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Bitcoin slump? Yes, but ignore the crypto deniers

Bitcoin is likely to see its worst monthly performance since May, but “ignore the crypto-deniers” if you are serious about building your wealth over the long term, warns the CEO of a global financial giant.

DeVere Group’s Nigel Green warning comes amid a collapse in cryptocurrency that caused the world’s largest digital asset to lose 17% in the last month of the year, its worst performance since May when it lost 35%, is on track. Other cryptocurrencies have also fallen during this period.

He says, “The bitcoin bashers, the crypto cynics, the digital deniers are in place right now, trotting out the same old stale arguments about cryptocurrencies.

“However, investors focused on long-term wealth creation should ignore their weary banter. Instead, they should look at the data.

“For the third year in a row, Bitcoin outperformed both stocks and gold.”

Since the start of the year, Bitcoin is up nearly 65%, while the S&P500, the benchmark index of the world’s largest economy, managed 27.6% and gold is down around 7%.

Mr. Green continues, “I’ll tell you why: Because digital money is the inevitable future in an increasingly digital world.

“This is increasingly being accepted by institutional investors, Wall Street giants, well-known investment legends, leading academic institutions, governments and large multinational corporations.”

In the meantime, says the deVere boss, “the deniers” are rolling out old arguments against digital currencies, “all of which have been answered over and over again.”

“You have two basic – and unsubstantiated – anti-crypto messages.

“First, they say that cryptocurrencies are used by criminals. However, law enforcement agencies can more easily grasp criminals who use the public ledgers that keep cryptocurrencies compared to those who use cash or other means of payment without a record. Are these people really saying that criminals don’t use cash?

Second, they insist that the crypto market is volatile. That’s true, but is it always necessarily a bad thing? Many investors take advantage of this short-term volatility for longer-term gains. They use the lower prices of Bitcoin and other major cryptocurrencies to top up portfolios. “

Earlier this month, when the downturn began, he noted that “Bitcoin panic sellers are practically giving away their cryptocurrencies to wealthy buyers,” who will use the digital assets as inflation protection.

“This scenario seems particularly likely in the current situation as they are increasingly concerned that their cash and thus their purchasing power will be undermined by rising inflation.

Bitcoin and other digital currencies are widely viewed as protecting against inflation, largely because of their limited supply that is not affected by price.

Mr. Green concludes: “Limitless, global, decentralized currencies are the future.

“In my opinion, the ideologies of the crypto-deniers should be discarded and the data of the financial markets speak for themselves in order to create, build and protect wealth in the long term.”

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