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Raoul Pal, the former Goldman Sachs hedge-fund manager who founded Real Vision, said the Bitcoin price will hit $1 million in five years.
In an interview with Stansberry Research on October 7, he pinned the predicted the BTC price increase to a wave of institutional funds pouring an “enormous wall of money” into the asset.
Bitcoin’s price has exploded about 40% year-to-date, and is currently worth $11,387. It is also the largest digital currency by market capitalization, with a current value of about $200 billion, according to data published by Statista.
“Yeah, I think [$1 million is] about right. Just from what I know from all of the institutions and all of the people I speak to, there is an enormous wall of money coming into this,” he told host Daniela Cam-bone.
“It’s an enormous wall of money. Just the pipes aren’t there to allow people to do it yet, and that’s coming, but it’s on everybody’s radar screen and there’s a lot of smart people working on it.”
Pal, currently the co-founder and CEO of Global Macro Investor, said the global economy is moving from the “hope phase” to the “insolvency phase” as investors realize an economic recovery from the COVID-19 pandemic will take much longer than anticipated.
“The economy is not going to recover for a lot longer than we expect,” he said.
“There’s no stimulus around and we’ve got more problems to come in Europe, the US, and elsewhere. And businesses don’t have enough cash flow, they’re closing in droves and that’s what I called the insolvency phase.”
“The only answer is more from the central banks, so that’s why I started to buy more and more Bitcoin,” he added.
At one point, Pal’s portfolio used to be equally distributed between dollars, gold, equities, and Bitcoin.
But during the interview, he disclosed that the percentage of Bitcoin he holds is “probably above 50% now.”
He admitted that the above 50% allocation exposes him to a significant downside, but accepts that as the upside is “so much bigger.”
In other trending Bitcoin News today:
Select Altcoins Could Rise 100-1000x in Renewed Bitcoin Bull Cycle, Says Crypto Trader Lark Davis – Here Are Some of His Top Picks
Popular cryptocurrency analyst Lark Davis says altcoins will prove to be the best investments of 2021.
In a new video, Davis discusses which altcoin sectors he’s bullish and bearish on going into the next year.
He says Bitcoin will do well, but suggests avoiding payment coins and Bitcoin forks like Bitcoin Cash (BCH), Bitcoin Satoshi Vision (BSV), Litecoin, Dash (DASH) and others.
He believes that stablecoins “have won the day” in that sector.
Davis also suggests avoiding new stablecoin projects and low-liquidity variants to the main players like Tether (USDT) and USD Coin (USDC).
Additionally, the analyst is bearish on Ethereum Classic, which he refers to as a “zombie chain.”
He also warns against investing in “cheap copy-and-paste DeFi,” given that there is a flood of clones still entering the market.
By contrast, Davis is bullish on “strong DeFi players” like Aave (LEND), Synthetix (SNX) and Ren (REN). He also says traders with enough capital should try farming Compound (COMP) and Uniswap (UNI).
Davis says he’s especially interested in the rise of DeFi on strong smart-contract platforms not named Ethereum.
That includes Cardano (ADA), Polkastarter (POLS) and Acala (ACA) on Polkadot (DOT), as well as Kava (KAVA), BAND Protocol (BAND) and the upcoming Persistence on Cosmos (ATOM).
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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://cointelegraph.com/news/i-would-not-short-bitcoin-buy-the-dip-zone-now-11k-says-tone-vays