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Home Latest News Market DeVere Group CEO Sold Half of Bitcoin Holdings at All-Time High

DeVere Group CEO Sold Half of Bitcoin Holdings at All-Time High

Nigel Green, CEO of deVere Company, a U.K.-based finance consultancy firm, said he sold 50 percent of his bitcoin holdings over Christmas when the price of the cryptocurrency soared to record levels.

In a blog post late last week, Green said that he made the decision to sell half of his holdings when bitcoin hit over $34,000 per coin, adding, “it’s better to sell high and re-buy in the dips.” 

“The steady gains in the price of bitcoin has made the digital currency the top-performing asset of 2020, up over 200%. As such, I felt the time was right for profit-taking,” he said.

The CEO emphasized that “not due to a lack of belief in Bitcoin, or the concept of digital currencies.” “I believe that the future of money is cryptocurrencies,” he wrote, adding that the longer-term price trajectory for bitcoin is “undoubtedly upwards.”

Green’s exchange seems wise already. Bitcoin plunged over 13 percent earlier on Monday, losing over $4,000 in what experts claimed was a safe correction. The top cryptocurrency, at press time, is trading at $29,700.According to the post, DeVere Group predicts that almost three-quarters of high-net-worth individuals would be investing in cryptocurrencies by the end of 2022.

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SourceCoinDesk

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