‘FOMO’, or Fear of Missing Out, is set to drive a global Bitcoin breakout, according to Nigel Green, founder and chief executive of deVere Group.
Bitcoin has undoubtedly had a turbulent year, with its value peaking at £15,000, but also hitting lows of £4,600. With its volatile nature and possibility of increased regulation, the future of the cryptocurreny remains uncertain.
Despite this, Green believes that adoption of Bitcoin is set to increase as investors try to keep up with competitors. This comes ahead of his address this week at the DELTA Summit, Malta’s official blockchain and digital event.
“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.
“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.
Bitcoin breakout prediction follows value slump
Bitcoin’s share of the cryptocurrency market capitalisation has decreased in recent months. It is currently trading at £5,069.90.
Green believes that even if the price of Bitcoin doesn’t see the same increase as it did in 2017, certain institutions are still keen to embrace the sector:
“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.
“I’m not sure we’ll see the stratospheric rise in cryptocurrency prices that we experienced at the end of 2017. However, with growing acceptance that that they are indeed the future of money, I believe that the environment is now right for an upswing before year-end.”
Green also commended The Government of Malta’s approach to Bitcoin, with Prime Minister Joseph Muscat saying that he wants the country to become “the blockchain island”.
“Thanks to the progressive, forward-thinking and truly ground-breaking approach of the Maltese government regarding blockchain and digital currency regulation and legislation, Malta has positioned itself to be a global leader in these ever-expanding markets.”