22 October 2020 12:46
Bitcoin hits $12,000 on Paypal move: Time is up for Bitcoin deniers Paypal's decision to allow customers to buy, sell and hold Bitcoin underscores that Bitcoin deniers and cryptocurrency cynics are on the wrong side of history, affirms the CEO of one of the world's largest independent financial advisory and fintech organisations. The comments from Nigel Green, chief executive of deVere Group and high-profile crypto advocate, follow Paypal's move to enter the digital currencies sector on Wednesday. The price of Bitcoin surged through $12,000 on the news. Mr Green notes: "Unbelievably there are still some financial 'experts' and financial watchdogs who believe that cryptocurrencies are not the future of money. "The decision by one of the biggest payment companies in the world to allow customers to buy, sell and hold Bitcoin is yet another example that exposes Bitcoin deniers and cryptocurrency cynics as being on the wrong side of history.
"Let's be clear: This is a major step forward towards the mass adoption of digital currencies." He continues: "The blistering speed of the digitalisation of economies and every aspect of our lives, including financial lives, shows that there will be a growing demand for digital, global, borderless money – characteristics that are inherent to the likes of Bitcoin." Last week, the CEO, who launched the deVere Crypto app in 2018, noted: "There's been something of an avalanche of interest in Bitcoin in recent weeks from household-name investors. "Investor activity is picking up considerably with various on-chain metrics and ongoing – and heightening – global political, economic and social turbulence suggesting that there will be a price surge before the end of the year." He went on to add: "There's a growing sense that we're set to experience a mini-boom similar to that at the end of 2017. "Prices are yet to catch-up with investor interest – but this is only a matter of time as investors will not want to sleepwalk towards perhaps year-high prices in the run-up to the end of 2020." The late 2017 bull-run saw the Bitcoin price reach its all-time high of $20,089. Mr Green adds: "I believe Paypal's decision will drive more institutional investors into the already burgeoning crypto sector, bringing with them their capital and expertise. "The direction of travel has already been on this path, but there is a growing sense that more investors will now be preparing to move off the sidelines." He concludes: "Surely, the time is up for those relics who still believe cryptocurrencies are not the way forward?" Read the latest edition of PCR's monthly magazine below: Compiled by entrepreneur and market commentator Alistair Milne, exchange rate figures show that at this week's highs, Bitcoin was worth more in seven currencies than ever before.
Countries where #Bitcoin has hit a new ATH in their local currency: Brazil - pop. 209million Turkey - pop. Argentina - pop. Sudan - pop. Angola - pop. Venezuala - pop. Zambia - pop. Soon: Russia Colombia then all other fiat currencies — Alistair Milne (@alistairmilne) October 22, 2020 Milne: other currencies will follow Bitcoin's weekly gains stood at over 15% overnight on Wednesday, as BTC/USD reached $13,200 before reversing to press-time levels of $12,800. The rate of change surprised many and came at a time when many countries' fiat currencies — specifically those of developing nations — were suffering from the coronavirus and the impact of central banks' economic reactions to it. The last time that Bitcoin traded at around $13,000, and even when it hit its own all-time highs of $20,000 in late 2017, the economic picture looked very different. In Brazil for example, where 1 BTC now buys more reals than ever before, savers have seen the value of their currency decline by 28% against the U.S. dollar in a single year. At 209 million, Brazil formed the largest country by population on Milne's list. The others include Turkey, Argentina and Venezuela, with the total population of all countries involved standing at 450 million. Milne additionally forecast that Russia and Colombia would soon join, followed at some point in time by "all other fiat currencies." USD faces its own battle Meanwhile, Bitcoin's inverse correlation to the U.S. dollar currency index remained in focus as its bull run took hold. Measuring USD strength against a basket of trading partner currencies, DXY declined during October to press-time levels of 92.72, coinciding with fresh strength in BTC. U.S. dollar currency index 1-month chart. Source: TradingView The impact of the upcoming U.S. elections may produce further USD volatility, analysts warned. "If the DXY closes below the structure in the 92.5 zone, this would support any inflation assets like commodities and gold, as well as growth stocks," Miles Ruttan of Bytown Capital wrote earlier in the month. The extent of Bitcoin's growth has nonetheless led to announcements that it has left behind its correlation to traditional macro assets.