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In the latest Cryptocurrency news live, former Goldman Sachs hedge-fund chief recently said that Bitcoin will soar as high as $1 million in around 5 years from now by a huge wall of money. Let us read more to find out about this news.
Bitcoin to Surge by $1 million – Latest Cryptocurrency News Live
Here are the key updates of this news.
In about 5 years from today, Bitcoin will hit the $1 million mark. It is currently at $11,000. This will happen because of an enormous wall of money, as per the former Goldman Sachs hedge-fund chief.
Raoul Pal said that many institutional funds will shift to digital currency soon as they will begin to realize that the economy will take time to recover from the pandemic. Raoul Pal has already invested 50% of his capital to bitcoin.
He added that bitcoin is an enormous wall of money, and that the pipes are not constructed yet to let people do it just as yet. He added that it will soon happen. A lot of smart people are already working behind it.
Raoul Pal, who is the former Goldman Sachs hedge-fund chief and also the founder of Real Vision, said in an interview recently that the prices of bitcoin could soon hit the $1 million mark in around 5 years from today.
He added that this will happen because a plethora of institutions are pinning their capital to bitcoin. The prices have already exploded by 40% than compared to last year. Recently, the current price was $11,387. Bitcoin is also the biggest digital currency as per market capitalization. It has a worth of $200 billion.
He added that global economy was jumping from the ‘hopeful’ phase to an ‘insolvency’ phase, as investors are realizing that people will take much longer to recover from COVID-19 pandemic. With no stimulus around, there are a lot of problems to tackle in Europe, US and other countries. Businesses do not have much capital and cash flow. The insolvency phase can be indicated by businesses closing in droves.
Pal said that the only answer to these issues is to take more from central banks and that is the reason why he started investing in more bitcoins. Pal added that earlier, his financial portfolio had equal portions of dollars, gold, equities and bitcoin, but now, he has invested 50% of his finances in bitcoin. He agrees that it has brought about a significant downside, but he is patient as the upsides are much bigger.
He also added that his trading positions are smaller as he does not feel there is much opportunity elsewhere as much there is in Bitcoin. He is now even considering selling his gold to Bitcoin.
This is the belief and hope of Raoul Pal. If you too see sense in his sightings, you too can start investing in Bitcoin as the future holds bright for all bitcoin dealers.