Founder and CEO of Global Macro Investor Raoul Pal, who has transferred more than 50% of his capital into Bitcoin(BTC) expects a wave of institutional funds to push Bitcoin to $ 1,000,000 over the next 5 years.
In an interview with Stansberry Research, a former managerThe hedge fund said the global economy is transitioning from a "phase of hope" to a "phase of insolvency" as investors realize the economy will recover from the COVID-19 pandemic much more slowly than initially expected.
He believes that along with institutional acceptance, this trend could create the perfect foundation for BTC's huge long-term bull cycle.
«Yes, I think BTC will be worth about a million... From what I know from many organizations and people I talk to, there is a huge wall of money coming. A huge wall of money...»
Despite the fact that Pal considers himself a "hybrid supporter" of both gold and bitcoin, he is still considering selling his gold in order to buy more bitcoins.
«Bitcoin will begin to break out of the patterns it has formed, causing it to significantly outperform gold. I am 100% sure of this, so why do I need gold?»
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