Muhaimin is a journalist, a fintech and crypto enthusiast who is passionate about its development in Africa and across the globe. Muhaimin derives pleasure in reporting and analysing happenings in the crypto world and a believer in Blockchain technology.
There have always been a lot of predictions about Bitcoin price. Raoul Pal has also made one. He believes BTC may reach $467,000.
Popular Bitcoin investor Raoul Pal has predicted that BTC price can surge as high as $467,000 in the long term. Before Pal’s prediction, hedge fund manager Mark Yusko had also predicted that the crypto price could rise that high. Bitcoin as at press time is trading at $9,681, and these analysts are of the opinion that the crypto surge could hit $467,000 under certain circumstances.
Bitcoin Price Prediction by Raoul Pal
One of these circumstances is for Bitcoin price to overtake the gold market, and the other condition is for the crypto to operate in a strong ecosystem as it could surge to millions this way. Pal said that if Bitcoin becomes an ecosystem that he believes it would become, he thinks it could rise to $10 trillion easily.
Also, comparing Bitcoin to gold by market capitalization, the crypto’s current market cap worth $177 billion, according to CoinMarketCap. Gold, on the other hand, by market capitalization, is worth $8 trillion. This shows Bitcoin market cap is a mere 2.2 percent compared to gold, indicating it is in its early phase of growth.
Bitcoin’s Hedge over Gold
Several investors are searching for alternate ways of investing funds outside the usual traditional ways if investing. The stock market also brings much uncertainty because of U.S. federal reserves stringent policies. Also, the federal reserve’s policy of minting record-high amounts of fiat will only lead to devaluation of the U.S. dollars. This is another problem for investors.
However, hedge fund managers are begging to opt for Bitcoin investment. Paul John Tudor, for instance, said that 1 percent of his asset is in BTC as a way of handling inflation. Peter Schiff, on the other hand, is a believer in gold as one of the best hedges against market volatility. But then, gold encounters the problem of transfer of value.
Bitcoin, however, is a blockchain network run by nodes operator miners and developers. Each transaction on the blockchain is similar to a piece of data vetted by miners. That way, it is transparent, easy, and fast to transfer value, unlike gold.
CEO of Xapo Wences Casares believes that every investor at least should have some amount invested in Bitcoin. He predicts that the crypto would reach $1 million if over 3 billion people begin to use the digital coin.