Victor Ugochukwu · Dec 14, 2020 . 5min read
Devere Group CEO confident about Bitcoin replacing Gold
The Devere CEO thinks even though Bitcoin is similar to Gold, young people are more willing to accept the digital currency over others.
By Victor Ugochukwu · Sep 30, 2020 . 7min read
The CEO of Devere Group, one of the world’s leading independent financial advisory organisations, with more than $10bn under advice from over 80,000 clients in 100 countries, holds a strong opinion on Bitcoin being able to replace Gold.
Nigel Green, founder and CEO of Devere Group shared his thoughts in a recent interview with the broadcast MoneyFM. Green’s discussion during the interview was against the backdrop of Singapore’s latest crypto indexes. The Southeast country initiated the move in a bid to create a price standard for BTC and ETH throughout Asia.
Part of Green’s view on Bitcoin was that the asset “has gradually become more accepted,”. He also posited that although the government is the issuer of traditional money [Fiat], he says “not everyone in the world is comfortable with their own government”.
Hence, Nigel Green puts up a classic Crypto Evangelist argument,
“So one way of looking at cryptocurrencies is that a computer is keeping score.”Nigel Green
The Devere Group CEO in his advocacy for Bitcoin over Gold continued by saying:
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.Nigel Green
Corrupt government officials controlling the commonwealth of their citizens have been exposed at one point or the other. Green thinks allowing the government to “keep score” is essentially where the danger is. “But the scorekeepers are easily corrupted,” he says.
Millenials are more endeared to Bitcoin than Gold.
In July, analysts from JP Morgan in a note confirmed an open-secret which is the fact that “older investors are more inclined towards gold, while millennials are flocking to bitcoin”. Ruchir Sharma, Chief global strategist of Morgan Stanley in an interview with Julia Chatterley in September confirmed the same.
“I think some of the older [investors] are still buying gold, and millennials are buying more of the Bitcoins and the cryptocurrencies,”Ruchir Sharma
Younger generations’ sentiments favouring Bitcoin over other assets and stocks is not surprising. Bitcoin although initially appeared “geeky”, now it has become the best asset performing class over the decade. Also, adoption is growing with new solution popping up every day.
Interestingly, even though older generations favour Gold over the largest crypto, Nigel Green in his sixties says he prefers cryptocurrencies. The fact that cryptocurrencies like Bitcoin are mere digital codes with immutable qualities gives it the edge over Gold. The former is portable, but Gold isn’t.
“You can put [cryptocurrencies] on your telephone, [compared] to carrying some gold or storing gold,”Nigel Green
With approximately 18.5 million of the 21 million Bitcoin supply cap already floating, could it replace Gold? The times are still unfolding.
Follow Cryptodose for daily updates.