By Tobi Loba
Raoul Pal, the formal Goldman Sachs hedge fund manager, has predicted that Bitcoin (BTC) would reach $1 million in three to five years’ time.
Only John McAfee was known with such an exorbitant price prediction, and he has since played it down by tagging it a ruse to lure new investors. But a new personality has continued from where McAfee stopped.
His prediction appeared in the latest economic report from Global Macro Investor. In the report, Pal spoke expressly about the critical state of economies around the world. He specifically spoke about the increase in unemployment in the United States and the decrease in retail sales in China.
Raoul Pal Predicts $1 Million for Bitcoin (BTC) in Three to Five Years’ Time
In his opinion regarding the outlook of price increases in three to five years’ time, he said the stock and bond markets are going to struggle. He forecasted that gold will increase up to five times in the coming years. Regarding Bitcoin (BTC), he said the cryptocurrency will experience a massive increase to $1 million.
He said:
“Bitcoin, well, that’s another story. I think it can get to $1 million in the same period. I think it can go from a $200 billion asset class to a $10 trillion asset class. Gold, as a comparison is around $15 trillion now, including paper gold. If gold goes up 5x, it becomes a $60 trillion asset (don’t forget the value of the dollar isn’t steady so the dollar comparisons are a bit meaningless).”
He further stated that the prediction of $1 million for Bitcoin (BTC) could sound unrealistic, but it corroborates with some other bullish predictions. More like his prediction is a Bloomberg report that suggests the price of Bitcoin is getting ready for a “2017-like leap”
Also, Pal added that he keeps buying Bitcoin (BTC) on a daily basis. He said, “The allocation I am personally aiming for, on my total available liquid assets, is 25% trading investments, 25% cash (all dollars), 25% gold, and 25% Bitcoin.”