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Raoul Pal, the founder and CEO of Global Macro Investor who has more than 50% of his capital in Bitcoin, is anticipating a wave of institutional funds to push the BTC price to $1,000,000 in the next 5 years.
In an interview with Stansberry Research, the former hedge fund manager says that the world economy is moving from the “hope phase” to the “insolvency phase” as investors realize that the economy is going to recover from the COVID-19 pandemic much slower than originally expected.
Along with institutional adoption, he believes this narrative may create the perfect set-up for a huge long-term BTC bull cycle.
“…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 call the ‘Insolvency Phase’…
“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. 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.”
Though Pal considers himself a “hybrid adopter” of both gold and Bitcoin, he still says that he’s considering selling his gold to buy more Bitcoin.
“When you get to the macro opportunity, when it’s all happening and Bitcoin starts breaking out of these patterns that its been forming, it is going to massively outperform gold. I am 100% sure of that, so in which case, why would I have a gold allocation?”
In other trending Bitcoin News today:
ANALYST: BREAKING THIS ONE LEVEL COULD SEND BITCOIN TO $14,000+
Bitcoin and the entire crypto market have been caught in the throes of a consolidation phase in the time following BTC’s surge from $10,600 to $11,400.
This move was significant and seemed to indicate a trend reversal working in favor of buyers.
BTC’s momentum has slowed, but this may mark bulls’ attempt to garner enough support to spark a continuation of this uptrend.
One analyst is now noting that a move past $14,000 could be imminent in the near-term if the crypto can surmount $11,600.
Bitcoin has remained strong despite bears attempting to thwart its uptrend. It is currently trading up nearly $1,000 from where it was just over a week ago.
This strength may extend further, as its ongoing consolidation phase does appear to be shifting the cryptocurrency’s trend and positioning it for further upside.
Despite Bitcoin’s slowing momentum as it hovers around $11,400, one analyst believes that it is on the cusp of potentially seeing significantly further gains in the days and weeks ahead.
He notes that it all depends on how BTC reacts to $11,600, a key near-term resistance level to observe.
“BTC: If $11,600 gets flipped I see a clean $14k+… Until then I think we reject/range around $11,600 and dump lower,” the analyst said while pointing to the below chart.
Because this level sits less than 2% above where Bitcoin is currently trading, a test of it could be right around the corner.
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Show Notes / Resources:
Analyst: Breaking This One Level Could Send Bitcoin to $14,000+