The price of cryptocurrency asset Bitcoin is projected to continue rising into the second quarter of 2022, says Nigel Green, CEO and founder of deVere. 

“Inflation in the UK could rise above 5 per cent by early next year, Euro area annual inflation is 4.1 per cent in October 2021, up from 3.4 per cent the month before, and the cost of goods leaving Chinese factories surged by another record rate last month – 13.5per cent – and there are increasing signals that consumers are now feeling the pain,” Mr Green said.

Continuing, he said, “And it’s one that is likely to last until at least the beginning of the second quarter of 2022 when pressures should start to ease.”

Mr Green’s comments come as the cryptocurrency hit another all-time high at $69,000 on Wednesday after inflation data confirmed the argument that the cryptocurrency may be a safety net against rising cost pressures. 

A CPI index report noted that U.S. consumer prices increased more than expected in October with gasoline and food prices hiking, making it the highest annual gain recorded since 1990.

This also gives signs that inflation could remain uncomfortably high well into next year.

Mr Green noted that the U.S. Securities and Exchange Commission (SEC) would be the “tipping point” in regard to ETFs, adding that crypto coins will be expected to grow along with Bitcoin.