Stock Market Warning: Bitcoin Vs. Wall Street
There are all kinds of predictions made these days about the crypto market and the traditional market as well.
Wall Street could be heading towards a breakdown
It’s been revealed that Raoul Pal, co-founder, and CEO of Real Vision Group, said that Wall Street may be heading toward a brutal breakdown.
It’s been reported that he believes investors should be paying attention to an important chart that suggests the fact that the recent stock market rally could come to an abrupt finish line.
“I kind of think that there’s the underlying narrative, and we’re transitioning from hope to insolvency. Just remember, if you look at this last chart, this is the rally now versus the rally in 1929. It kind of peaked out around these levels and this time,” he said, as quoted by the Daily Hodl.
He continued and said: “Also, there was a secondary rally in 2001 into 2002. I remember it well… That was the hope phase rally of that. There was an earlier hope phase back in 2011, as well. That one peaked out after about six months. So the timing is around here.”
He believes that currencies all over the world will be hit, but he does not see a collapse of the US dollar on the horizon.
“I don’t buy into the dollar collapse argument. Not yet. Sure, could the dollar weaken? Is it going to collapse? I don’t think so. I think the Bank of England today, talking about negative rates, has proved why it’s not going to happen. Everybody has to do the same thing,” he said.
He said that the only answer that the US has is to print more dollars.
Bitcoin to see a bright future
He also says that he believes Bitcoin could hit $1 million, and now, people have the chance to buy BTC before massive investors’ money starts pouring into the king coin.
He called Bitcoin the world’s hardest currency.
At the moment of writing this article, BTC is trading in the green and the coin is priced at $11,785.11.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.