- Former Goldman Sach Raoul Pal suggests that Bitcoin is his choice of cryptocurrency for long-term asset allocation.
- Palis also working on repositioning his portfolio to 25% bitcoin, 25% gold, 25% cash, and 25% trading opportunities during the pandemic.
Raoul Pal is one of the biggest names on Wall Street and when he makes a bold statement about the future of Bitcoin and its future, it carries weight. Therefore it was not a surprise to see when the former Goldman Sachs fund manager and Founder of Real Vision tweeted that Bitcoin is the go-to asset in long-term allocation, it stirred up discussion about Bitcoin.
Many of us own gold to offset the dilutive effects on fiat currency of the growth in major central bank's balance sheets. However, the BS of the G4 has outpaced the rise in gold.. pic.twitter.com/Gt1lvqvOPl
— Raoul Pal (@RaoulGMI) August 6, 2020
Pal has been quite vocal about the Bitcoin for quite some time now and in the following thread, he elaborated that Bitcoin has been the only an asset class that has outperformed in comparison to stocks, bonds, commodities, credit, etc.
Pal further predicted that gold will leave its mark on fiat currency of the growth as well in central bank’s balance sheets, the BS of the G4 has outpaced the rise in gold.
Bitcoin has been causing a stir recently ever since it hit the $10000 mark for the first time. In fact, Mike McGlone, Senior Commodity Strategist – Bloomberg Intelligence recently had tweeted that Bitcoin could survive more in the market in comparison with Nasdaq – the US stock market index.
McGlone was of the view that due to increased demand and reduced volatility, Bitcoin has a higher chance of emerging in the market compared to Nasdaq which has been depicting a decline in the supply and higher volatility.
COVID-19 Impact on Crypto:
In a report by Forbes, Pal, a sincere Bitcoin proponent, expressed fear on economic turbulence and confirmed that he is in the process of giving his portfolio a rejig to 25% bitcoin, 25% gold, 25% cash, and 25% trading opportunities to try to overcome a deeper equity rout.
Similar thoughts were also echoed by crypto investor Ari Paul, who expressed in his tweet earlier this year that he has never seen before COVID 19 such organic new interest in Bitcoin since early 2017.
At the time of writing this document, the Bitcoin prices were going strong at $11,601.8.