A few weeks ago, Devere Group CEO and founder Nigel Green said that he believed the U.S. election would bolster the price of bitcoin. Speaking with the financial broadcast MoneyFM on Monday, Green said he also believes that bitcoin will replace gold as the ultimate financial safe haven within the timespan of a generation.
Devere Group CEO Nigel Green is a big believer in crypto assets like bitcoin (BTC) and he’s been more vocal about his forecasts in recent days. Last August, news.Bitcoin.com reported on Green explaining why he thinks the U.S. presidential election would have devastating effects on the U.S. dollar but also bolster bitcoin at the same time.
Green’s firm Devere Group is one of the world’s largest independent financial advisory organizations in the fintech world and the firm’s assets under management (AUM) exceed $10 billion.
On Monday, Green once again spoke about the crypto asset again during an interview with the broadcast MoneyFM. The discussion was prompted by the Singapore Exchange (SGX) invoking two new crypto indexes in order to create a price standard for BTC and ETH throughout Asia.
Green shared his thoughts about bitcoin (BTC) and other digital currencies in the interview and explains why he thinks bitcoin could potentially replace gold.
“I just think [bitcoin] has gradually become more accepted,” Green said. “When you go back to the basics, there’s always been a system of payments in the world. If you go back to bartering, there’s always been some way of people keeping score. With the current situation, we have governments keeping score, and not everyone in the world is comfortable with their own government. So one way of looking at cryptocurrencies is that a computer is keeping score.”
The Devere Group CEO added:
So that’s what we’ve seen over a number years and just gradually more and more acceptance from people. [Bitcoin] is similar to gold, as so much as gold is limited, and obviously young people are more willing to accept a digital currency than perhaps some older people.
Green said that owning U.S. dollars or Venezuelan bolivars is basically equivalent to owning promises from governments. Essentially, citizens are allowing governments to keep score, but the scorekeepers are easily corrupted.
“Of course, what’s happened in recent times has been mass printing of money but it’s really digitally added,” Green stressed. “ If you are flooding the market with extra dollars, then in fact you are devaluing [money]. The advantage of bitcoin is that there is a limited amount. Some people would rather a computer keep score, and some people would not have faith in their government and they would rather have something where there’s a limited amount.”
When asked if his bitcoin prediction was sped up by Covid-19, Green responded that he thinks the coronavirus has fueled his forecast and technology in general.
“Do we really think we will have Singapore dollars in our pocket or will we have digital currencies? I think we accept that ultimately it will be digital currencies,” Green insisted. “The next question is: ‘Is bitcoin accepted as part of that digital world?’ It has become more and more apparent that it is, as younger people are more familiar with [bitcoin] and they trust in that world than perhaps other people,” the Devere Group founder added.
Green continuously noted that there was a strong prevalence of the youth being more geared toward innovations like bitcoin.
“There’s a particular generation that is more trusting in gold, but then there’s another generation coming through,” Green said.
However, he also said he was in his sixties and even at his age he believes digital currencies are easier than storing precious metals. “It’s easier,” Green remarked. “You can put [crypto assets] on your telephone, [opposed] to carrying some gold or storing gold,” he concluded.
What do you think about the Devere Group CEO’s opinion that bitcoin will replace gold in a generation? Let us know what you think in the comments section below.
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