More investors will flock to cryptocurrencies because they fear missing out on a phenomenon, says a cryptocurrency expert.
Even though coin values have dropped in value in recent weeks, he believes they will bounce back before the end of the year as investors pile in to the sector.
Nigel Green, founder and CEO of international financial advice giant deVere Group was putting his views forward in advance of an address to the DELTA Summit, Malta’s official blockchain and digital summit.
Green has positioned his company at the forefront of cryptocurrency investment by launching deVere Crypto, a digital wallet.
He will take a place alongside Malta’s prime minister Joseph Muscat, a leading advocate of cryptocurrencies, and some high-profile and influential figureheads in the fintech, blockchain, cryptocurrency and digital sectors at the event.
Inevitable future of money
“Thanks to the progressive, forward-thinking and truly ground-breaking approach of the Maltese government regarding blockchain and digital currency regulation and legislation, Malta has positioned itself to be a global leader in these ever-expanding markets,” said Green.
“I have long shared the view stated by prime minister Muscat at the UN General Assembly over the weekend that cryptocurrencies are the inevitable future of money, and I welcome his public championing of this increasingly vital sector.
“It promises to be a landmark event that not only celebrates and galvanises Malta’s position as a pioneering blockchain and cryptocurrency country, but one that celebrates the sector itself.”
He explained that the fear of missing out (FOMO) is expected to drive more investors into the digital currency market, driving a global break-out making cryptocurrency mainstream.
Market is ripe for upswing
“Adoption is increasing all the time. This is evidenced not only in the financial sector, in which major banks are increasingly looking at blockchain and crypto, but with big names within the tech and retail sectors,” he said.
“I feel that there’s a growing sense amongst institutions that unless they embrace this sector, their competitors could move way out in front and they might find it difficult to catch up. This is especially true as the public – their customers – are increasingly eager to explore the opportunities themselves.”
“I’m not sure we’ll see the stratospheric rise in cryptocurrency prices that we experienced at the end of 2017. However, with growing acceptance that they are indeed the future of money, I believe that the environment is now right for an upswing before year-end.”