Asian currencies have reached their lowest levels in over 19 months as the U.S. dollar strengthens, driven by expectations of prolonged elevated U.S. interest rates. The Bloomberg Asia Dollar Index fell by 0.1% on Thursday, marking its lowest point since November 2022. Significant declines in the Philippine peso, Indian rupee, and South Korean won are […]
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Asian Economies Could Benefit From Reduced Dollar Influence, Says Devere CEO
The CEO of asset management firm Devere Group says the world is shifting “away from a dollar-dominated financial system.” Emphasizing that a shift away from U.S. dollar influence “could have positive implications for Asian economies,” he described: “With the dollar losing its stranglehold, Asian economies would also likely experience a diversification of reserve currencies, paving the way for greater regional trade and investment opportunities.”
How Reducing Dollar Dependence Could Benefit Asian Countries
Nigel Green, CEO of asset management firm Devere Group, published an opinion piece in Asia Times on Friday arguing that the decline of the U.S. dollar could benefit Asian economies. The executive began:
I believe that we are witnessing in real time the world beginning to shift away from a dollar-dominated financial system.
“Among other reasons, this is because astronomic levels of debt, and the enormous amount of desperate money-printing to monetize these debts, have caused a considerable drop in the long-term value of the currency,” he detailed.
Reiterating his warning earlier this year that the U.S. dollar’s dominance is under threat as Russia and Saudi Arabia eye the Chinese yuan for oil trade, the Devere boss emphasized:
A shift away from dollar influence could have positive implications for Asian economies.
He explained that reduced reliance on the greenback would allow Asian countries to “implement policies that are more tailored to their domestic economic conditions, potentially boosting stability and growth.”
Green further detailed: “With the dollar losing its stranglehold, Asian economies would also likely experience a diversification of reserve currencies, paving the way for greater regional trade and investment opportunities.” He continued: “A multilateral currency system would promote more extensive use of regional currencies like the Japanese yen, Chinese yuan and Indian rupee, making trade within Asia more accessible and efficient.”
Moreover, “A diminished dollar dominance would lead to more stable exchange rates, reducing volatility and uncertainty in cross-border transactions,” he noted. The Devere executive concluded:
A decline in dollar dominance would encourage Asian countries to diversify their reserve holdings, leading to better allocation of resources and increased investment in productive sectors.
Do you agree with Devere CEO Nigel Green about the decline of the U.S. dollar benefiting Asian economies? Let us know in the comments section below.
US Debt Ceiling Dramas Diminish Dollar’s Credibility and Reputation as Safety Asset, Warns Devere CEO
The CEO of investment management firm Devere Group has warned that the U.S. debt ceiling dramas have weakened the U.S. dollar’s “global reserve currency’s credibility and reputation as a ‘safety asset.’” He cautioned that Congress’ debt ceiling deal “does not solve the underlying political challenges facing the U.S. and its economy.”
‘Using the Country’s Debt as a Political Weapon Undermines Confidence in U.S. Government’
Nigel Green, the CEO of Devere Group, a financial services company headquartered in the United Arab Emirates, highlighted the challenges that the U.S. economy continues to face, despite Congress reaching a debt ceiling deal, in an opinion piece published by Newsmax Friday. The deal, which President Joe Biden signed into law on Saturday, prevented a potential national debt default, which could have occurred on June 5 if a resolution had not been reached, according to Treasury Secretary Janet Yellen.
“So, let’s be clear: this down-to-the-wire deal struck this week to raise the debt limit — and only until January 2025 — does not solve the underlying political challenges facing the U.S. and its economy,” Green stressed. “The main issue is that lawmakers in recent times have had, and continue to have, little incentive to reach agreement,” he continued, elaborating:
It’s an increasingly polarized political landscape, which is being amplified by algorithms and economic interests. I believe it’s a trend that will only intensify in the foreseeable future.
Green also noted that a presidential election is coming up in 2024, cautioning that the debt ceiling “political agreement” is “unlikely to be maintained for very long” if former president Donald Trump wins.
“Standoffs becoming a frequent occurrence will risk more government shutdowns, more restrictions on central bank independence and more damage to the U.S., and therefore global, economy,” the executive opined, adding:
Using the country’s debt as a political weapon, undermines confidence of investors in the U.S. government amid concerns about the government’s ability to properly manage its finances.
“This loss of confidence will mean that it becomes more difficult for the U.S. government to borrow money in the future, which could lead to higher interest rates and weaker economic growth,” he warned.
The Devere CEO also highlighted the risks to the U.S. dollar, stating:
Debt ceiling dramas also erode some of the current global reserve currency’s credibility and reputation as a ‘safety asset,’ which could have far-reaching repercussions for the U.S.
He recently argued that “debt ceiling crises are the ‘ultimate gift’ for America’s major geopolitical rival, China, which is seeking to promote the internationalization of its own currency and to position itself as a more stable and attractive investment option, in order to attract more international investment and capital inflows.”
Green emphasized that he is in favor of “debt ceiling reforms that take away the threat of a U.S. government default and all the implications of that, and reforms that make lawmakers in Washington truly accountable by automatically triggering spending cuts should the ceiling be reached.” However, he doubts “such reforms will come to fruition as a debt ceiling gridlock is a useful political theatre for lawmakers – on both sides – keen to push agendas.”
Do you agree with Devere CEO Nigel Green? Let us know in the comments section below.
Why Cardano Bull Trend Isn’t Over And 91% Increase Is Imminent, deVere CEO Nigel Green
One look at the charts and any crypto investor will see Cardano is currently suffering. The digital asset is currently down with the rest of the market, which is suffering in the wake of the Evergrande situation in China. The market has been in a downtrend as the situation has evolved. Its biggest ties to the market being the fact that Tether allegedly owns some of the Evergrande bonds.
This has spilled over into the crypto market in a big way. Bitcoin fell to one-month lows with the news and as the altcoins have followed, Cardano has recorded receding prices also. Hitting lows that haven’t been seen since the rally began in August. Current indicators point to the market poised for further decline. But deVere CEO Nigel Green believes that while ADA may be down, it is definitely not out.
Cardano’s Streak Is Not Over Yet
Green explained his reasoning behind Cardano’s hot streak being far from over. The CEO cited the recent technological advancements in the project, namely the recent addition of smart contracts capability to the blockchain. Due to this, Green points out that the digital asset will be setting new all-time highs soon.
Related Reading | Why The Hydra Layer 2 Solution Is Important To The Cardano Network
Talking to Insider, the CEO pointed out that Cardano currently has a reputation of being a “green” cryptocurrency. Along with a broader crypto market rally, Green sees the price of the digital asset hitting by the end of 2021. Given the current price points of the asset, this would be a 91% increase to get to this point.
A major reason behind Green’s bullish stance on Cardano has to do with the applications of the network. The recent addition of smart contracts has now brought the booming decentralized finance (DeFi) market to Cardano. Once again increasing the use cases of the blockchain. The deVere CEO believes that its ability to solve problems is a major driving force.
“Things you should be looking at are the purpose of the cryptocurrency, how long it has been in the market, market capitalization, and its underlying solutions. Cryptocurrencies that solve problems are likely to succeed more than those that do not. The longer a cryptocurrency has been in the market, the more trust it has attained, and cryptocurrencies that are developed on strong networks will stand longer,” Green told Insider.
ADA price falls to .11 | Source: ADAUSD on TradingView.com
Just As Bullish On Ethereum
Green’s bullish outlook does not fall solely on Cardano. The CEO also explained that he was just as bullish on Ethereum. Reasons for this were basically identical to the ones given for Cardano. Their vast use cases make both projects important to users and are thus poised to rally higher in the market. Investor interest has also grown in the project, which has made it more valuable than most projects in the market.
Related Reading | Cardano Founder Charles Hoskinson Says The Term Smart Contracts Needs To Be Changed
Ethereum, according to Green, is going to outperform bitcoin. Although the pioneer cryptocurrency will certainly return to its previous all-time high before the year ends, says the CEO. Giving bitcoin a price growth of 50% going further. Not surprisingly, given his stance, Green believes that Ethereum will trade higher than bitcoin in the next five years.
Featured image from Investors King, chart from TradingView.com
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Bitcoin Set to Retain Its Five-Figure Valuation: DeVere CEO
It is usual for bitcoin to retain its five-figure valuation, says the founder of a billion financial advisory organizations.
DeVere CEO Nigel Green on Monday said that bitcoin had located a local bottom at ,000, stating that the cryptocurrency has lingered around the same level for many times this year. But it has bounced back every time, which indicates that traders do not want to push it below ,000 for far too long. Excerpts from Green’s statement:
“Looking at its performance this year, I believe that the new normal bottom price for Bitcoin is ,000. It bounces at this price. If it fluctuates below this level, it shoots back up again. We have seen this in action on Monday when Bitcoin hit ,500 in a matter of minutes.”
A Big Shot Bitcoin Believer
The comments come on the day when bitcoin took only four hours to rise by more than 0. Analysts believe the latest price rally came in the wake of an escalating trade dispute between the United States and China that sent risky assets to the south. Investors digested the possibility of a further downturn and flew into perceived safe-haven assets such as Gold, the Japanese Yen, and – arguably – bitcoin.
![bitcoin, bitcoin price](https://www.newsbtc.com/wp-content/uploads/2019/08/bitcoin-price-26082019-2-860x590.png)
Bitcoin attracts buyers as trade tensions between the US and China escalate further | Image credits: TradingView.com
Green, unlike most of his peers, is a believer of ‘bitcoin-is-a-global-hedge’ theory. The executive said earlier in August that geopolitical issues such as the US-China trade war and no-deal Brexit could push global investors into the bitcoin market. He also believed the cryptocurrency is on a path of technical improvements, which would make more people want to hold it for a longer timeframe. Excerpts:
“Geopolitical issues, such as the U.S.-China trade war and Brexit, are intensifying and investors will increase exposure to decentralized, non-sovereign, secure digital currencies, such as Bitcoin, to shield them from the turmoil taking place in traditional markets. Technical network improvements are further improving performance. Bitcoin’s hash rate has smashed through another new all-time high recently and this fuels investor confidence.”
Hopes from Halving
Green also treated halving – an event next year that would reduce the bitcoin supply rate by half – as a bullish sign for the cryptocurrency. Last but not least, the Green CEO said that bitcoin is growing in public conscience, which might lead more people to adopt it over inflationary assets.
“There is an increasing global acceptance that cryptocurrencies, such as Bitcoin, are not only the future of money but increase the money of today. This will be reflected in Bitcoin’s new normal bottom price of ,000.”
But not everybody agrees with Green and other crypto bulls. Peter Schiff, who heads the Euro Pacific Management, believes that speculators are driving the current price action in the bitcoin market, not investors looking for safe-havens.
“I don’t know why Bitcoin bugs are so excited about yesterday’s small rise in price,” he tweeted on Saturday. “During Bitcoin’s bull market, yesterday’s chaos would have sent its price soaring 10% or more. Instead, it barely rose by 2%, then surrendered all its gains and fell along with other risk assets.”
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deVere CEO: ETF, Lightning, and Halving Drive Recent Bitcoin Rally
After taking a brutal beating throughout much of 2019 thus far, Bitcoin made its largest green one-day candle of the year this past week, providing the market with a much needed relief rally. Bitcoin’s price rose on Friday over 0 before bouncing off overhead resistance in the cryptocurrency’s current trading range.
CEO of independent financial consultancy firm deVere Group Nigel Green says that the move might be the start of a “considerable Bitcoin surge” stemming from one of three main factors behind this recent rally, but that it is still too soon for investors to begin celebrating.
deVere CEO: History Shows Halving Causes “Considerable Bitcoin Surge”
Following the break of support at ,000, the crypto market has been deeply entrenched in despair as Bitcoin and other leading cryptocurrencies struggle to find their price bottom. Investors have been burned, and the strain on the industry has caused many companies to begin laying off employees as interest and capital flees the market.
Related Reading | Crypto Analyst Expects Strong BTC Bounce, MACD Signals Bottom
However, Bitcoin’s price woes may be coming to an end, and if history repeats itself, it could lead to a “considerable Bitcoin surge,” according to deVere Group CEO Nigel Green.
Green points to the upcoming “halving” in 2020 – an event that reduces the block reward miners receive for validating transactions by 50% – as a potential catalyst that ends the current crypto bear market.
“The code for mining Bitcoin halves around every four years and the next one is set for May 2020. When the code halves, miners receive 50 per cent fewer coins every few minutes. History shows that there is typically a considerable Bitcoin surge resulting from halving events,” Green explained.
Litecoin’s halving is due this year, and was the first altcoin to break key resistance and helped to lead the crypto market rally that brought Bitcoin a 10% gain this past Friday, lending credence to Green’s claims. Green, however, says there are two other factors behind Bitcoin’s recent rally.
ETF and Lightning Two Other Key Factors Behind Recent Spike
Green also believes that a recent comments made by SEC commissioner Robert J. Jackson Jr. in which he states a Bitcoin ETF will “eventually” be approved may have given investors renewed confidence in the number 1 crypto by market cap.
Additionally, Green calls attention to recent developments in the second-layer protocol Lighting Network, which he says will “dramatically improve Bitcoin’s well-documented scalability issues, allowing it to move towards mass adoption.” Lightning Network, along with a potential ETF approval and the upcoming halving event are the “three key drivers” behind Bitcoin’s recent rebound, according to deVere.
Related Reading | SEC Commissioner Asks Gov’t to Amend Regulation For Crypto ETF, ICOs
But before investors begin to celebrate the end of the bear market, Green warns that the price was only able to reach the top of the trading range, and that “investors should not be popping champagne corks just yet.”
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Financial Consulting Firm DeVere Launches Arbitrage Crypto Trading Solution
n Independent financial consulting firm deVere Group has launched a suite of crypto investment solutions offering algorithmically-optimized arbitrage opportunities for investorsn
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Consultancy Giant DeVere Launches Actively Managed Crypto Fund
Financial advisory firm, DeVere, has officially launched an actively managed crypto investment fund that is geared towards experienced investors who are looking to capitalize from future growth in the cryptocurrency markets.
DeVere’s chief, Nigel Green, spoke about the new fund, stating that the firm differentiates itself from a slew of cryptocurrency funds that already exist by offering investors access to the major profits while maintaining decreased volatility as compared to the majority of its competitors.
DeVere Group claims to be one of the largest wealth advisory groups in the world, and specifically caters to affluent and high-net-worth clients. The issuance of this new actively managed fund could direct some of this wealth into the nascent cryptocurrency markets.
Green explained that the group’s decision to launch this fund came about due to the increasing role that cryptocurrencies are playing in the fiscal ecosystem.
“Cryptocurrencies are now undeniably part of mainstream finance. Their momentum continues to gain traction as both retail and institutional investors increasingly value the need and demand for digital, global currencies in today’s ever-more digitalised and globalised world.”
The new fund has been launched in conjunction with Dalma Capital Management, a Dubai-based fund management firm, and will utilize diversification and active management strategies in order to reduce its volatility.
Green also explained that the new fund will also exploit arbitrage opportunities in order to secure regular gains for investors.
“Through a ground-breaking algorithmic system, when the price of one asset, for instance Bitcoin or Ethereum, is greater on one platform than on another, the opportunity is identified to generate profit from the difference of price across platforms. These trades, referred to as arbitrage, allow profits to be generated with little or no directional market risk.”
Many Investment Managers are Still Unsure About Cryptocurrencies
Despite more and more wealth advisory and management firms entering the crypto markets, many are still hesitant to invest in what is viewed as being a speculative market.
Jeremy Edwards, an associate partner at Martin Redman Partners, spoke about how he strongly advises his clients against investing in the crypto markets.
“Personally I run away screaming from cryptocurrencies. I had one client ask me about it and I asked him how they would turn it back into currency they could actually spend and they said they didn’t know, so I said he should probably find out first. I know people who have made money out of cryptocurrency but it tends to be people who joined a long time ago and it is interesting that as soon as they made decent returns they bailed.”
The CEO of the world’s largest investment management firm, BlackRock, recently explained at an event that although the firm isn’t against cryptocurrencies, they will not be releasing any crypto products until the industry receives the blessing of the government.
“It will ultimately have to be backed by a government. I don’t sense that any government will allow that unless they have a sense of where that money’s going for tax evasion and all of these other issues,” Larry Fink said.
As the world’s governments begin to further develop common-sense regulatory frameworks, and begin approving products like the VanEck/SolidX Bitcoin ETF, which is currently under review by the SEC, the cryptocurrency industry will likely see an influx of products from major financial institutions, leading the markets to new highs.
Featured image from Shutterstock
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DeVere CEO: Crypto Market to Increase by 5,000% in Its Second Decade
The CEO of global financial consultancy firm the deVere Group has stated that the cryptocurrency market will expand by a massive 5,000% over the next 10 years. Nigel Green also believes that Bitcoin’s dominance will continue to fall during the same period.
Nigel Green: Competition Will Weaken BTC, But Where is It?
As Bitcoin’s first decade in existence draws to a close, many close to the space will be looking ahead to what the next 10 years will bring. Nigel Green, CEO of the financial consultancy company deVere Group thinks he knows and, consistent with previous remarks on the industry, his outlook is bullish.
According to International Investment, the executive claimed that the entire market capitalisation would experience a surge of upwards of 5,000% before 2028. He also stated that the rate of growth will only continue to increase going forward.
Green spoke about what Bitcoin had already accomplished in terms of disrupting the world of finance and business:
“Bitcoin is what kick-started the crypto revolution and it has changed the way the world makes transactions, does business, and manages assets, among other things, for ever. It all began with Bitcoin.”
Although being careful to acknowledge Bitcoin’s role in the financial revolution that is just beginning, Green did say that the dominance of the number one cryptocurrency was likely to fall over the coming 10-year period. The reason for his outlook – competition:
“This is because as mass adoption of cryptocurrency grows, more and more digital assets will be launched – by organisations in both the private and the public sectors. This will increase competition for Bitcoin and dent its market share.”
The CEO also mused that Bitcoin would likely lose market share due to more advanced tech that may not be available, yet providing efficiency that Bitcoin cannot match.
Although Green may well be correct in his view that Bitcoin will lose some of its dominance over the space, it seems unlikely that another project will ever be able to offer quite what Bitcoin does.
As a store of value, Bitcon’s utility is simply unparalleled. There is something incredibly uneasy about the idea of a startup or soon-to-be-startup creating an asset that people are going to be using as a safe haven for billions of dollars.
Bitcoin’s lack of leadership and as-close-to-organic-as-possible inception makes it far more suited than any other existing project in the crypto space to be used as a reserve currency for the planet. Now the technology is out in the open, it seems as good as impossible to imagine another asset that has not yet been created usurping Bitcoin in this regard either.
In the future, whether you personally want to transact using additional layers of Bitcoin offering less decentralisation, or altcoins that are less secure than the base layer, will be entirely up to you. However, for now, no other asset (digital or otherwise) can offer anywhere near the same security, decentralisation, or strong monetary policy as Bitcoin.
This means it continues to be prime candidate for the bedrock of a new digital global economy, rather than simply a footnote.
Featured image from Shutterstock.
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Bitcoin on the Verge of Global Institution-Driven FOMO Rally, Says deVere CEO
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).
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 ,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.
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