Fear Of Missing Out will drive the price of Bitcoin and other cryptocurrencies higher before the end of the year, according to the CEO of one of the world’s largest independent financial advisory organisations.
Nigel Green, founder and chief executive of deVere Group, said he expects the world’s top digital currencies to experience a “true global breakout”.
“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,” said Green, who recently predicted that Ripple will hit the key $1 threshold this year.
“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.
“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.”
He added: “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 that they are indeed the future of money, I believe that the environment is now right for an upswing before year-end.”
Green’s observations come ahead of his address this week at the DELTA Summit, Malta’s official blockchain and digital event.
“It’s a real honour to be in the line-up at this prestigious summit alongside not only the Prime Minister of Malta, Joseph Muscat, who is a prominent advocate of cryptocurrencies, but also some of the highest-profile and most influential figureheads in the fintech, blockchain, cryptocurrencies and digital sectors,” said Green.
“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.
“I have long shared the view stated by Prime Minister Muscat at the UN General Assembly over the weekend that cryptocurrencies are the ‘inevitable future of money,’ and I welcome his public championing of this increasingly vital sector.
“It promises to be a landmark event that not only celebrates and galvanises Malta’s position as a pioneering blockchain and cryptocurrency country, but one that celebrates the sector itself.”