Bitcoin has surpassed the psychological level of $ 25,000, bringing December’s earnings to nearly 50%, as the 2020 race shows no signs of slowing down.
The price of bitcoin, having started the year at around $ 7,000 per bitcoin, has risen year-round and has far exceeded its 2017 high of about $ 20,000.
However, even as the price of bitcoin continues to rise, the executive director of Vere’s financial advisory group, Nigel Green, has revealed that he has sold half of his holdings in bitcoins.
The price of bitcoin is projected to end in 2020 almost three times what it started the year, overlooked … [+]
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“I’ve sold half of my bitcoin holdings since it reached an all-time high,” Green, who has been talking about bitcoin prospects for years, said in an emailed statement. “Why? Because it should now be treated like any other investment, that is, when possible, it’s best to sell high and buy back down.”
Bitcoin selling pressure will increase as the price increases and investors try to summon the top of the market. With the price of bitcoin now at 250% in the last 12 months, taking profits among long-term investors could drive down the price.
“Constant gains in the price of bitcoin have made digital currency the best-performing asset of 2020, with an increase of more than 200%,” Green added. “As such, I felt it was the right time to make a profit.”
However, Green remains confident in Bitcoin’s long-term performance.
“There should be no misunderstanding about my decision to sell. It’s not due to the lack of belief in bitcoin or the concept of digital currencies: now it’s time to buy later.”
Bitcoin’s profile has risen along with its price this year, with the coronavirus pandemic and subsequent government spending contrasting it with fiat currencies.
As a result, Bitcoin has attracted the attention of several reputable investors who see Bitcoin as an emerging safe haven asset and a hedge for inflation.
British fund manager Ruffer Investment Management pushed Bitcoin over the price of $ 20,000 last week when it revealed it had bought a $ 745 million worth of bitcoin, widely seen as a sign of growing institutional interest.
As institutional investors and Wall Street giants “increasingly pile up on cryptography, bringing their enormous experience and capital, this in turn increases consumer interest,” Green believes investors will look for each again bitcoin as a hedge against the “legitimate concern about inflation.” “
The price of bitcoin has risen an impressive 250% over the last year, this week it rose … [+]
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Elsewhere, the bitcoin and cryptocurrency community feels optimistic as of 2021, with many feeling vindicated by Bitcoin’s performance this year.
Earlier this week, former billionaire hedge fund innovator converted to bitcoins and cryptocurrencies, Michael Novogratz, said he could see bitcoins reach $ 50,000 next year, predicting that Bitcoin will end up “eclipsing gold.”
Ray Dalio, the legendary billionaire founder and co-chair of the world’s largest hedge fund, Bridgewater Associates, admitted this month that Bitcoin has established itself as an “alternative to gold-like assets.”