly keeping these under 5%.

Ether (ETH) was down 3.1% in 24 hours at the time of writing at $2,650.

What Might Be Bitcoin Price’s Next Move From Here, $40,000 or $34,000

The crypto space appears to not have finished with the roller coaster ride as many crypto assets possess extreme volatility. Bitcoin price ranged high above $45K and Ethereum price was on the verge to smash $3000. But a quick flip dragged the price down which is now expected to discover more lows in the upcoming days. Yet some indicators point out towards a significant flip but the pattern suggests an extended bearish trend. Advertisement header-banner-ad

The BTC price trend is mainly dependent on the market participants, their interest over time matters a lot. If there is a loss of interest, the price tends to fall down, which further attracts many. Currently, a similar plunge is witnessed and hence it is expected that the BTC price may be negatively impacted. Therefore a substantial plunge is expected which may drag the price too as low as $33K very soon. 

One of the analysts, mentions the possibility of the BTC price slashing to $33,000 and mentions the reason as a drop in the Entity Adjusted Dormancy Flow. This is the spending behaviour of the experienced market participants. As it is plunging, it indicates that the market participants are losing their interest in dealing with BTC. Yet after smashing the highs, the Dormancy Flow tend to hit the lower levels, dragging the price down. 

However, when it rebounds firmly then the Bitcoin price receives a notable boost which goes parabolic to hit the ATH. Therefore, the asset may initially plunge further to hold the support and with a notable flip may reignite an uptrend to hit the highs. But currently, $33,000 may be the bearish target for Bitcoin price throughout the weekend.

Source: https://coinpedia.org/price-analysis/what-might-be-bitcoin-prices-next-move-from-here/

Here’s When Traders Can Expect Altcoin Season 2022! Bitcoin (BTC) Price Predicted To Rally 2x

Following the current bearishness, the crypto market has found itself in yet another difficult scenario. The market’s continuing losses come far too soon, as investors have yet to fully appreciate the bullish market. The main reason for the drop in Bitcoin and other currencies, according to analysts, is the nuclear power plant fire in Europe, which has sparked outrage.Advertisement header-banner-ad

For a few days, Bitcoin and other coins had some relief as the market gathered traction. It made some short-term gains before reverting to its old ways of losing money. Since October 2021, the market has been navigating treacherous waters. It has sustained massive losses since then as it has reversed its rapid gains. The final victim of the dips is the investor, who loses a lot of money.

Also Read : Has A Settlement Between Ripple & SEC Arrived? Will XRP Price Be Impacted?

Altcoin Markets to Spring Up!

According to a renowned crypto analyst, the overall market share of altcoins against Bitcoin (BTC) will increase in the next few months. Nicholas Merten says to his YouTube subscribers in a new video that the measure of altcoin market valuation compared to BTC, known as altcoin dominance, is creating a pre-rally pattern.

He says, despite the fact that cryptocurrency dominance has waned a little, we’re still holding up this constant resistance range. The concern now is if we can establish a higher bottom here around 55.5 percent, which would be higher than the big lows we experienced in October and July.

The analyst adds that if we achieve that, I think we’ll see spring up into May and July, not only where Bitcoin is performing well, but where Ethereum and many other players in the market might start to do just as well and continue growing against Bitcoin in their ratios.

In terms of Bitcoin, Merten claims that the king currency is aiming for a market cap of $4 trillion. The analyst also expects the flagship crypto asset to climb by more than 200 percent.

He explains that we had a 392 percent price growth from the prior highs as we did back from the lows to the relative high we had in June of 2019, and also when we revisited that range. All we’re asking for is a 220 percent return over a longer period of time, not just a longer period of time.

Source: https://coinpedia.org/altcoin/altcoin-season-2022-bitcoin-btc-price-to-rally-2x/

Here’s Why Ethereum (ETH) is a Better Bet than Bitcoin(BTC) For Traders!

In terms of ongoing losses, Ethereum is ahead of Bitcoin. As worries of a nuclear tragedy loom over Europe, it has dropped 6.48 percent in the last 24 hours. As a result, investors become uneasy, resulting in a drop in investment. The shift has also diminished weekly gains, which are now predicted to be 0.64 percent. This value will become negative if the daily losses continue.Advertisement header-banner-ad

Ethereum’s current value is estimated to be $2,730.00. ETH Price has decreased due to dwindling investments. The floor of $2,550 seems to be the target of bears,

Is Ethereum The Superior Bet?

Raoul Pal, a macro expert, explains why he switched from Bitcoin (BTC) to Ethereum (ETH) as his primary cryptocurrency investment. Pal says he originally expected Bitcoin would be the most commonly owned and best-performing crypto asset, according to a new interview on Real Vision.

Pal, on the other hand, claims that large players in the institutional investment market eventually persuaded him otherwise.

He says when his opinions on Bitcoin shifted, he didn’t think less of it as an asset; instead, he considered it in terms of the network and the community, and he concluded that the community was not recruiting new members. It’s a network’s role to bring in new members and he expected the network to underperform if it was deliberately rejecting individuals.

When Compared to Ethereum (ETH) Pal Says

Move very quick to, look, Ethereum feels it’s a technology play that makes sense with the applications. We are interested in DeFi, etc. Then it very quickly became, oh, shit, how do we get involved in Web 3.0?”

According to the former Goldman Sachs executive, a narrative shift is taking place among institutions, with Bitcoin no longer being the sole crypto asset being regarded seriously.

Overall, Pal claims that Ethereum’s ability to generate network effects, paired with its technological skills, give it the “better bet” in the crypto field, emulating the internet’s early popularity.

Source: https://coinpedia.org/news/ethereum-eth-is-a-better-bet-than-bitcoinbtc/

Bitcoin Price Slumps After U.S. Jobs Data, Is $35k The Next Support?

Bitcoin dropped 8% to $38,000, erasing much of its recent rally.  The latest sell-off was triggered by data showing strength in the U.S. jobs market, which furthers the case for a Federal Reserve rate hike this month.

Traders were now looking at $35,000 as the next support level. A breach would put Bitcoin exactly where it was about two weeks ago, when heightened fears of the Russia-Ukraine conflict had spurred a risk-off sentiment. While  the token had since then rallied off a one-month low, going as far as $44,000, a pullback in trading by major whale accounts had stalled gains.

$44,000 was also the last ceiling faced by Bitcoin in February. The currency is trading down 18% this year.

We’re now back in the $35,000 – $39,000 territory and not a lot of major good news to kick start a rally. So we might be going back to $35,000 support line.

-crypto investor @StevenAitchison says.

Fed hikes paint bearish picture for Bitcoin

Although Bitcoin was already on a mild downtrend over the past few days, the currency accelerated its losses right after strong U.S. jobs data.  Employment grew at its highest pace in seven months in February, Yahoo Finance reports. The reading further ties into recent comments from Fed Chair Jerome Powell that the job market was heating up, and that the Fed will likely hike rates by at least 25 basis points in March.

An interest rate hike will reduce liquidity in the market, curbing the amount of cash that can be invested in Bitcoin.

Inflation and employment are the two main factors considered by the Fed in adjusting rates. With U.S. consumer prices at a 40-year high, a hike seems likely when the Fed meets on March 15th and 16th. Hawkish comments from Powell also dismissed recent speculation that the Russia-Ukraine conflict would make the Fed pause its plans for hiking.

Broader financial markets wilted after the data, as the prospect of Fed hikes added to uncertainty caused by the Russia-Ukraine conflict. Concerns over Russia capturing Europe’s largest nuclear reactor in Ukraine had also rattled sentiment.

Despite decoupling from the stock market for nearly a week, Bitcoin sank in line with U.S. equities on Friday. The Bitcoin fear and greed index sank back into extreme fear after nearly a week in neutral.

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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Devere CEO Bullish on Bitcoin, Predicts BTC Hitting $50,000 This Month – Markets and Prices Bitcoin News

The CEO of Devere Group has predicted that the price of bitcoin will reach $50,000 by the end of this month. He explained that geopolitical tensions from the Russia-Ukraine war and institutional investment are key drivers boosting the price of bitcoin. He also said, “the dollar’s reserve status could, ultimately, be in jeopardy.”

Devere’s CEO on the Future of Bitcoin

The CEO of Devere Group, Nigel Green, has predicted that bitcoin’s price will reach $50,000 by the end of this month. Devere is an independent financial advisory and asset management firm headquartered in the UAE.

The executive said on Tuesday after the price of bitcoin surged more than $6,000 in 24 hours:

As it currently stands, I can see no reason why this price momentum should falter. I think we can expect to see bitcoin hit $50,000 by the end of this month.

However, he noted that it is “too early to say” when the price of bitcoin will revisit last year’s all-time highs. Based on data from Bitcoin.com Markets, BTC peaked at $68,892 on Nov. 9.

Green believes that “It’s not that big a leap from $50K to $68K.” He emphasized: “The world and the crypto market are moving at an accelerated rate in recent times. It’s certainly not out of the realms of possibility.” At the time of writing, bitcoin is trading at $39,007.

Geopolitical Tensions and Dollar’s Reserve Status

The Devere executive sees two key drivers boosting the price of bitcoin: geopolitical tensions and institutional investment.

He explained that the war between Russia and Ukraine “has caused significant financial upheaval.” It has driven individuals, businesses and government agencies globally to look for “alternatives to traditional systems,” he detailed.

“As banks close, ATMs run out of money, threats of personal savings being taken to pay for war, and the major international payments system SWIFT is weaponized, amongst other factors, the case for a viable, decentralized, borderless, tamper-proof, unconfiscatable monetary system has been laid bare,” the chief executive further opined, elaborating:

And as alternatives, such as crypto, prove to be credible and workable, the dollar’s reserve status could, ultimately, be in jeopardy.

“Savvy investors know this and will be further increasing their exposure to cryptocurrencies before prices rise further,” he predicted.

Institutional Investors to Boost Demand for Bitcoin

The Devere boss further predicted: “As more and more institutional investors take control of the sector, credibility increases, trading volumes go up and volatility goes down.”

Emphasizing that the current Russia-Ukraine crisis has highlighted bitcoin’s key traits, Green concluded:

This is why bitcoin is now the 14th most valuable currency in the world. I expect it to jump further still up the rankings in coming months.