Devere Group CEO Nigel Green: Bitcoin Will Overthrow Gold As the Safe Haven
The CEO of financial advisory firm Devere Group, Nigel Green believes Bitcoin will overthrow gold and become the ultimate safe haven for investors hedging against inflation.
The CEO and founder of Devere Group claims Bitcoin shares all the same characteristics as gold, but as the world becomes absorbed in tech, Bitcoin will become the hedge against government monetary policy.
‘Bitcoin is currently realising its reputation as a form of digital gold,’ said Green. ‘Up to now, the precious metal has been perceived as the ultimate safe-haven asset. But Bitcoin, which shares its key characteristics of being a store of value and scarcity, could potentially in the future knock gold from its long-held top spot as the world becomes driven by the tech revolution.’
Green also pointed out decentralized, non-sovereign, secure digital currencies like Bitcoin would become the ‘hedge against turbulence in traditional markets.’
You Just Can’t Print Bitcoin
We’re seeing this already with MicroStrategy’s huge Bitcoin investment in which the Nasdaq listed company put almost half its cash reserves: some $250m into Bitcoin.
It’s the first big move by any public company, and it has led some to predict a snowball effect into Bitcoin as firms race to hedge against the Fed printing press.
Green said, ‘Printing of historic sums of helicopter money that’s pushed into the financial system has devalued the dollar and prompted inflation fears. You can’t just print Bitcoin.’
And it’s these binary monetary policies that ensures Bitcoin will strengthen and the dollar will weaken, which will see the Bitcoin price breakout. This year, according to the Devere CEO.
‘Bitcoin is already one of the best-performing assets of the year, up around 70% year-to-date,’ Green affirmed. ‘We can expect the world’s largest cryptocurrency to be further fuelled for the rest of 2020 by the U.S. presidential election and the weakness of the U.S. dollar, which will serve as high-octane price drivers.’
With the presidential election and the state of the global economy, it’s hard to see how the US government will slow down the money printing.
This monetary policy has already led to many hedging into Bitcoin and as Green says, ‘investors will pile into safe-haven assets, in particular those not tied to any specific country, such as Bitcoin and gold.’
When Will Bitcoin Overthrow Gold?
How soon can we expect Bitcoin to compete with gold? Well according to the Winklevoss twins, they made the case for $500k Bitcoin, in which they believe Bitcoin will cannibalize everything.
They don’t put a date on it, but they claim the Bitcoin network effect validates their reasoning for a price rise which should follow Metcalfe’s Law, and ultimately see it gain x45 in value, at least.
Of course people in the Bitcoin space are more bullish about Bitcoin than gold.
However, as safe an asset as gold is, it goes without saying that a digital store of value, built on the most secure network ever created, and one that is the infrastructure for the Internet of Money is so much more useful than gold.
We’re in the Digital Age, and the Internet is the largest of any society, and Bitcoin is a trustless form of payment that allows businesses to transact faster, cheaper and more securely than ever before.
As time goes by and people realize what Bitcoin is, its adoption and growth in value is inevitable.
Bitcoin Is Much More Than Digital Gold
Nigel Green doesn’t mince his words. He believes 2020 is the breakout year for Bitcoin, and it will eventually overthrow gold as the safe haven for investors looking to hedge away from the Fed’s policy.
We’re already seeing public companies invest huge amounts into Bitcoin, and many prominent investors have come out in the last few months and made the case for Bitcoin.
We live in the Digital Age, and gold will always have its place, especially for the risk averse, but as time goes by even the one’s who don’t take risk will begin to see Bitcoin as a safe haven.
It’s not really a case of ‘if’ anymore. It’s now ‘when’, and according to Nigel Green, it’s starting this year.
Author: Pablo Clarke
What is Bitcoin resistance?
In technical analysis, large round numbers are defined as “psychological resistance levels,” like $10,000 for bitcoin. Historical resistance levels are price points that have in the past acted as support or resistance.
How long does it take to mine one Bitcoin?
On average, the time it takes for miners to mine BTC is 10 minutes. But they don’t just mine 1 BTC. Mined Bitcoins are created with every new block and these produce the Bitcoin block reward which at the moment is 6.25 BTC, so you could say it takes less than 2 minutes to mine each Bitcoin.
How can I buy Bitcoin in Germany?
There are many reputable Bitcoin exchanges operating in Germany. However, the most recommended exchange is Kraken or CEX, or you can buy Bitcoin from Bitcoin marketplace, Paxful. All of these exchanges and marketplaces are global with high liquidity and excellent customer service. Feel free to read the reviews of each one.
Why should I buy Bitcoin?
People who understand Bitcoin buy Bitcoin because it is a peer-to-peer money that nobody can manipulate. It’s all set in the Bitcoin codebase which is secured by hundreds of thousands of computers all around the world. Bitcoins can be sent by anybody and no third party is need to verify the transactions, and nobody can stop Bitcoins being sent. There are many more reasons why people buy Bitcoin, and a deeper dive before doing so is recommended.
A Bitcoiner since 2017 and a Bitcoin Maximalist since 2018, Tommy is our main writer and editor at Bitcoin Maximalist. Other than researching and writing about Bitcoin, Tommy loves spending time with his family and supporting his beloved Leeds United.