Bitcoin plunged below $80,000 on March 10, hitting a low of $77,490, as the cryptocurrency market faced another wave of selling pressure. However, despite the recent downturn, Nigel Green, CEO of global financial advisory firm deVere Group, believes that Bitcoin remains in a broader bullish phase.
Bitcoin’s Dip and Market Reaction
Bitcoin’s price drop comes just days after President Donald Trump’s executive order on a strategic Bitcoin reserve. While the macroeconomic environment may contribute to extended volatility, Green argues that investors should take a long-term perspective on the implications of this policy.
“The market’s reaction betrays a short-sightedness that will likely be corrected as investors digest the broader implications of the move. In our opinion, [what] investors should be focusing on is that this executive order makes it more likely Bitcoin will be a geopolitically significant asset in the future,” Green noted.
Strategic Bitcoin Reserve and Global Adoption
Other experts have echoed Green’s sentiment, pointing to the strategic Bitcoin reserve as a significant development. While some traders expected the U.S. government to immediately purchase large amounts of Bitcoin, the real significance of the move lies in its long-term potential. Green emphasizes that Bitcoin is evolving beyond a speculative asset, and the U.S. decision could trigger a global race among nations to accumulate BTC.
“Countries with a history of accumulating alternative assets, such as gold, may view this as a cue to diversify further into digital assets. Sovereign wealth funds, central banks, and institutional investors will all take notice,” Green added.
Short-Term Volatility vs. Long-Term Growth
The recent price decline also impacted altcoins, with Ripple (XRP), Solana (SOL), and Cardano (ADA) seeing notable losses. However, Green believes that investors should not focus solely on Bitcoin’s immediate price movement but rather on the strategic importance of the U.S. reserve.
Over the years, Bitcoin has seen key adoption moments, such as Tesla’s BTC purchase and the launch of spot Bitcoin ETFs. The U.S. government holding Bitcoin in reserve could serve as another validation milestone, paving the way for clearer regulatory frameworks.
“As the dust settles, the strategic reserve announcement will likely be seen as a moment of validation for Bitcoin’s role in the financial system, rather than a cause for concern,” Green concluded.
Wall Street and Broader Market Trends
At the time of writing, Bitcoin was trading at $78,426, down 6% in the past 24 hours and 14% over the past week. This decline coincided with sharp losses in the S&P 500 and Dow Jones Industrial Average, as Wall Street reacted to fresh uncertainty over tariffs and economic policies.
Given the current market climate, risk assets, including cryptocurrencies, could face further short-term selling pressure. However, with institutional interest growing and global adoption on the rise, Bitcoin’s long-term trajectory remains bullish, according to Green and other industry analysts.
