Bitcoin Falls Below $80K, But CEO Sees Bullish Future
Bitcoin’s price dipped below $80,000 on March 10, reaching $77,490. The crypto market faced another downturn. However, Nigel Green, CEO of deVere Group, remains optimistic. He believes the bull market for Bitcoin isn’t over.
Green points out that the price drop came shortly after President Trump’s executive order on a strategic Bitcoin reserve. While the market may react negatively in the short term, Green thinks this is shortsighted. He believes the executive order will make Bitcoin a geopolitically important asset.
Experts agree that Trump’s order and the creation of a strategic Bitcoin reserve are significant. They argue that BTC is moving beyond being just a speculative asset. The U.S. reserve sets a global tone for Bitcoin adoption.
Recently,Bitcoin holders sold their positions,disappointed that the U.S. government isn’t buying large amounts of BTC immediately. This also affected altcoins like Ripple, Solana, and Cardano.
Green advises looking beyond immediate BTC purchases. The strategic reserve coudl lead to a global race for Bitcoin reserves. Countries that traditionally accumulate assets like gold may diversify into digital assets.
With the U.S. holding Bitcoin in reserve, favorable regulations may follow. Green believes this will validate Bitcoin’s role in the financial system.
At the time of writing, Bitcoin was near $78,426, down nearly 6% in 24 hours and 14% in a week. This decline aligns with a Wall Street sell-off, suggesting more short-term selling pressure for risk assets.
