Nigel Green believes that by creating a Bitcoin reserve, the UK will reduce its dependence on traditional fiat currencies and protect itself from the risks of inflation. Bitcoin could protect the country from currency devaluation and market volatility, as well as attract investors and blockchain developers to the UK, which would boost the country’s economic growth. Bitcoin is decentralized and its supply is limited. It is immune to inflationary pressures that are undermining fiat currencies, the businessman added.
The head of the deVere Group liked the proposal of Republican Senator from Wyoming Cynthia Lummis to buy bitcoins. Lummis’s idea is for the US Treasury and the US Federal Reserve to buy Bitcoin for five years until the number of coins in the state reserve reaches one million.
“The UK cannot afford to fall behind in this race for financial innovation and sovereignty. Many countries are already developing their own cryptocurrency strategies, and the UK must act quickly to remain competitive. Creating a bitcoin reserve will allow the UK to maintain its status as a global financial center,” Green said.
According to Nigel Green’s forecast this summer, Bitcoin should trade at $100,000 by the end of 2024. Last week, it almost reached that mark, exceeding $99,500. Greene recently suggested that after the inauguration of Donald Trump, the first cryptocurrency will reach new heights.
Source: Bits
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