Bitcoin and other altcoins are headed towards a massive breakout that will be spurred by FOMO, according to DeVere founder and CEO, Nigel Green.
Driving Cause Behind The Breakout
According to Nigel Green, CEO of the one of world’s leading independent financial advisory organization, Bitcoins and other altcoins are expected to set high trade values by the end of 2018, despite recent turbulence in the crypto market. Green has speculated the decisive factor for the breakout will be the colloquial term — Fear of Missing Out, or FOMO, as it is better known.
As said by Green, “Bitcoin and other cryptocurrencies are, I believe, on the verge of a true global breakout. This is largely due to ‘FOMO’, the fear of missing out.”
“Adoption is increasing all the time. This is evidenced not only in the financial sector, in which major banks are increasingly looking at blockchain and crypto, but with big names within the tech and retail sectors too”, he further mentioned.
Bitcoin — Where It Is At Now And Where It Could Go Next
BTC stands at about $6519, far from what was seen last year, as the crypto asset eclipsed the $20,000 price level temporarily. Though it may not reach staggering heights as it did last year, Green still expects BTC to increase in value, considering other forming factors.
During a discussion of cryptocurrency and it’s prospects, Green said “I’m not sure we’ll see the stratospheric rise in cryptocurrency prices that we experienced at the end of 2017. However, with growing acceptance that they are indeed the future of money, I believe that the environment is now right for an upswing before year-end.”
Green makes mentions of institutional investors, who he expects are finding the need to embrace the crypto sector in a bid to keep up with competitors. Once a firm has fallen behind, it is evidently difficult to catch up. This factor alone drives institutional investors to do their best to keep up-to-date with the crypto market.
As Green mentions, “I feel that there’s a growing sense amongst institutions that unless they embrace this sector, their competitors could move way out in front and they might find it difficult to catch up. This is especially true as the public – their customers – are increasingly eager to explore the opportunities themselves.”
Green On The Maltese Government
Nigel Green compliments the initiative taken by the Government of Malta, in efforts to be the ‘Blockchain Island’, as said by the Prime Minister, Joseph Muscat.
Green further thanks the government for the opportunity of being a keynote speaker at the DELTA Summit, Malta’s digital & Blockchain event, which is ongoing at the time of writing.
“Thanks to the progressive, forward-thinking and truly ground-breaking approach of the Maltese government regarding blockchain and digital currency regulation and legislation, Malta has positioned itself to be a global leader in these ever-expanding markets.” he concluded.