Sally Ho's Technical Analysis 22 September 2019

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Crypto Confidence Rising As BTC Surpassed $8k

cryptodaily

4mon ago

Despite Bitcoin being all over the place this past week, a lot of wealthy investors haven’t lost their faith in crypto or the space and they actually intend to stake a lot more money into the market over the next three years according to a survey.

Two of three millionaire investors have already got a cryptocurrency or they plan to get ahold of one before 2023.

This confirmation came from more than 700 investors across thirteen nations with £1 million or more available to invest.

Founder and CEO of one of the leading financial advice firms deVere Group, Nigel Green said:

“The research shows that wealthy individuals are increasingly seeking exposure to cryptocurrencies.”

He continues:

“There is a growing, universal acceptance that cryptocurrencies are the future of money – and the future is now.  High net worth individuals are not prepared to miss out on this and are rebalancing their investment portfolios towards these digital assets.”

Aside from FOMO for a bumper investment return, Green believes that there are five key factors that are powering high-net-worth individuals to take a stake in cryptocurrencies.

Green said:

“Cryptocurrencies are borderless, making them perfectly suited to an ever globalised world of commerce, trade, and people. They are digital, making them perfectly suited for the increasing digitalization of our world, which is often called the fourth industrial revolution.”

He goes onto say:

“They provide solutions for real-life issues, including making international remittances more efficient, and help bank the world’s estimated two billion ‘unbanked’ population.”

Institutional confidence

Green said:

“Demographics are on the side of cryptocurrencies as younger people are more likely to embrace them than older generations.

And institutional investors are coming off the side lines and moving into cryptocurrencies, bringing their institutional capital and institutional expertise to the crypto market.”

The optimistic outlook from the deVere CEO came at a time when Bitcoin had breached the $8k key resistance level before it slowly sunk back in the $7k arena.

There is more confidence now that Bitcoin has passed $8k as Green says:

“Once this confidence is in place, the sky is the limit for cryptocurrencies, which are increasingly accepted by both retail and institutional investors as the future of money.”

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