Cryptocurrencies ‘undeniably mainstream’ says deVere’s Nigel Green
Cryptocurrencies are now “undeniably part of mainstream finance” says Nigel Green, CEO of independent financial services company deVere Group.
Green issued the statement on the heels of the Financial Stability Board (FSB) report released on Monday, which concluded that Bitcoin and cryptocurrencies do not currently pose a risk to the global financial system. The founder of the independent financial services declared cryptocurrencies were the future of money.
Digital currencies had taken a knock before an uplift this week as other influential investors such as BlackRock have expressed interest in crypto assets and the well respected CFA Institute’s exam would include cryptocurrencies in its curriculum. Bitcoin (BTC) climbed the 50-day moving average (MA) on Monday for the first time in nearly two months, hiking its price above $6,700. At the time of publishing on Tuesday it was up 1.71% to $6,736.
The FSB, which is headed by Bank of England Governor Mark Carney, previously wrote a letter to the G20 finance ministers and central bank governors earlier this year stating that Bitcoin does not pose a ‘systemic risk’ to the global financial system. Green also asserted that “many traditionalists with vested interests have hitherto argued in order to knock digital currencies.”
Driving cryptocurrency mainstream
Cryptocurencies may very well be driven to mainstream carried by approving voices like Green as more global financial institutions, major corporations and household name investors now working with cryptocurrencies and blockchain, the technology that underpins them.
deVere recently published findings of a global survey that found 35% of wealthy investors will have exposure to cryptocurrencies by the end of 2018 and demonstrated that high net worth individuals are “increasingly unable to ignore the huge potential of cryptocurrencies.”
Green sees the FSB’s stance as proactive and should be championed concludes: “There’s now surging awareness of the value, need and demand for digital, global currencies in a digitalised, globalised world. “The world of money has fundamentally changed – and despite what some crypto cynics want, it can’t and will not go backwards.”