Last week, Bitcoin price slumped as low as $34,300, but later recovered by about 16% and managed to rise above $45,000.
According to Nigel Green, CEO of consulting firm deVere Group, the Russia-Ukraine conflict will be the catalyst for Bitcoin to reach $50,000 and BTC will see that price by the end of March.
On the other hand, Nigel Green noted that the military conflict between Russia and Ukraine has caused significant financial turmoil, which is why individuals, businesses and even government institutions around the world are looking for alternatives to traditional assets.
"The Ukraine-Russia situation has caused significant financial turmoil, and individuals, businesses and indeed government agencies are seeking alternatives to traditional systems, not just in the region but globally."
In addition to these, according to the statements made, Bitcoin is becoming more and more attractive for investment. Both Bitcoin futures ETFs and crypto fixed exchange-traded funds can benefit from this.
"As it is right now, I see no reason for this price momentum to drop. We can expect Bitcoin to reach $50,000 by the end of this month; it's still too early to say whether it will reach its all-time high of $68,000 from November 2021."
People fear that many banks will close, ATMs will run out of money, and the SWIFT international payment system will become a weapon. Green sees this as a strong argument in favor of Bitcoin, a viable and decentralized network. Green concludes that this is good news for investors as more institutional investors are joining the cryptocurrency market, confidence in Bitcoin is increasing, trading volumes are increasing and the volatility of the first cryptocurrency is gradually decreasing. Last year, on the other hand, the founder of deVere suggested that Ethereum could replace Bitcoin in the next five years and surpass it in market cap.