Raoul Pal, founder and CEO of Global Macro Investor, with more than 50% of its capital in Bitcoin, expects a corporate fund wave that will push Bitcoin to $ 1,000,000 in the next 5 years.
In an interview with Stansberry Research, the former hedge fund manager said the world economy is moving from “hope stage” to “bankruptcy stage” as investors realize that the economy will recover much more slowly than it suffered from the COVID-19 pandemic. Besides institutional adoption, he believes this narrative could create the perfect setup for a massive long-term BTC bull cycle. Pal uses the following expressions:
“There is no incentive around and we have more problems in Europe, the US and elsewhere. Businesses do not have enough cash flow. They approach in droves and I call it ‘Bankruptcy Stage’. Yes, I think about $ 1 million will be an accurate estimate. As far as I know from all institutions and all the people I have spoken to, there is a tremendous flow of money coming to this. Huge money surge. ”
He Will Sell His Gold And Buy Bitcoin
Although Pal sees himself as an adopter of both gold and Bitcoin, he says he is still considering selling gold to buy more Bitcoin:
“When you reach the macro opportunity, when everything happens and Bitcoin starts to emerge from these patterns it creates, it will largely outperform gold. I’m 100% sure of that, so why should I allocate gold? “