Raoul Pal: An Enormous Wall of Money is Coming Into Bitcoin

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The Founder and CEO of Global Macro Investor and Real Vision Group remains bullish about Bitcoin (BTC) and the cryptocurrency market. During an interview with Stansberry Research, he talked about the largest cryptocurrency in the world and how the COVID-19 affected the traditional financial market in Europe and other regions. 

Investors Are Coming to Bitcoin

Mr. Pal explained that he has been in Bitcoin since 2012 and that he has increased his exposure to this asset in the last years. Due to the fact that central banks decided to put interest rates close to zero and to print larger amounts of money, Pal decided to buy more Bitcoin and be protected against further depreciation of fiat currencies. 

He went on saying that his allocation in Bitcoin is now 50% and that he has always some cash ready to use to acquire other assets in case the opportunity appears. Furthermore, he mentioned that Bitcoin is going to be massively outperforming gold in the coming years. 

Raoul Pal mentioned that there is a large number of companies that have been coming into Bitcoin and many others could do so in the next years. The first wave of investors was from retail users that wanted to get exposure to the asset, in the future, firms and eventually countries could invest in Bitcoin. 

He has also mentioned that he is not worried about his overexposure to Bitcoin (around 50% of his portfolio) because the upside potential is massive. He also considers that Bitcoin could reach $1 million in the future. 

About the future of the digital currency, Raoul Pal said:

“Just from what I know from all of the institutions, all of the people I speak to, there is an enormous wall of money coming into this. It’s an enormous wall of money, just the pipes aren’t there to allow people to do it yet, and that’s coming, but it’s on everyone’s radar screen.”

Finally, he explained that old businesses such as banks or the energy sector linked to oil are experiencing very bad moments right now. This is something that he believes we have never seen before in the financial markets. 

At the moment of writing this post, Bitcoin (BTC) is being traded around $11,350 and it has a market valuation of $210 billion. In the coming years, this could continue moving higher according to Raoul Pal and many other analysts around the world. 

Via: 2Usethebitcoin.com

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