He CEO Global Macro Investor Raoul Pal, said that after the COVID-19 pandemic, it will take some time for the economy to recover. Precisely, for 2025 Bitcoin will hit a price of $ 1,000,000, up from $ 11,200 today.
Ultimately, the Coronavirus appears to have had a devastating impact on the world economy. Thus, sales around the world have plummeted, while the unemployment rate is increasing.
Unquestionably, Raoul Pal, revealed: “The economy will not recover for much longer than we expect. We have more problems to come in Europe, the United States, and elsewhere. Also, companies do not have enough cash flow, they are closing en masse“.
Raoul Pal predicts that in five years Bitcoin will reach $ 1 million
Although his outlook for the stock market is quite bleak, Raoul Pal is very bullish on Bitcoin. Mainly, because he believes that Bitcoin can reach $ 1 million, in just five years.
Furthermore, Pal revealed that after a conversation with MicroStrategy CEO Michael Saylor, he realized that Bitcoin is superior to gold.
He said: “If you look at the supply of gold, it is 2% per year, so they depreciate the gold by 2% every year, because the demand cannot compensate for the supply of gold. The only asset in the world that exceeds the G4 balance sheet is Bitcoin”.
Also, Pal added:
“Bitcoin is a call option for the future system. In the next three to five years, Bitcoin can reach $ 1 million. “
Hence, he attributes the price increase to adoption by large groups of investors. And to the “huge wall of money”That goes into Bitcoin.
$ 1 million of BTC in 5 years
By the way, on October 7th Raoul Pal shared his take on the economy, gold, and Bitcoin. It was done, in an interview with Daniela Cambone from Stansberry Research.
«Yes, I think 1 million dollars is fine. Just from what I know of all the institutions and all the people I talk to, there is a huge wall of money coming into this«.
In fact, Raoul Pal, complements:
“The only answer is more from central banks. So I started to buy more and more Bitcoin ”.
For this reason, Pal explained that he has reduced his cash holdings and put the funds in Bitcoin. “My trading positions are relatively small because I don’t think there are as many opportunities as in Bitcoin”.
To conclude, Raoul Pal has a bullish forecast on the price of Bitcoin, predicting that it will be $ 1 million in five years. Do you agree with this prediction? Leave us your opinion in the comment box.
I retire with this phrase from Confucius: “Study the past if you want to predict the future”.