One of Wall Street’s most prominent bitcoin bulls says his “conviction levels are rising every day.”
Raoul Pal, a former Goldman Sachs fund manager and founder of Real Vision Finance, tweeted: “I am already irresponsibly long. I am now thinking it may not be even worth owning any other asset as a long-term asset allocation.”
Pal pointed out that many investors choose gold as an alternative to fiat currency, the value of which is being diluted by aggressive money printing, but bitcoin has been the only asset in the world to “offset the growth of the G4 balance sheet.” The G4 comprises the Bank of England, the Bank of Japan, the Federal Reserve, and the European Central Bank.
He tweeted: “It’s not stocks, not bonds, not commodities, not credit, not precious metals, not miners. Only one asset massively outperformed over almost any time horizon: Bitcoin.”
Pal said earlier this year that the devaluation of the world’s currencies will cause the price of bitcoin to rise 50x to 100x in the next five years.
At the time of publication, the price of bitcoin was $11,575, according to CoinMarketCap.