deVere Group boss: Volatility be damned, cryptocurrencies here to stay

Crypto cynics are using the current wave of volatility to knock digital currencies, Nigel Green notes

Volatility is back in the cryptocurrency market after a relatively long absence, and investors will use it as a major buying opportunity, perhaps the last one of 2018, says deVere Group’s Founder and Chief Executive, Nigel Green.

“Savvy investors understand that digital currencies are the future of money and, as such, they will be capitalising on the lower prices in order to build their portfolios and shore-up their positions,” he comments.

There are three main drivers for the current bout of volatility, Green believes. First, is the uncertainty surrounding the Bitcoin Cash hard fork.

Second is the recent scrutiny of the SEC, the US financial regulator. “Regulation of digital currencies is now, I believe, inevitable and will in the longer term give investors even more protection, driving confidence and prices in the burgeoning market,” says Green.

And third is the infamous ‘herd mentality’ of some investors. “Simply put, some of the cryptocurrencies are lower because they went lower. Prices might fall further over the next few days, but we can expect a long-term upward trajectory for the crypto sector.”

Green concludes: “Crypto cynics are using this current wave of volatility to knock digital currencies. Whether it is Bitcoin, or any of the current generation of coins, or not, cryptocurrencies are here to stay. Financial traditionalists view cryptocurrencies the way traditional stores used to view online retailers. But with their hands in the sand they are failing to see that cryptocurrencies have already changed forever the way the world handles money, makes transactions, does business, and manages assets.”

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