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Home Cryptocurrency news Bitcoin

Bitcoin on the Verge of Global Institution-Driven FOMO Rally, Says deVere CEO

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency Technology, Market Wrap
Reading Time: 2min read
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Despite cryptocurrencies continuing to struggle throughout 2018, one finance executive thinks that a “global” FOMO rally is close to occurring.

Bitcoin on the Verge of “Global Breakout,” Rally Driven by FOMO

After experiencing a year-long bull market in 2017, irrational exuberance surrounding Bitcoin and other cryptocurrencies peaked in late December, and the emerging asset class has since struggled to reach new highs in the face of an ongoing nine-month-long downtrend and bear market.

However, Nigel Green, chief executive officer and founder of “the world’s leading independent international financial consultancy” deVere Group, believes that Bitcoin is “on the verge of a true global breakout,” that will be entirely driven by the fear of missing out (FOMO).

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While speaking at the blockchain island nation of Malta’s official blockchain conference, the DELTA Summit, deVere CEO Nigel Green suggested a new FOMO rally will kick in after Bitcoin breaks out of its nine-month downtrend, reports Verdict.

“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,” he said, adding that “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,” Green continued.

Bitcoin has been trading around $6,500 in recent days, after making repeated lower highs throughout 2018 and painting a descending triangle on price charts – typically a bearish continuation pattern.

Bitcoin, however, has been making higher lows in recent weeks, which typically indicates a reversal may be mounting. Many prominent Bitcoin bulls and cryptocurrency experts are also seeing signs that an end to the bear market is near.

Bitcoin Bull Rally Coming, But Not a Repeat of 2017 Parabola

While the 2017 FOMO rally was driven by retail investors hearing about Bitcoin through social media and word of mouth for the first time, Green believes the next FOMO rally will be driven by institutional investors, who might find it “difficult to catch up.”

“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 elaborated.

Green thinks that the rally will begin “before year-end,” but won’t match the “stratospheric rise in cryptocurrency prices that we experienced at the end of 2017.” Regardless of how much the price rallies, Green believes that in time there will be widespread acceptance that cryptocurrencies like Bitcoin and Ethereum are the “future of money.”

Featured image from Shutterstock.
Tags: bitcoinDELTA summitdeVere GroupMaltaNigel Green
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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