BITCOIN MAY HIT $1M AND TOP GOLDS MARKET CAP SAYS MACRO INVESTOR RAOUL PAL!

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$1M BTC Raoul Pal

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Influential investor Raoul Pal says the best trade he’s ever found is Bitcoin, which he’s described BTC as “a call option on the future” and “the world’s most pristine reserve asset.”

In a recent interview on Yahoo Finance, Pal said that the central banks move toward digital currencies is “literally the biggest story” in his career.

Investors like Pal don’t want to compete against central banks, but aim to create “a digital world,” Pal said, underscoring that despite big reservations, policymakers don’t appear to want to ban crypto completely.

“They understand the technology is out of the bottle. The genie is out of the bottle,” the investor said.

“There’s nothing you can do about it. It’s not going away. It’s too small to matter still.”

Pal has stated repeatedly that bitcoin’s price could get to $1 million, becoming a $10 trillion asset class, and possibly surpassing the gold market.

In the last year, bitcoin’s 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 “large, mid-cap S&P [500 Index] stock,” Pal pointed out.

As it moves to $500 billion or $1 trillion, “suddenly it’s a real asset class and sucks in more money.”

One of the drivers will be the “wall of institutional money” coming.

“It becomes a Soros-style reflexive loop where we’ve got the macro story backing it up,” said Pal — referring to George Soros, the speculative investor once credited with “breaking” the Bank of England in a bet against the British pound.

“We’ve got the flow of funds backing it up, then we’ve got the move, which the central banks are driving. It’s literally the biggest story I’ve seen,” Pal said.

What it means is more printing of currency. That’s not just the U.S. It’s basically every single country on earth is doing the same thing.

In Pal’s view, bitcoin “plays a role as the world’s most pristine reserve asset” for individuals, corporations, pension funds.

“It’s an incredible asset. It’s the only one with a limited supply with growing demand. It’s an extraordinary thing,” 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 Invest’s 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:

“That $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 — so, around $20,000. Now, we’re 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 we’re in the $10,000 to $13,000 range. Nonetheless, a breakout.”

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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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