Category Archives: deVere Group

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De Vere:Threat of Labour Party Gaining Power Could Drive UK Wealthy to Crypto

UK, brit, Jeremy Corbyn, cryptocurrency, labour party, Britain

Nigel Green, founder and CEO of deVere Group, claims that wealthy Brits are considering cryptocurrency as a safe haven for their cash should Labour leader Jeremy Corbyn become UK’s Prime Minister.

With the resignation of Conservative Prime Minister Teresa May this week the fears of her party in tatters paving the way for a socialist government increase as each day passes, although a general election is still unlikely as the conservatives open the race for a new leader.

Green put these fears into the forefront of discussions about the future of the UK and Brexit when he expressed concerns about what would happen under a Corbyn led government:

“High-net-worth individuals in Britain and wealthy international investors with UK assets and business know that they will be hit by Mr. Corbyn’s tax hikes on wealth, income, and inheritance.”

Even a general election as far off as 2022 could still drive Britain’s wealthy undercover in preparation for sweeping reforms targeting the rich proposed by a left-wing leadership, according to the deVere Group founder:

“As such, many of them aren’t waiting to find out how his anti-wealth rhetoric would play out, and more and more of them are seeking advice on established, legitimate overseas opportunities to create, build, and importantly, protect their wealth.”

Green sees cryptocurrency’s as a possible safe haven for these individuals and companies, particularly in light of recent moves by some countries to offer tax breaks such as exemption from capital gains on cryptocurrencies similar to ones recently legislated by Germany.

Countries such as Hong Kong and Switzerland don’t have capital gains tax, making them the potential targets for fund relocation. “In a broader sense, high-net-worth individuals are increasingly seeking exposure to the associated benefits of these digital assets as our recent global survey highlights,” added Green. Brexit remains the elephant in the room regarding the future of politics in the UK.

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DeVere Boss Sees Crypto Growth of 5,000% in Global Breakout

Nigel Green, CEO of deVere Group, one of the world’s leading independent financial advisory organizations, has predicted a growth in the crypto market of over 5,000% in the next 10 years.

Green puts this down to an acceleration in the mass adoption of cryptocurrencies over this period which he claims is close to what he describes as a “true global breakout”.

One factor of this new crypto gold rush, Green suggests, is the diminishing status of Bitcoin in the next ten years, which he feels will lose some of its current impetus due to the growth in the rest of the market. He commented:

“However, while I don’t wish to rain on anyone’s parade, I believe that Bitcoin’s influence and dominance of the cryptocurrency sector will drastically reduce in its second decade. This is because as mass adoption of cryptocurrency grows, more and more digital assets will be launched – by organizations in both the private and the public sectors. This will increase competition for Bitcoin and dent its market share.”

That said, he feels that in the short-term, FOMO or the fear of missing out will still be a major driver to Bitcoin adoption. On the eve of Bitcoin’s 10th birthday, Green is giving credit where its due, arguing:

“Bitcoin is what kick-started the crypto revolution and it has changed the way the world makes transactions, does business, and manages assets, among other things, forever. It all began with Bitcoin.”

In more a more radical statement about the future of money, whether digital or otherwise, German-Finnish internet entrepreneur Kim Dotcom and Irwin M Stelzer of the non-profit think tank the Hudson Institute are predicting the fall of fiat, but not in a decade, much sooner than that, suggesting:

“The pyramid game is coming to an end… crypto and precious metals will go up when everything else falls. I think it’s going to happen in the next two years.”

Stelzer proposes a scenario where the US dollar could even be on the verge of collapse due to current levels of debt and a multiple trillion-dollar printing program, adding, “If unlimited borrowing, financed by printing money, were a path to prosperity, then Venezuela and Zimbabwe would be top of the growth tables.”

 

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