Bitcoin’s $1 Million Upside Kills Traditional Investment Opportunities, Raoul Pal Says
Bitcoin has been consolidating above $9,000 for almost two months now, and following the halving, there have been various optimistic predictions about the coin’s price.
At the moment of writing this article, BTC is trading in the red and the king coin is priced at $9,067.05.
Bitcoin is the call option on global central bank uncertainty
it’s been revealed that Raoul Pal, CEO of Global Macro Investor and former Goldman Sachs fund manager said that Bitcoin is the call option on global central bank uncertainty, as revealed by the online publication the Daily Hodl.
He said that the hedge funds are starting to notice all this.
He recently joined Mike Novogratz on the Unchained Podcast to discuss Bitcoin’s role amidst all the global economic issues caused by the coronavirus pandemic and various government responses to this.
Pal stated that the flaws of the international financial system are visible these days – he even said that he has been receiving calls and e-mails from hedge fund investors on a daily basis and they want to know how they can invest in Bitcoin.
“We’ve never gone through such central bank uncertainty. None of us have lived through monetary printing of this kind of magnitude. In fact, none of us even believed it would ever happen. So when you’ve got something that is so large and it continues – it doesn’t go away, it gets worse and worse and worse – everybody has to ask the question, ‘Well what could it mean?’” he said.
Bitcoin is a viable investment
He continued and said: “And Bitcoin is the call option on the ‘What could it mean?’ And it’s as simple as that. So in a big portfolio, a very little bet could end up being a very big thing if something at the central bank level, i.e. fiat currency, comes into a larger problem.”
Pal and Novogratz said that there’s a massive impact of the new generations on Bitcoin.
Pal said that BTC would hit $1 million one day and apart from this, Millenials have no high-return investments, compared to Boomers who had lots of them in their lifetime.
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Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.