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Bitcoin may hit $150,000 by November 2021, according to Raoul Pal, founder and CEO of Global Macro Investor and Real Vision — and that would be the most conservative BTC scenario.
Pal believes that Bitcoin could even reach $250,000 due to the large amount of institutional money currently flowing into the BTC market.
That is what, according to Pal, makes the latest Bitcoin rally fundamentally different from 2017’s crypto bubble, which is believed to have been driven mainly by retail investors.
According to Pal, most of Bitcoin’s additional supply is currently being absorbed by PayPal, Square — which recently adopted crypto services — and Grayscale. He believes that the resulting supply squeeze is the catalyst for Bitcoin’s latest surge.
“I’ve never seen a market with this supply and demand imbalance before”, Pal said, pointing out the macroeconomic factors that are playing in Bitcoin’s favor.
Despite news on the coronavirus vaccine sparking hopes of a quick economic recovery, governments will likely need to release additional monetary stimulus to sustain their economies.
That, according to Pal, will lead to a devaluation of fiat. He believes that this together with low interest rates will propel Bitcoin’s price to new highs.
“It’s life-changing. No other asset has an upside of 5x, 10x, 20x in a short space of time,” he stated.
In other trending Bitcoin News today:
Bloomberg Lists 5 Bullish Trends For Bitcoin Price Despite ‘Thanksgiving Crash’
Bitcoin (BTC) continues to convert some of its harshest traditional critics from mainstream finance as Bloomberg admits that this bull run is nothing like 2017.
In an article on Nov. 27, the publication known for its pessimism highlighted a range of Bitcoin metrics pointing to a bullish future — despite Thursday’s $3,000 price rout.
Included as evidence were record-high Bitcoin futures open interest, non-zero wallet numbers, hash rate and the lack of correlation between Bitcoin and other macro assets.
“Just look at market technicals and Wall Street’s growing embrace of the world’s biggest digital currency,” it began.
“And while the trading doesn’t always run smoothly, the $315 billion digital coin is far deeper and more liquid than it was during last boom in 2017.”
Bloomberg referenced what it describes as “crypto diehards” who reject the idea that the current price gains are another bubble. Among them was regular Cointelegraph contributor, Mati Greenspan.
“It’s different now,” he commented.
“The last time we saw Bitcoin get this high, the blockchain was close to collapsing, but the network has had improvements since then.”
A separate interview with Bloomberg TV on Friday meanwhile saw Antoni Trenchev, CEO of the world’s biggest crypto lender Nexo, forecast Bitcoin hitting a new all-time high by the end of 2020, adding:
“The digital gold narrative is stronger than ever. If Bitcoin captures just 10% of the total market cap of gold, we will be at $50,000 in no time.”
The lack of criticism contained in the article echoes growing acceptance of Bitcoin as a genuine asset, whether investment interest is coming from retail or institutional circles.
Part of the cryptocurrency’s positive image stems from its now eight-month growth spurt versus its March crash, during which it has consistently outperformed other macro assets.
Even after its retreat to $17,000, Bitcoin’s year-to-date returns stand at 135%, against 19% for gold and 12% for the S&P 500, data from analytics resource Skew confirms.
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