Former hedge fund manager Raoul Pal revealed that he is over 50% in Bitcoin, which is hardly surprising as he expects to see Bitcoin to USD $1 million in the coming years.
Replying to a tweet which Anthony Pompliano ‘Pomp’ says he is 50% in Bitcoin, Pal, a well respected macro investor, responded saying he was over 50%.
The Real Vision CEO has been unmistakably bullish on Bitcoin for the last year or so, but has ramped up his bullish sentiment this year considerably.
‘Is it possible to get irresponsibly longer or is irresponsibly long the max? Asking for a friend… Bitcoin,’ asked Pal in another tweet.
Raoul Pal is also on record for saying he believes we will see a Bitcoin to USD $1 million price tag in the not too distant future.
Pal received some criticism from nocoiners and a concerned shitcoiner who tried to convince the macro strategist that Bitcoin was ‘Ask Jeeves’ of the crypto space, and should look elsewhere ‘for his own sake’.
>50% Bitcoin is High Risk and not for Great Grandmothers
The high-profile investor admits his portfolio allocation is high risk and not for a great grandmother to undertake, but he did quip that he was considering ‘selling the house,’ and joked he might liquidate his ‘mother and two dogs’.
That was all tongue in cheek, but I believe it was made to emphasize his optimism on the trajectory of the Bitcoin price.
The Global Macro Investor CEO clarified his position, explaining that he is “irresponsibly” investing without leverage and expects 50% drawdowns along the way.
I just want to be clear, with regards to being irresponsibly long bitcoin:
I don't use leverage
I fully expect to have to deal with a 50% drawdown and, Im ok with it.
I look at my allocation versus liquid assets and not my house etc
I am lucky have an income stream, which is key— Raoul Pal (@RaoulGMI) September 8, 2020
Raoul Pal has been one of the loudest bullish voices in the Bitcoin space for a while now.
Whether he’s tweeting his opinion or in discussion on Real Vision, there isn’t many with a as buoyant an outlook as Pal.
Raoul Pal: Bitcoin to USD $1 Million
Back in May, Raoul Pal said Bitcoin appeared to be entering one of the best technical setups of all time and could be on a long-term trajectory to $1 million.
Pal headlined his tweet storm back then: ‘Bitcoin Porn and the Perfect Set Up‘ saying a perfect set up had appeared for Bitcoin and we could potentially see Bitcoin to USD $1 million.
He emphasized the term ‘potentially’ and didn’t give a time frame, but with the way the global economy is going, Pal clearly believes we could see a million dollar Bitcoin in the not too distant future.
Raoul Pal: Bitcoin Is Priceless
Whether we see a million dollar Bitcoin any time soon is not the thing in question here, but either way it is still undervalued according to Raoul Pal.
Last month, bullish as ever, the Wall Street veteran wrote a 143-page document for his GMI newsletter, explaining to its subscribers that ‘Bitcoin is priceless‘ because ‘its core value is that it the hardest form of money ever invented.’
Pal cited Bitcoin’s divisibility, portability, and its liquidity that made it ‘priceless’ and also made Bitcoin more useful than gold and a better store of wealth than any other type of money.
Pal appears to be getting more bullish on Bitcoin as time goes by, and it’s all down to the state of the global economy.
Speaking on the Stephen Livera podcast last month, Raoul Pal likened the state of macro as a ‘perfect storm’ for Bitcoin.
‘Bitcoin and the macro world were on two separate paths that were converging and they‘ve just met,’ said Pal when asked to explain his perfect storm analogy.
It’s all ‘a perfect storm where everyone is about to come into the space, and Bitcoin looks like on the chart pattern that it’s about to outperform everything.’
Pal cited Paul Tudor Jones calling Bitcoin the ‘fastest horse’ and legacy institutions, such as Fidelity starting to roll out Bitcoin custody solutions, Pal said it was only a matter of time before a Bitcoin ETF was introduced.
Raoul Pal Is The Bitcoin Bull
A word of caution should always take precedence when investing. Raoul Pal is invested heavily in Bitcoin, so it could be argued that he’s shilling his investment.
That said, he’s a well-respected macro trader. Someone who has been there and done it. A former hedge fund manager, the CEO of investment companies, and someone who tens of thousands of people, some of them big time money managers, listen to.
But most of all Raoul Pal isn’t naive or a gambler, even if some call him irresponsible.
Pal has over 50% of his liquid wealth in Bitcoin for good reason: because he expects it to appreciate more than any other asset he could invest in.
Bitcoin is volatile, and Pal expects major drawdowns along the way, but with the state of the global economy and everything else going on, it’s also a created a perfect storm for Bitcoin.
Long Bitcoin.
Author: Tommy Limpitlaw
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There have been many price predictions ranging from $0 to tens of million per Bitcoin. But the truth is, nobody knows for sure. However, it is the soundest and hardest money ever created. Many say it is digital gold, but I believe in the digital age, it is more useful than gold.
So, let’s say Bitcoin reaches the market cap of gold, which is believed to be $10 trillion, each Bitcoin would be worth $500,000. Is that reachable? Absolutely! Will it be plain sailing? Absolutely not!
