Raoul Pal, the founding partner and CEO of Global Macro Investor who has more than 50% of his capital in the flagship crypto, is predicting a wave of institutional funds to push Bitcoin to $1,000,000 in the next 5 years.
READ: Why Bitcoin could reach $500,000
In an interview with Stansberry Research, the former hedge fund manager as seen on Youtube revealed the global economy was moving from the “hope phase” to the “insolvency phase” as global investors realize that the economy is going to take much longer recovering from COVID-19 pandemic than anticipated.
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He said, “There’s no stimulus around, and we’ve got more problems to come to Europe, the US and elsewhere, and businesses don’t have enough cash flow. They’re closing in droves and that’s what I call the ‘Insolvency Phase’…
“Yeah, I think [$1 million is] about right. Just from what I know from all of the institutions and all of the people I speak to, there is an enormous wall of money coming into this. It’s an enormous wall of money. 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.”
READ: U.S public listed company allocates $425 million into Bitcoin
In addition, another valid reason Nairametrics believes the flagship crypto valuation might certainly rise is the high global quantitative easing program which is in a matter of time propel Bitcoin prices, according to Gemini crypto exchange co-founder and CEO, Tyler Winklevoss.
“The Fed continues to set the stage for bitcoin’s next bull run,” Winklevoss said in a July 22 tweet, which included an article link on the government agency’s discussions of further stimulus spending.
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According to Winklevoss, there’s never been a better time to buy bitcoins than now that the government is involved in stimulus packages that are intended to pump money into the system.
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