Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ A former Goldman Sachs Hedge Fund boss has predicted Bitcoin is rising to $ 1 million – here’s why

A former Goldman Sachs Hedge Fund boss has predicted Bitcoin is rising to $ 1 million – here’s why



Bitcoin has found new support this year supported by growing unrest among investors over central bank and government stimulus measures.

The Bitcoin price, which has risen by about 50% since January to $ 11,400 per share. Bitcoin, has risen in line with stock markets since a coronavirus-induced crash in March.

Now, after the bitcoin and cryptocurrency community was burned out by a bold $ 1 trillion expectation from a major Tesla
TSLA
investor last month, a former Goldman Sachs
GS
hedge fund manager has said the bitcoin price could hit $ 1

million in as little as five years – a huge increase of 1,000%.

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“I think [$1 million per bitcoin is] about right; whether it’s five years, six years, ”Raoul Pal, founder and CEO of Global Macro Investor, told Stansberry Research in a recent interview published on YouTube.

“Right from what I know from all the institutions and all the people I talk to, there’s a huge wall of money coming into this,” Pal said, pointing to “upcoming” improvements in the “pipes” that make it possible for investors to buy bitcoin as the driving force behind the expected investment.

“It’s on everyone’s radar screen and there are a lot of smart people working on it,” added Pal, who revealed that he has now devoted more than 50% of his portfolio to bitcoin.

Bitcoin has been pushed into the spotlight in recent weeks by a number of high-profile companies investing in the cryptocurrency with the payment company Square
SQ
, led by Twitter
TWTR
CEO and volunteer bitcoin spokesman Jack Dorsey, who buys bitcoin worth $ 50 million – 1% of its cash reserves.

“My trading positions are relatively small because I do not think there are as many options as there are in bitcoin. So really, mostly a little cash, some gold and bitcoin,” Pal said. “And I even play with the idea of ​​selling my gold to buy bitcoin, more bitcoin.”

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Meanwhile, other proponents of bitcoin and cryptocurrency have also been out in force in recent weeks, talking about the prospects of bitcoin.

“Investor activity is picking up markedly with various measurements on the chain and ongoing – and increasing – global political, economic and social turbulence suggesting that there will be a [bitcoin] price increase before the end of the year, “said Nigel Green, CEO of independent financial advisory deVere Group, via email, pointing to” an avalanche “of interest in bitcoin in recent weeks from” investors with household names “.

“Like gold, bitcoin can be expected to maintain its value or even grow in value when other assets fall, allowing investors to reduce their exposure to losses. Investors will increase their exposure to decentralized, non-sovereign, secure digital currencies, such as bitcoin, to help protect them from the potential problems in traditional markets. “

Earlier this month, another Goldman Sachs veteran, former billionaire hedge fund manager-turned-bitcoin and cryptocurrency investor Michael Novogratz, warned Goldman that it would soon struggle to catch up with bitcoin and crypto.


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