Devere Group’s CEO, Nigel Green, recently explained why he is buying the Bitcoin dip. Currently, the price of Bitcoin is $21.5k, almost 70% down from its all-time high of $69.4k. The crypto market has also shed $2 trillion in market cap in this bear market. So, investors can view it from two perspectives. The first is to be bearish and not invest because you don’t expect crypto to rise again or believe that it will go down further. The second and more prominent idea that’s been seen recently is to buy the dip because Bitcoin’s price is going to rise eventually.
Devere Group’s CEO on buying the dip
Nigel explained that he is buying the dip because even though we are in a bear market right now, he believes that the trajectory of the crypto market is upwards in general. He has also highlighted several other points, like the future potential of Bitcoin, saying that “in our increasingly tech-driven, globalized world, it makes sense to hold digital, borderless, decentralized currencies.”
The current negative price action could be attributed to the macroeconomic conditions in the US, the war, rising inflation, and interest rates. However, as an investor, he is okay with the short-term volatility for future gains.
Nigel also pointed out a trick that whales use. He said that he has been tracking whales in the market. They are selling their holdings currently, and this has been creating a ripple effect with many investors panic selling and dragging down the market. Now, this allows bigger players to buy back at a lower price.
It’s all proper planning as whales continue to sell and buy back lower to increase their holdings. The number of wallets with more than 10k Bitcoin has also increased a lot (103) in the last month. So, Nigel has been going all in on the dip.
Buying the dip is a ritual for crypto investors
Crypto investors have always been known for preaching the idea of buying the dip. And it has worked out well for them so far. No Bitcoin investors have faced losses after holding their coins for a minimum of 4 years. Investors understand that crypto is volatile, and the best way to make profits is not to time the market but to invest consistently and hold.
What are your thoughts as Devere Group’s CEO explains why he is buying the Bitcoin dip? And do you think it will pay off during the next halving? Let us know in the comments below. And, if you found our content informative, do share it with your family and friends.