Bitcoin is likely to record its worst monthly performance since May, but you should “ignore the crypto deniers” if you want to seriously build your wealth for the long term, warns the CEO of a global financial giant.

The warning from Nigel Green of deVere Group comes amid a cryptocurrency slump that’s triggered the world’s largest digital asset to shed 17% during the last month of the year, putting it on track for its worst performance since May, when it lost 35%. Other cryptocurrenices have also fallen during this period.

He says: “The Bitcoin bashers, the crypto cynics, the digital deniers are out in force at the moment, trotting out the same old stale arguments about cryptocurrencies.

“However, investors who are focused on building their wealth for the long-term should ignore their tired rants. Instead, they should look at the data.

“For the third consecutive year, Bitcoin has outperformed both stocks and gold.”

Year-to-date, Bitcoin is up almost 65%, meanwhile, the S&P500, the benchmark index of the world’s largest economy, manages 27.6%, and gold is down around 7%.

Mr Green continues: “I’ll tell you why this is: because digital money is the inevitable future in an ever more digital world.

“This is increasingly being universally accepted by institutional investors, Wall Street giants, household name investing legends, leading academic institutions, governments, and major multinational corporations.”

Meanwhile, says the deVere boss, “the deniers” are wheeling out old arguments against digital currencies, “all of which have been answered” repeatedly.

“They have two main – and baseless – anti-crypto messages.

“First, they say that cryptocurrencies are used by criminals. However, law enforcement agencies can more easily catch criminals who use the public ledgers on which cryptocurrencies are run compared to those who use cash or other forms of payment with no record. Are these people really saying cash isn’t used by criminals?

“Second, they insist that the crypto market is volatile. This is true, but is it necessarily always a bad thing? Many investors embrace this short-term volatility for longer-term gains. They use the lower prices of Bitcoin and other major cryptocurrencies to top-up portfolios.”

Earlier this month as the downturn began, he noted that “Bitcoin panic-sellers are practically giving away their cryptocurrencies to wealthy buyers” who will use the digital assets as an inflation shield.

“This scenario seems particularly likely in the current situation as they are increasingly worried that their cash, and therefore spending power, is being eroded by soaring inflation.

Bitcoin and other digital currencies are widely regarded as a shield against inflation mainly because of its limited supply, which is not influenced by its price.

Mr Green concludes: “Borderless, global, decentralized currencies are the future.

“It’s my view that to create, build and protect wealth for the long-term, the crypto deniers’ ideologies should be dismissed and the data from the financial markets should speak for itself.”

by George Prior