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DeVere Group CEO Sold Half of Bitcoin Holdings at Christmas Highs
"It's better to sell high and re-buy in the dips," Nigel Green said.
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 new highs.
STORY CONTINUES BELOW
- In a blog post late last week, Green said that as bitcoin neared $25,000 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."
- 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.
UPDATE (Jan. 4, 12:10 UTC): Corrected article to reflect that Green sold the bitcoin at around $25,000 at Christmas, not at the more recent all-time high above $34,000.
Read more: DeVere Group Targets Arbitrage With New Crypto Fund
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
