Bitcoin has found new support this year, bolstered by growing investor concern over central bank and government stimulus measures.
The price of bitcoin, up about 50% since January to $ 11,400 per bitcoin, has risen in line with the stock markets since a coronavirus-induced crash in March.
Now, after the bitcoin and cryptocurrency community was set on fire by a bold trillion dollar prediction from a big Tesla
“I think [$1 million per bitcoin is] roughly to the right; whether it’s five years, six years, ”Raoul Pal, founder and CEO of Global Macro Investor, told Stansberry Research in a recent interview posted on YouTube.
“From what I know of all the institutions and all the people I speak to, there is a huge wall of money coming into play,” Raoul said, pointing to “coming” improvements in ” pipes “that will allow investors to buy bitcoin as the engine of the expected investment.
“It’s on everyone’s radar screen and there are a lot of smart people working on it,” added Raoul, who revealed that he has now devoted over 50% of his wallet to bitcoin.
Bitcoin has been in the limelight in recent weeks by a number of high profile companies investing in cryptocurrency, with payment firm Square.
“My trading positions are relatively small, because I don’t think there are as many opportunities as in bitcoin. So really, mostly, a little bit of silver, a little bit of gold and bitcoin,” he said. declared Raoul. “And I’m even playing around with the idea of selling my gold to buy bitcoin, more bitcoin.”
Meanwhile, other supporters of bitcoin and cryptocurrency have also been in force in recent weeks, citing the prospects for Bitcoin.
“Investor activity is accelerating dramatically with various on-chain parameters and ongoing and increasing global political, economic and social turmoil, suggesting that there will be a [bitcoin] price spike before the end of the year, “said Nigel Green, managing director of independent financial advice at Vere Group, by email, noting” an avalanche “of interest in bitcoin in recent weeks from” d ‘renowned investors’.
“Like gold, bitcoin can be expected to retain its value or even grow in value when other assets go down, allowing investors to reduce their exposure to losses. Investors will increase their exposure to decentralized, non-sovereign and secure digital currencies, such as bitcoin. , to help protect them from potential problems in traditional markets. “
Earlier this month, another Goldman Sachs veteran, former billionaire hedge fund manager turned bitcoin and cryptocurrency investor Michael Novogratz, warned Goldman that he was scrambling to catch up with his lead in bitcoin soon. and crypto.