JOHANNESBURG – Bitcoin is finally on the verge of breaking out of the bearish sentiment that has gripped the cryptocurrency market, affirms the chief executive of one of the world’s largest independent financial advisory organisations.
The comments from Nigel Green, chief executive of deVere Group, follow surging Bitcoin prices at the end of last week.
On Friday, the world’s largest and original digital currency jumped around 10 per cent within 24 hours, pushing past $3,700 for the first time in three weeks.
Green said: “It was a relatively sudden jump, and, of course, positive news for those currently holding Bitcoin. “However, the price only reached the top of the trading range and investors should not be popping champagne corks just yet.”
“There are three likely drivers of Bitcoin’s price spike. First, there are widely published reports that according to a leaked interview with a commissioner, a Bitcoin ETF could imminently secure approval from the US securities watchdog," said Green.