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Raoul Pal previously said that Bitcoin is slowly eating the world as observed with the banking system.
Renowned economist and investment strategist Raoul Pal highlighted some of the future market outlook during a YouTube interview entitled ‘Financial Manager interview #006’. According to Pal, former Goldman Sachs strategist, who has majorly invested in the crypto market, Bitcoin is well poised to hit $1 million in the next five years.
Apparently, Pal noted that the value is not outrageous as more institutional investors led by hedge fund managers are flocking into the market in an unprecedented manner. Furthermore, Bitcoin has significantly decoupled from the dollar and other major global currencies and is currently on the way to deposing Gold dominance in the store of value sector.
He further stated that Ethereum is the future of smart contracts and he does not see it as a currency. In contrast, Pal stated that most people view Bitcoin as a store of value and also a currency. Whereas there are projects being developed under the Bitcoin ecosystem, Pal ponders them as not futuristic as those developed in the Ethereum ecosystem. Thus, compared the purchasing of a unit of Ethereum as gaining a share unit in future technology.
Market data provided by Coinmarketcap indicates Bitcoin was trading around $34,900 at the time of writing. According to his prediction of $1 million in five, the asset would have rallied over 28 times from the current market price.
Raoul Pal and the Crypto Market Particularly Bitcoin
Raoul Pal has in the past deconstructed the crypto market in relation to other markets through his Twitter page. Apparently, he indicated that Bitcoin and Ethereum are his major investment after selling his gold position.
In his narrative, Raoul Pal previously tweeted that Bitcoin is slowly eating the world as observed with the banking system.
Bitcoin is eating the world…
It has become a supermassive black hole that is sucking in everything around it and destroying it. This narrative is only going to grow over the next 18 months.
You see, gold is breaking down versus bitcoin…and gold investors will flip to BTC pic.twitter.com/ox7KRY5VRo
— Raoul Pal (@RaoulGMI) October 27, 2020
As a store of value, Bitcoin’s ROI – the approximate return of investment- according to Coinmarketcap stands at around 25,716%. Mind you this has only happened during its first ten years of existence.
Notably, Bitcoin rallied over 350% last year and is now up approximately 27.8% in the past seven days.
Bitcoin has in the past pulled with it most altcoins as observed during the 2017/2018 bull rally. If history is to be trusted and reiterated, leading altcoins like Litecoin and Bitcoin cash could experience astronomical gains in the ongoing rally.