According to Raoul Pal, Founder and CEO of Global Macro Investor and Real Vision, Bitcoin could reach $ 150,000 by November 2021 – and that would be the most conservative scenario. Pal believes that Bitcoin could even hit $ 250,000 because of the large amount of institutional money currently flowing into the Bitcoin market.
According to Pal, the recent Bitcoin rally is fundamentally different from the 2017 crypto bubble, which is believed to have been mainly driven by private investors.
Pal said most of Bitcoin’s additional offering is currently being taken over by PayPal, Square – which recently launched crypto services – and Grayscale. He believes the resulting supply shortage is what triggered the recent surge in Bitcoin.
“I’ve never seen a market with this imbalance between supply and demand,” said Pal, pointing to the macroeconomic factors that speak for Bitcoin.
Despite news of the coronavirus vaccine raising hopes of a rapid economic recovery, governments are likely to need additional monetary stimulus to sustain their economies. According to Pal, this will lead to a devaluation of Fiat. He believes this, along with low interest rates, will push the price of Bitcoin to new highs.
“It’s life changing. No other asset has seen an uptrend of 5x, 10x, 20x in a short period of time,” he explained.
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