Investors should broaden their outlook on cryptocurrencies beyond Bitcoin, affirms the boss of one of the world’s largest independent financial services organisations.
The comments from Nigel Green, founder and CEO of deVere Group, come as deVere Crypto, a pioneering cryptocurrency exchange app available on the Apple Store and Google Play, this week is giving away 15 free Ripple coins to those who complete the app’s registration process. Terms and Conditions apply.
Last month, two new cryptocurrencies, Ripple and Dash, were added to deVere Crypto. Users can now buy, sell, store, transfer and exchange Bitcoin (BTC), Ethereum (ETH) Litecoin (LTC), Ripple (XRP) and Dash (DASH) on the app.
By market cap, Bitcoin is the world’s largest, followed by Ethereum (second) and Ripple (third). Litecoin is fifth and Dash is tenth.
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Mr Green says: “Demand for cryptocurrencies continues to grow – and I expect this to gain considerable momentum over the next 12 months as more and more people are becoming aware of and have a better understanding of cryptocurrencies.
“Demand will also grow due to the fact that regulators around the world are increasingly seeking to regulate cryptocurrencies, which will give investors even more protection and confidence in the market. Cryptocurrencies as a concept are becoming mainstream and regulation is now, I believe, inevitable.”
He continues: “However, Bitcoin, the original cryptocurrency, retains its huge market dominance; it’s the one everyone talks about.
“I believe that investors need to broaden their outlook on cryptocurrencies beyond Bitcoin. This is why we have launched this new promotion.
“Despite Bitcoin’s show-stopping performance in 2017 (1,300 per cent), it underperformed its lesser known rivals, such as Ethereum (8,500 per cent) and Ripple (~30,000 per cent).”
Mr Green goes on to say: “All cryptocurrencies have different core characteristics, strengths and tech advantages and, therefore, they’re of value in different ways for different people and organisations.
“As such, I would urge cryptocurrency investors to be diversified across the main digital tokens. By not doing so, they are exposing themselves to unnecessary risk and cutting off key opportunities. ”
The deVere CEO concludes: “As with all types of investing, diversification is the investor’s best tool to mitigate potential risks and to take advantage of the opportunities that present themselves.”