Ex-Goldman Sachs Exec: Bitcoin Likely to Surmount $20k Within 18 Months
#crypto #bitcoin
Like other markets, Bitcoin has been hard over the past few weeks. From the $10,500 high established in February, BTC has fallen by 41%, now trading at $6,200 as of the time of this article’s writing. Despite this downturn, a prominent macro analyst expects the cryptocurrency to soon rally above its previous all-time high. BTC Price to Surmount $20,000 In 18 Months In an interview published on Saturday, Raoul Pal — ex-head of Goldman Sachs’ equity derivatives business and the current CEO of Goldman Sachs — remarked that he thinks the price of Bitcoin will rally to its $20,000 all-time high within the coming 12 to 18 months, despite the current crash seen in global markets. This interview was released shortly after he remarked that he is more bullish than ever on Bitcoin, remarking that there’s a possibility that “all trust” in the “entire system” has been lost. This was presumably in reference to the world’s response to the outbreak of COVID-19, which has revealed clear insecurities in the fabric of society, from politics to finance. The Only Asset He Would Own For Next Decade: Bitcoin Pal isn’t only bullish on Bitcoin from a one to two-year outlook. Case in point, in a to-the-point comment that he shared late January, the former Goldman exec said that he thinks Bitcoin would be the only asset he would hold for the next 10 years (if he had to choose one) because it “encapsulates all of larger macro views,” referencing previous statements he made suggesting the world will turn to an alternative system of finance that will be digital. If I could only own one asset for the next 10 years, it would be bitcoin $BTC It encapsulates all of my larger macro views and feels like the point on the far horizon we are headed to, in some shape or form. Yes, like gold too and many other things but BTC risk/reward beats all. — Raoul Pal (@RaoulGMI) January 31, 2020 He added that from a pure risk-reward analysis perspective, Bitcoin “beats all.” The former Goldman Sachs executive previously told prominent industry podcaster Stephan Livera that all popular asset classes are extremely expensive, except for Bitcoin and cryptocurrency. Equities, he explained, are roughly at all-time highs, and are pushing extreme valuations for relatively little profit and potential. Related Reading: Bitcoin Printed This Exact Pattern Prior to 2019’s Explosion to $14,000. It’s Back Bonds aren’t much better, Pal opines, drawing attention to the “virtually zero yields” — and negative yields in some cases — that debt deemed safe provides. Even real estate isn’t attractive, with the prominent investor calling this asset class “unaffordable”, adding that it makes even less sense to purchase homes because they’re trading near all-time highs. Hence, Bitcoin. Featured Image from Shutterstock
OhNoCrypto
via https://www.ohnocrypto.com
Nick Chong, Khareem Sudlow
Like other markets, Bitcoin has been hard over the past few weeks. From the $10,500 high established in February, BTC has fallen by 41%, now trading at $6,200 as of the time of this article’s writing. Despite this downturn, a prominent macro analyst expects the cryptocurrency to soon rally above its previous all-time high. BTC Price to Surmount $20,000 In 18 Months In an interview published on Saturday, Raoul Pal — ex-head of Goldman Sachs’ equity derivatives business and the current CEO of Goldman Sachs — remarked that he thinks the price of Bitcoin will rally to its $20,000 all-time high within the coming 12 to 18 months, despite the current crash seen in global markets. This interview was released shortly after he remarked that he is more bullish than ever on Bitcoin, remarking that there’s a possibility that “all trust” in the “entire system” has been lost. This was presumably in reference to the world’s response to the outbreak of COVID-19, which has revealed clear insecurities in the fabric of society, from politics to finance. The Only Asset He Would Own For Next Decade: Bitcoin Pal isn’t only bullish on Bitcoin from a one to two-year outlook. Case in point, in a to-the-point comment that he shared late January, the former Goldman exec said that he thinks Bitcoin would be the only asset he would hold for the next 10 years (if he had to choose one) because it “encapsulates all of larger macro views,” referencing previous statements he made suggesting the world will turn to an alternative system of finance that will be digital. If I could only own one asset for the next 10 years, it would be bitcoin $BTC It encapsulates all of my larger macro views and feels like the point on the far horizon we are headed to, in some shape or form. Yes, like gold too and many other things but BTC risk/reward beats all. — Raoul Pal (@RaoulGMI) January 31, 2020 He added that from a pure risk-reward analysis perspective, Bitcoin “beats all.” The former Goldman Sachs executive previously told prominent industry podcaster Stephan Livera that all popular asset classes are extremely expensive, except for Bitcoin and cryptocurrency. Equities, he explained, are roughly at all-time highs, and are pushing extreme valuations for relatively little profit and potential. Related Reading: Bitcoin Printed This Exact Pattern Prior to 2019’s Explosion to $14,000. It’s Back Bonds aren’t much better, Pal opines, drawing attention to the “virtually zero yields” — and negative yields in some cases — that debt deemed safe provides. Even real estate isn’t attractive, with the prominent investor calling this asset class “unaffordable”, adding that it makes even less sense to purchase homes because they’re trading near all-time highs. Hence, Bitcoin. Featured Image from Shutterstock
OhNoCrypto
via https://www.ohnocrypto.com
Nick Chong, Khareem Sudlow