Bitcoin to hit $1m in five years: Raoul Pal
14 Oct 2020
The price of Bitcoin will hit $1 million in five years, according to a leading and high-profile macro strategist.
Raoul Pal puts the price jump down to mass adoption and the “enormous wall of money” piling into the world’s largest cryptocurrency.
Former Goldman Sachs hedge fund manager Raoul Pal aired his opinion last week in a podcast interview with Daniela Cambone of Stansberry Research.
“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 U.S. and elsewhere. And businesses don’t have enough cash flow, they’re closing in droves and that’s what I called the insolvency phase.”
He added: “The only answer is more from the central banks, so that’s why I started to buy more and more Bitcoin.”
His portfolio used to be equally distributed between U.S. dollars, gold, equities, and Bitcoin. However, he revealed during the podcast that his Bitcoin allocation is “probably above 50% now.”
While admitting that this investment mix exposes him to a 50% downside, he said it is acceptable for him because the upside is “so much bigger.”
The trader observed that he has reduced his cash holdings and put the funds into Bitcoin.
“My trading positions are relatively small because I don’t think there’s as much opportunity as the room is in Bitcoin. So really, mainly a bit of cash, some gold, and Bitcoin. And I’m even toying with the idea of selling my gold to buy more Bitcoin.”
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