According to macro investor Raoul Pal, the latest Bitcoin rally is just the beginning of an institutional-investor-led bull market.
Bitcoin may hit $150,000 by November 2021, according to Raoul Pal, founder and CEO of Global Macro Investor and Real Vision — and that would be the most conservative scenario. Pal believes that Bitcoin could even reach $250,000 due to the large amount of institutional money currently flowing into the Bitcoin market.
That is what, according to Pal, makes the latest Bitcoin rally fundamentally different from 2017’s crypto bubble, which is believed to have been driven mainly by retail investors.
According to Pal, most of Bitcoin’s additional supply is currently being absorbed by PayPal, Square — which recently adopted crypto services — and Grayscale. He believes that the resulting supply squeeze is the catalyst for Bitcoin’s latest surge.
“I’ve never seen a market with this supply and demand imbalance before”, Pal said, pointing out the macroeconomic factors that are playing in Bitcoin’s favor.
Despite news on the coronavirus vaccine sparking hopes of a quick economic recovery, governments will likely need to release additional monetary stimulus to sustain their economies. That, according to Pal, will lead to a devaluation of fiat. He believes that this together with low interest rates will propel Bitcoin’s price to new highs.
“It’s life-changing. No other asset has an upside of 5x, 10x, 20x in a short space of time,” he stated.
Check out the full interview on our YouTube channel, and don’t forget to subscribe!
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.