In an interview with Cointelegraph, investment expert Raoul Pal says that institutional investors will take Bitcoin to astronomical heights.
Raoul Pal, co-founder and managing director of Global Macro Investor and Real Vision, predicts that Bitcoin Superstar will climb to $ 150,000 by November 2021, even calling this a „conservative“ estimate. Rather, he assumes that the market-leading cryptocurrency will even rise to 250,000 US dollars 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
As Pal explains, large companies such as Square, PayPal and Grayscale are currently buying up all newly created units of Bitcoin immediately, which creates a shortage that in turn leads to a price increase.
„I’ve never seen a market in which supply and demand are so unbalanced,“ said Pal, referring to the macroeconomic factors that are favorable for Bitcoin, since the demand is significantly greater than the existing supply.
Although a vaccine for the coronavirus could soon normalize the economy, it will probably need further financial aid packages beforehand
These financial injections, however, devalue local currencies, which in combination with negative interest rates could lead to more and more investors fleeing Bitcoin and driving the cryptocurrency up, Pal concludes.
“It can change lives. No other financial product has the potential to increase 5-fold, 10-fold or 20-fold in a short period of time, ”said the investment expert about the market-leading cryptocurrency.
You can see the full interview with Raoul Pal on Cointelegraph’s Youtube channel .