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Influential investor Raoul Pal says the best trade heâs ever found is Bitcoin, which heâs described BTC as âa call option on the futureâ and âthe worldâs most pristine reserve asset.â
In a recent interview on Yahoo Finance, Pal said that the central banks move toward digital currencies is âliterally the biggest storyâ in his career.
Investors like Pal donât want to compete against central banks, but aim to create âa digital world,â Pal said, underscoring that despite big reservations, policymakers donât appear to want to ban crypto completely.
âThey understand the technology is out of the bottle. The genie is out of the bottle,â the investor said.
âThereâs nothing you can do about it. Itâs not going away. Itâs too small to matter still.â
Pal has stated repeatedly that bitcoinâs price could get to $1 million, becoming a $10 trillion asset class, and possibly surpassing the gold market.
In the last year, bitcoinâs price has surged more than 42% to last trade near $13,137. In the last month, the digital currency has jumped more than 22%.
With a market cap of around $240 billion, bitcoin is approximately the size of a âlarge, mid-cap S&P [500 Index] stock,â Pal pointed out.
As it moves to $500 billion or $1 trillion, âsuddenly itâs a real asset class and sucks in more money.â
One of the drivers will be the âwall of institutional moneyâ coming.
âIt becomes a Soros-style reflexive loop where weâve got the macro story backing it up,â said Pal â referring to George Soros, the speculative investor once credited with âbreakingâ the Bank of England in a bet against the British pound.
âWeâve got the flow of funds backing it up, then weâve got the move, which the central banks are driving. Itâs literally the biggest story Iâve seen,â Pal said.
What it means is more printing of currency. Thatâs not just the U.S. Itâs basically every single country on earth is doing the same thing.
In Palâs view, bitcoin âplays a role as the worldâs most pristine reserve assetâ for individuals, corporations, pension funds.
âItâs an incredible asset. Itâs the only one with a limited supply with growing demand. Itâs an extraordinary thing,â he said.
In other trending Bitcoin News today:
Bitcoin Monthly Candle Closes Above $13K For The First Time Since 2017
The monthly candle of Bitcoin (BTC) for October has closed above $13,000 for the first time since December 2017.
It comes after both daily and weekly candles all closed above the crucial resistance level.
Ark Investâs Cathie Wood emphasized the importance of the $13,000 level.
Wood, who manages $11 billion in assets under management at Ark Invest, said there is little resistance between $13,000 and $20,000.
This means if Bitcoin breaks out on a high time frame chart, the probability to rise to a new record-high could get higher.
She said:
âThat $13,000 [level] is important because if we were to get through that, then in technical terms, there would be very little resistance and we would probably be on our way back to the peaks we saw in late 2017 â so, around $20,000. Now, weâre not sure if that is going to happen. We could stay in a new trading range, just at a little bit of a higher level than the recent six to 10. Maybe weâre in the $10,000 to $13,000 range. Nonetheless, a breakout.â
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
https://money.yahoo.com/raoul-pal-on-bitcoin-as-a-reserve-asset-120007396.html
https://cointelegraph.com/news/bitcoin-monthly-candle-closes-above-13k-for-the-first-time-since-2017
https://cointelegraph.com/news/bitcoin-is-the-best-treasury-reserve-asset-humanity-s-ever-had
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