Raoul Pal: Bitcoin Is Priceless
Former Hedge Fund manager Raoul Pal has said he believes Bitcoin is priceless, calling it a ‘priceless reserve and collateral asset’.
Well-known Bitcoin bull, Pal, who regularly tweets his bullish sentiments about the leading cryptocurrency explained his ‘priceless’ view of Bitcoin to his thousands of subscribers in his Global Macro Investor newsletter.
Pal’s ‘Bitcoin is priceless’ view comes as no surprise, as the money manager is one of the most bullish in the Bitcoin space. The Wall Street legend is also on record as saying he believed we would see Bitcoin to USD $1 million in the coming years.
Bitcoin Is Priceless, says Raoul Pal
In the latest edition of the GMI newsletter – a 143 page document, Pal says, Bitcoin is priceless because ‘its core value is that it the hardest form of money ever invented.’
Who can argue with Pal? Bitcoin is invaluable – no other asset can claim to have a definite finite amount.
And given that it’s built into the most secure network ever created Bitcoin is priceless.
Pal explained his reasoning further, saying ‘Bitcoin is easily divisible, portable, transferable and exchangeable makes Bitcoin more useful than gold and a better store of wealth than any other type of money.’
Pal even tells his subscribers that Bitcoin beats gold in every single way, except that it doesn’t have 10,000 years of history like gold.
Bitcoin Will Become The Collateral For The World, says Raoul Pal
The Wall Street legend also discusses the macro issues at large and claims that Bitcoin will become the collateral of the world.
Real Vision CEO, Raoul Pal says although government bonds are the collateral used today, all of the quantitative easing, and all the centralized manipulation of the markets and economy would eventually lead to a fall in fiat, and a lack of confidence in it.
‘For Bitcoin to become a collateral asset, it just needs a yield curve,’ says Pal. ‘And that it is a matter of time before we will be able to establish the time preference for Bitcoin over 30 years or more, just like bonds.’
‘My guess is that Bitcoin will trade at rates higher than bonds, not because of credit risk or inflation, Bitcoin suffers from neither, but because the value of that collateral is worth more due to its pristineness.’
Raoul Pal: Bitcoin Will Re-Introduce Fiscal Responsibility
And the former hedge fund manager sees a future in which Bitcoin will re-introduce a system of being rewarded for collateral instead of an economy of debt.
‘Owners of Bitcoin will get rewarded for owning the best collateral. In the current system, owners of quality collateral get penalized with lower rates.’
Raoul Pal isn’t sure about Bitcoin becoming peer-to-peer money, however. He does believe it’s a possibility in the future, but because of its expected growth, Pal believes ‘there is no incentive to spend it, only hoard it as a reserve asset that appreciates over time.’
Not a bad thing, and once again a re-introduction of being rewarded for being shrewd and not wanton.
Bitcoin Is The Future Of Money
It’s the second time this year that money manager, Pal, has opened up about Bitcoin to his Global Macro Investor subscribers in the GMI newsletter.
In the April 2020 issue, macro strategist Pal explained why he believes a Bitcoin to USD $10 trillion market cap valuation isn’t a crazy idea in the future.
‘Bitcoin could easily catch gold’s $10 trillion valuation. After all, it isn’t just a currency or even a store of value. It is an entire trusted, verified, secure financial and accounting system of digital value that can never be created outside of the cryptographic algorithm,’ said Pal.
‘It is nothing short of the future of our entire medium of exchange system, and of money itself and the platform on which it operates.’
Raoul Pal: Bitcoin is Priceless
There’s no doubting Raoul Pal is a Bitcoin bull. He regularly tweets his bullish vision for Bitcoin, and has even said earlier this year, we could potentially see a Bitcoin to USD $1 million price tag.
And while a Wall Street legend such as Pal being so bullish is fantastic, it’s important to understand that he has been wrong on many occasions. Or does wrong mean early? Certainly on many occasions.
Pal is a well-respected macro strategist. He’s not the only one that sees the potential and is bullish about Bitcoin. Many are making moves and buying Bitcoin, and it’s all setting up nicely for potentially the biggest bull market in Bitcoin history.
What price will we see Bitcoin reach? Well, Bitcoin is already priceless, it’s just not priced in yet.
Author: Tommy Limpitlaw
Why should I buy Bitcoin?
People who understand Bitcoin buy Bitcoin because it is a peer-to-peer money that nobody can manipulate. It’s all set in the Bitcoin codebase which is secured by hundreds of thousands of computers all around the world. Bitcoins can be sent by anybody and no third party is need to verify the transactions, and nobody can stop Bitcoins being sent. There are many more reasons why people buy Bitcoin, and a deeper dive before doing so is recommended.
Where is the best place to buy Bitcoin?
There are many great places to buy Bitcoin, and it all depends on your preference. You can buy Bitcoin on typical cryptocurrency exchanges, such as Binance and Kraken. Or you can buy it from peer-to-peer Bitcoin marketplaces, such as Paxful and LocalBitcoins. You can also buy Bitcoin from Bitcoin ATMs. It all depends on your location and preference.
How can I buy Bitcoin in
There are many reputable Bitcoin exchanges operating in France. However, the most recommended exchange is Kraken or CEX, or you can buy Bitcoin from Bitcoin marketplace, Paxful. All of these exchanges and marketplaces are global with high liquidity and excellent customer service. Feel free to read the reviews of each one.
What is the point of Bitcoin?
Bitcoin is a decentralized money. A money that nobody can control or manipulate, and a money that nobody can print and devalue. It’s also not necessary for any third party to verify transactions, so it makes it much faster and cheaper to send value. It’s also money built on the Internet: a society of almost 5 billion people.
A Bitcoiner since 2017 and a Bitcoin Maximalist since 2018, Tommy is our main writer and editor at Bitcoin Maximalist. Other than researching and writing about Bitcoin, Tommy loves spending time with his family and supporting his beloved Leeds United.