Bitcoin’s Drop Below $80K Seen as Short-Term Setback, Says deVere CEO

Bitcoin’s recent drop below $80,000, reaching lows of $77,490 on March 10, has sparked concerns within the crypto market, especially as the broader market suffered a significant downturn. However, Nigel Green, the CEO of deVere Group, remains optimistic about Bitcoin’s long-term prospects, viewing the price dip as a short-term setback rather than a signal of the end of the bull market.

Green attributes Bitcoin’s recent drop to the market’s reaction to President Donald Trump’s executive order establishing a strategic Bitcoin reserve. He argues that while the market’s immediate reaction may appear negative, it overlooks the broader implications of the move, particularly how it positions Bitcoin as a geopolitically significant asset for the future. Green believes that this development makes it more likely for Bitcoin to gain further adoption and recognition as a store of value on a global scale.

He points out that Bitcoin is evolving beyond being merely a speculative asset, especially in light of the U.S. government’s decision to create a Bitcoin reserve. Green suggests that the strategic reserve could spark a global race, with other countries potentially establishing their own Bitcoin reserves, much like they have with gold. This shift could encourage sovereign wealth funds, central banks, and institutional investors to diversify into digital assets, further legitimizing Bitcoin.

The deVere CEO also emphasizes that the recent price action, including a sell-off in altcoins like Ripple (XRP), Solana (SOL), and Cardano (ADA), stems from disappointment over the U.S. government’s decision not to immediately purchase large quantities of Bitcoin. However, he advises investors to focus on the long-term implications of the strategic reserve, which could eventually lead to favorable regulations for Bitcoin.

Green compares the announcement of the U.S. Bitcoin reserve to other key events that have positively impacted Bitcoin’s growth, such as Tesla’s Bitcoin purchase and the launch of the first spot Bitcoin exchange-traded funds (ETFs). As the dust settles, he believes the reserve will be viewed as a moment of validation for Bitcoin’s role in the global financial system.

At the time of writing, Bitcoin was trading at around $78,426, reflecting a nearly 6% drop in the past 24 hours and a 14% decline over the past week. This slump has mirrored a broader sell-off on Wall Street, with major indices like the S&P 500 and Dow Jones Industrial Average also experiencing sharp declines due to growing uncertainty over tariffs and the economy. Green’s outlook suggests that, while risk assets like cryptocurrencies may face further short-term selling pressure, Bitcoin’s long-term trajectory remains bullish, driven by institutional and geopolitical developments.