Raoul Pal: „Institutional investors will push Bitcoin to US$250,000 in 2021“.
Investment expert Raoul Pal says in an interview with Cointelegraph that institutional investors will take Bitcoin to astronomical heights.
Raoul Pal, co-founder and CEO of Global Macro Investor and Real Vision, forecasts that Bitcoin will climb to $150,000 by November 2021, even calling this a „conservative“ estimate. Rather, he believes that the market-leading crypto currency will even rise by Ethereum Code to $250,000 by then as more and more institutional investors enter the market.
And it is precisely in this circumstance that Pal sees the big difference to the crypto hype of 2017, which was mainly fueled by private investors.
PayPal and Grayscale are currently buying
As Pal explains, large companies such as Square, PayPal and Grayscale are currently buying up all newly created units of Bitcoin immediately, creating a shortage which in turn leads to a price increase.
„I have never seen a market where supply and demand are so unbalanced,“ Pal said, referring to the macroeconomic factors that are favourable to Bitcoin as demand is significantly greater than supply.
Although a vaccine for the coronavirus could soon bring the economy back to normal, further financial assistance packages will probably be needed before then. However, these financial injections are devaluing national currencies, which, combined with negative interest rates, could lead to more and more investors fleeing into Bitcoin and pushing the crypto currency up, Pal concludes.
„It can change lives. No other financial product has the potential to rise 5-fold, 10-fold or 20-fold in a short period of time,“ says the investment expert about the market-leading crypto currency.
You can watch the whole interview with Raoul Pal on Cointelegraph’s Youtube channel.