Nigel Green: Cryptocurrency Investors’ Mindset is Changing
If there’s one thing that can be said about the cryptocurrency market for the last 12 months, it’s that it’s been packed with “seismic shifts.” From bitcoin’s massive run-up to bitcoin’s equally massive crash, to a host of new coins emerging and new regulations following, this potential successor to mobile payments as we know them has seen a lot of big shifts. Now, the deVere Group’s CEO, Nigel Green, has released word that even the crypto investor’s average mindset has likewise shifted.
After another shift happened on Tuesday—in which the cryptocurrency market somehow managed to add $10 billion in value—Green noted the latest shift in question. This time, Green noted, there’s been a major price correction, but investors are actually coming on board despite this. Green urged caution back in 2017’s closing days, when bitcoin was on a rocket sled to the moon, calling the market “frothy and overheated.”
Now, Green notes, instead of looking at crypto as a way to make a fast buck—which you indeed could have had you bought in in December 2016 and sold in December 2017—investors are starting to look more at a longer-term operation. Less like gambling, and more like a long-term core holding.
Green elaborated, saying “It’s our experience that people are nowadays investing in crypto primarily because they understand and value the need and demand for digital currencies in an increasingly digital age. In addition, there’s a surge in public awareness that blockchain, the technology that underpins the likes of Bitcoin, is the world’s next major disruptive technology.” Green concluded by pointing out that government regulation of crypto would make the field safer, and that, increasingly, crypto was becoming a mainstream asset.
This could indeed be the case, and may well be exactly what the hold on for dear life (HODL) crowd was waiting to hear. A mainstream movement into crypto would send even current prices spiraling upward and with good reason; considering how much money is invested in the stock market every year, if even a tenth of that were to slip into cryptocurrencies the market would explode.
Sure, there’s been investment here, but there hasn’t been much from the mainstream market, let alone institutional players. Mainstreaming the market would be huge for crypto, and we may be going that route.