11:33
Why deVere's Green sold 'half of bitcoin holdings' over Christmas

Green, who has been chief executive of the firm since 2002, describes himself as "one of the first high-profile cryptocurrency advocates" but reduced his exposure as the price of the asset hit an all-time high of $24,661 on Christmas day.

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"[Bitcoin] should now be treated as any other investment - that is to say, where possible, it is better to sell high and re-buy in the dips," he said.

"The steady gains in the price of bitcoin has made the digital currency the top performing asset of 2020, up over 200%. As such, I felt the time was right for profit-taking."

In the middle of December, bitcoin surged past $20,000 for the first time, meaning the value of all bitcoin in current circulation reached more than $452bn.

Green said this is partially the result of multinational payment company giants piling "ever more into crypto, bringing with them their enormous expertise and capital" which, in turn, "swells consumer interest". He added that unprecedented monetary policy from central banks amid the pandemic has also sparked "legitimate inflation concerns", thereby making bitcoin more attractive as an inflationary hedge.

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"There should be no misunderstanding about my decision to sell. It is not due to a lack of belief in Bitcoin, or the concept of digital currencies - it is profit-taking now to buy more later," he explained.

"Indeed, more than ever, I believe that the future of money is cryptocurrencies."

Green said cryptocurrencies are becoming increasingly attractive because they are borderless, thereby making them "perfectly suited to a globalised world of commerce, trade and people". He added the fact they are digital means they will keep abreast with increasing digitalisation across the globe, while also remaining appealing to younger generations and therefore the long-term investors of the future.

"Like me, many traders will sell record high prices as an opportunity to sell, so we can expect some pullback on prices in the near term," the CEO reasoned.

"But the longer-term price trajectory for bitcoin is, I believe, undoubtedly upwards."

Sourse: investmentweek.co.uk

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