Summary List Placement
The price of Bitcoin will hit $1 million in five years, up from around $11,000 right now, thanks to an “enormous wall of money,” a former Goldman Sachs hedge fund chief said in a recent interview.
Raoul Pal, who has allocated more than 50% of his capital to Bitcoin, said a wave of institutional funds will adopt the digital currency, as they realize the economy will take a long time to recover from COVID-19.
“It’s an enormous wall of money,” he said. “Just the pipes aren’t there to allow people to do it yet, and that’s coming, but it’s on everybody’s radar screen and there’s a lot of smart people working on it.”
Visit Business Insider’s homepage for more stories.
Raoul Pal, the former Goldman Sachs hedge-fund manager who founded Real Vision, said the price of Bitcoin will hit $1 million in five years.
In an interview with Stansberry Research on October 7, he pinned the predicted price increase to a wave of institutional funds pouring an “enormous wall of money” into the asset.
Bitcoin’s price has exploded about 40% year-to-date, and is currently worth $11,387. It is also the largest digital currency by market capitalization, with a current value …read more
Source:: Businessinsider – Finance