Despite cryptocurrencies' crash over the last month, demand for them will “sky rocket” in the next 12 months, according to Nigel Green, CEO of deVere Group.
Bitcoin could gain by 50 to 60 per cent, he says, and will remain highly volatile as it comes under “increasing pressure” from Ethereum and other cryptocurrencies.
The deVere Group today officially launches deVere Crypto, a new cryptocurrency app.
Available for Apple and Android, it allows users to store, transfer and exchange currently three major cryptocurrencies, namely Bitcoin, Ethereum and LiteCoin. More cryptocurrencies will be added in the coming weeks.
“Bitcoin – the world’s highest profile and largest by market-cap cryptocurrency - slumped by 30 per cent last week. There’s increasing scrutiny of the market by governments around the world, plus enhanced regulation. Therefore, it is perhaps unsurprising that some have questioned the timing of the official launch of deVere Crypto,” Green said.
“However, demand for cryptocurrencies is set to sky rocket in 2018 as more people get to know about them and use them, and as the interest of governments and businesses, and more regulation, demonstrate how the market is maturing and becoming ever-more mainstream,” he added.
He says while Bitcoin will remain highly volatile over the next 12 months, it will recover from its current position and could see it surge by 50 to 60 per cent, as many will jump in for fear of missing out for a second time.
“As in all markets, this expected volatility is creating, and will continue to create, important buying opportunities,” Green added.
Meanwhile the Lloyds Banking Group has banned its own customers from buying Bitcoin as well as other crypto-currencies owing to concerns over recent volatility. Customers of Lloyds will no longer be able to buy cryptocurrencies on their credit cards from today. This applies to Lloyds Bank, Bank of Scotland, Halifax and MBNA customers. It will not, however, apply to debit cards, but to the firm’s eight million credit card users.