Bitcoin Under Pressure

deVere Group’s CEO Blasts Nouriel Roubini ‘Crypto-Apocalypse’ Comment

deVere - Nouriel RoubiniWith Bitcoin failing to hold above the $10,000 mark this year, investors start to doubt again about the value and inherent risk of the asset class. The cryptocurrency ecosystem, however, is still redefining and reshaping the financial system and its influence is growing, says deVere Group’s CEO Nigel Green. While NYU Economist Nouriel Roubini declared a ‘total crypto-apocalypse’, Green said “many crypto critics are becoming radicalized in their attacks. The reality is that there are peaks and troughs in all financial markets, the cryptocurrency market is not – and should not be – any different. Yet each time there is a dip in the market or a bout of volatility in cryptocurrencies, the crypto haters declare that digital currencies are finished – only for them to subsequently experience a rally. The same people do not make such extreme and unfounded statements with most other financial markets. I would suggest that most people saying these things do not understand the crypto sector as it is relatively young and/or have vested interests in older, traditional ones.

“However, whether they like it or not, dyed-in-the-wool financial traditionalists need to accept that cryptocurrencies are here to stay. “The world has changed in three significant ways that support the rise of cryptocurrencies. First, technological advancement. We are adopting more and more technology into our lives. And the rate at which we’re doing so is increasing rapidly. Second, political shifts. There is an appetite, a huge and growing one, for currencies that are not controlled by central banks and governments. Supporters believe that these digital currencies are part of the antidote to what they see as the ills caused by the traditional system.

Nigel Green, Chief Executive Officer of deVere Group“And third, globalization. We’re all becoming increasingly interdependent and internationally-minded, and this, when harnessed properly, is an immensely positive force for trade, commerce and prosperity across the world. Temporary market dips or bouts of volatility can have negative outcomes, but to believe they are necessarily and entirely negative is misguided. In the crypto market, as in all financial markets, movements of this nature create important buying opportunities and can be capitalised upon by investors for their long-term financial gain. Using them effectively can be a very rewarding strategy”, concluded Nigel Green, CEO of deVere Group.

Last year, Green commented on Warren Buffett’s negative views about Bitcoin, including calling it rat poison. The deVere Group’s CEO said Buffett needs to be educated on the future of money: “It comes as little surprise that Mr Buffett and his 94-year-old business partner, Charlie Munger, criticized cryptocurrencies at their annual meeting. They have done so consistently. But what I do find monumentally baffling is that two of the world’s most successful investors cannot see the intrinsic value of some form of cryptocurrency. Do they honestly believe that there is no place for, and no value of, digital, global currencies in an increasingly digitalized and globalized world? Do they not see many of the world’s major tech companies, established banking groups and household name investors investing in, using and/or beginning to adopt cryptocurrencies? Do they not see governments, central banks and financial regulators recognizing the need for regulatory frameworks because cryptocurrencies are becoming so mainstream?”

deVere Group launched a crypto app, deVere Crypto, in February 2018 and announced a Ripple give-away to customers who register for its pioneering application that helps customers to store, transfer and exchange some of the major cryptocurrencies. A poll conducted by deVere Group concluded that the majority of its clients consider investing in Bitcoin.