07 Aug 2020 #Bitcoin
Raoul Pal, CEO and founder of Real Vision, says Bitcoin may soon become his only asset for long-term investments.
CEO and founder of Real Vision Raoul Pal says his “conviction levels” in Bitcoin are rising on a daily basis as he compares the crypto asset to traditional investments on various timescales.
Applying economic cycle theory in a series of charts posted to Twitter on Aug. 6, the former Goldman Sachs fund manager stated that although many investors choose gold as an alternative to fiat, Bitcoin (BTC) has been the only asset in the world to “offset the growth of the G4 balance sheet.” The G4 refers to the Bank of England, the Bank of Japan, the Federal Reserve, and the European Central Bank.
“It’s not stocks, not bonds, not commodities, not credit, not precious metals, not miners. Only one asset massively outperformed over almost any time horizon: Bitcoin.” The CEO continued: “My conviction levels in Bitcoin rise every day. I’m already irresponsibly long. I am now thinking it may not be even worth owning any other asset as a long-term asset allocation, but that's a story for another day.”
Pal told Cointelegraph in May that the devaluation of world currencies will cause the price of Bitcoin to rise 50x to 100x in the next five years. He interpreted economic cycle theory charts to mean the cryptocurrency could eventually reach $1 million.
As of this writing, the price of Bitcoin is approaching $11,800, having risen 6% in the last seven days.
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