Former Goldman Sachs hedge fund manager Raoul Pal revealed in a tweet that he is over 50% in Bitcoin.
Replying to a tweet which Anthony Pompliano ‘Pomp’ says he is 50% in Bitcoin, Pal, a well respected macro investor, commented ‘I’m over 50%’.
The Real Vision CEO has been unmistakably bullish 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.
Pal received some criticism from nocoiners and a concerned shitcoiner who tried to convince him 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 clarified his position, explaining that he is “irresponsibly” investing without leverage and expects 50% drawdowns along the way.
The macro strategist 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.
Bitcoin to $1 Million
Back in May, 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.‘ Pal said a perfect set up had appeared for Bitcoin and said Bitcoin could potentially run up to $1 million.
He emphasized the term ‘potentially’ and didn’t give a time frame, but with the way the global economy is going, many will argue that it is just a matter of time before Bitcoin reaches $1 million.
Bitcoin Is Priceless
Whether Bitcoin gets to $1 million 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 was 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.
‘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 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.
Author: Tommy Limpitlaw
How can I buy Bitcoin in the UK?
There are many exchanges operating in the UK. However, the most recommended exchanges are Kraken or Blockfi. Or you can buy Bitcoin from Bitcoin marketplaces, such as LocalBitcoins or 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 price will Bitcoin reach?
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!
Can you buy less than 1 Bitcoin?
Yes. Every Bitcoin can broken down into 100 million bits. They are known as satoshis, after the pseudonymous creator Satoshi Nakamoto. And some companies will let you buy as little as $1 worth of Bitcoin, which at time of writing is worth about 11,000 satoshis. There are many companies that have a system for dollar cost averaging (DCA). This is a great way to buy Bitcoin, and is known in the space as ‘Stacking Sats’. Basically, what you do is set up small automatic, recurring payments to buy Bitcoin (or sats), and you DCA over time.
How long does it take to mine 1 Bitcoin?
On average, the time it takes for miners to mine BTC is 10 minutes. But they don’t just mine 1 BTC. Mined Bitcoins are created with every new block and these produce the Bitcoin block reward which at the moment is 6.25 BTC, so you could say it takes less than 2 minutes to mine each Bitcoin.