Bitcoin has started the day posting minor gains. At press time, the largest cryptocurrency by market cap is trading at $27,954.44 (+6.6%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has increased to $733.4 (+3.67%), while XRP has dropped by 8.88% and is now trading at $0.205.
Nigel Green, CEO of deVere Group, one of the world’s largest providers of financial advisory services, has announced the liquidation of half of his holdings in Bitcoin:
“I have sold half my holdings of Bitcoin as it hit an all-time high. Why? Because it should now be treated as any other investment –that’s to say, where possible, it’s better to sell high and re-buy in the dips.”
Green has pointed out that with a gain of more than 200%, Bitcoin has become one of the most successful assets of 2020:
“I felt the time was right for profit-taking. There should be no misunderstanding about my decision to sell. It is not due to a lack of belief in Bitcoin, or the concept of digital currencies – it’s profit-taking now to buy more later. Indeed, more than ever, I believe that the future of money is cryptocurrencies.”
DeVere CEO noted the world’s largest asset managers started accumulating cryptos when Bitcoin exceeded its previous all-time high of around $20,000, “bringing with them their enormous expertise and capital, this in turn, swells consumer interest.”
Green expects investors to turn their attention to Bitcoin amid “legitimate inflation concern” caused by ongoing government measures aimed at boosting economies and increasing spending.
According to him, the characteristics that make cryptos an attractive investment asset are increasingly relevant over time. These characteristics include they’re borderless, they are digital and the fact that younger people are more likely to embrace them than older generations:
“Like me, many traders will sell record high prices as an opportunity to sell, so we can expect some pullback on prices in the near-term. But the longer-term price trajectory for Bitcoin is, I believe, undoubtedly upwards.”
He has also recently shared his predictions about the price of Bitcoin in 2021. DeVere CEO expects the crypto to experience another record year with a 50-100% increase.
According to CoinMarketCap’s ranking, 6 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $741,678,115,131.
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