International financial adviser deVere’s crypto app has been received positively by clients since launch in January, despite tumbling Bitcoin valuations.
On Wednesday Bitcoin, the best known and most valuable digital currency, lost 6.4% of its value after a report from Goldman Sachs said it was pausing plans for a crypto currency trading desk.
Business Insider reported that Goldman Sachs wanted regulatory clarity on digital currencies before committing.
US regulators have warned that cryptocurrencies could be treated like equities but has yet to take action.
At the start of January, one Bitcoin hovered over the £10,000 ($13,000, €11,200) mark having fallen from a £14,000 peak in late 2017. The same coin would have been worth £5,009 at the close of trading in the US on Thursday.
Other coins like ethereum and litecoin have followed a similar choppy downward trajectory.
A spokesman for deVere said: “Like all investments, crypto might not necessarily be suitable for all investors and specialist advice is recommended.
“We currently have more than 15,000 deVere Crypto clients. We’re delighted with the strong and overwhelmingly positive reception it has received from clients and advisers alike.”
Nigel Green defends crypto investment model
Explaining the philosophy behind the app, chief executive Nigel Green told clients it was important to look at the bigger picture and to treat downturns as buying opportunities.
“For many investors, volatility, of the kind that we saw recently, is used as a welcome buying opportunity,” he said in a recent address to clients.
“They look at the bigger picture. That’s to say, in today’s world, a digital, global currency simply makes sense to them. Or to put it another way, they believe that cryptocurrencies are the future of money.
“Such investors also appreciate that institutional and regulatory support is increasingly inevitable and could happen sooner than many previously expected.
“In addition, they are seeing for themselves how more and more global financial institutions, major corporations and household name investors are now working with cryptocurrencies and blockchain, the technology that underpins them.”
He added: “Increasingly, savvy investors are aware that what is taking place is a maturation of a relatively new market – hence the highs and lows almost every other week.
“As such, they understand that they either have to buy and take a long-term approach – as is typically the best approach with almost all investing – or be prepared to miss the boat.”
“As anyone who has analysed the sector in recent years will know, the dips and peaks are a usual part of the cryptocurrency market.”
