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Nigel Green, CEO of U.K.-based financial advisory firm deVere Group, has said he sold 50% of his bitcoin holdings over Christmas as the cryptocurrency’s price surged to record levels.
- In a blog post late last week, Green said that as bitcoin hit over $34,000 per coin, he made the decision to sell half his holdings, explaining, "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 stressed that his decision to sell was "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 trade is already looking prudent. Earlier on Monday, bitcoin plummeted over 13%, shedding over $4,000 in what analysts said was a healthy correction. The top cryptocurrency is trading at $29,700 at press time.
- DeVere Group estimates that nearly three-quarters of high-net-worth individuals will be invested in cryptocurrencies before the end of 2022, according to the post.
