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Global Macro Investor founder and chief executive Raoul Pal is betting big on Bitcoin.
Pal is offering an update on his BTC portfolio and declares more than half is now dedicated exclusively to Bitcoin.
In May, Pal said Bitcoin appears to be entering one of the best technical setups of all time and could be on a long-term trajectory to $1 million.
“Bitcoin Porn and The Perfect Set Up… BTC Chart 1 – The Perfect Wedge. If you use classic charting techniques, it gives you a price target of around $40,000…but
Chart 2 – The Perfect Wedge on a Log Chart Well, that gives you a price object for this run potentially (key word – potentially) of $1m.
Chart 3 – The Perfect Regression Channel That gives a 1 standard deviation move to $400,000 and a 2 standard potential to $1m (potential).”
Pal is also publicly pondering just how far he should go in his wager that Bitcoin will be one of the most lucrative assets of the next decade.
“Is it possible to get irresponsibly longer or is irresponsibly long the max? Asking for a friend… Bitcoin.”
The high-profile investor says his portfolio allocation is high risk and not something everyone should pursue.
“We are all 100% aware of the downside risk in a 60 vol asset… this is not a trade for a great grandmother.”
The Global Macro Investor executive says he’s accepted the possibility that Bitcoin might plummet all the way down to zero.
To further clarify his apparently BTC allocation, Pal explains that there’s a method behind the madness.
“I just want to be clear, with regards to being irresponsibly long bitcoin: I don’t use leverage. I fully expect to have to deal with a 50% drawdown and, I’m ok with it. I look at my allocation versus liquid assets and not my house etc. I am lucky have an income stream, which is key.”
In other trending Bitcoin News Today:
Yearn Finance’s YFI Reclaims $40K after Coinbase Listing
Yearn Finance’s governance token, YFI, closed above $40,000 during the early trading session on Monday. The YFI/USD exchange rate established an intraday high at circa $42,425 following a 13.74 percent rally.
The strong upside move appeared despite a lackluster bullish trend elsewhere, with top cryptocurrencies Bitcoin and Ethereum trading under the weight of sellers.
YFI too experienced a sell-off near its session top.
Traders booked their intraday profits, causing the cryptocurrency to plunge lower by 8.50 percent during the European session.
Nevertheless, a support level lurking around $38,990 protected the price from falling anywhere lower.
YFI/USD reclaimed some of its intraday profits after establishing its session support level.
A continuation in uptrend expects to lead the pair towards its all-time high near $44,003, with a primary bullish target lurking near $50,311.
The latest winning round the Yearn Finance market followed YFI’s listing on Coinbase Pro.
The US-based crypto exchange announced earlier today that it is now allowing traders to deposit their YFI tokens into its platform.
From Tuesday, trading of the DeFi cryptocurrency will commence.
Excerpts from their announcement:
“Once a sufficient supply of YFI is established on the platform, trading on our YFI-USD order book will launch in four phases, transfer-only, post-only, limit-only and full trading. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules.”
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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.