Bitcoin is getting ready for the much-awaited event scheduled for May – the halving.

The countdown has already begun, and everyone has their eyes on the market.

At the moment of writing this article, BTC is trading in the green and the most important coin in the crypto market is priced at $7,880.84.

Bitcoin is now racing to $8,000 and holders are holding on tight to their assets ahead of the halving.

Bitcoin to hit $1 million

Former Goldman Sachs hedge fund manager Raoul Pal said that he’s preparing for BTC to hit $1 million in three years.

In the latest economic reports coming from Global Marco investor Pal is covering various devastating figures on the state of economies all over the world.

He is addressing the rapid unemployment rate in the US and the plummeting retail sales in China. He said that a V-shaped recovery is not too likely to take place.

“I think that growth will not recover meaningfully from this massive economic hit. I think the narrative of hope is false hope. I would handicap a U-shaped recovery at 30%. I’d handicap a full debt deflation at 70%. Yeah. 70%,” Pal said.

Bitcoin and gold are the only viable safe havens

According to the latest reports coming from the online publication the Daily Hodl, Pal is also expecting baby boomers to “sell every rally they can to protect their last, rapidly diminishing nest egg.”

After that, he predicted that boomers would stop spending, and this will trigger slower growth and a mounting debt crisis. He said that the only answers to the massive calamity that’s to come are gold and BTC.

“Gold is the protection of our assets. Bitcoin is the call option on the future system. Both are going to save us and probably make us rich… Gold can go up 3x or 5x in the next three to five years,” he said.

Pal concluded by saying: “Bitcoin, well, that’s a different story. I think [Bitcoin] can get to $1 million in the same time period.”

Check out more details in the official report.

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