According to Raoul Pal, founder and CEO of Global Macro Investor and Real Vision, Bitcoin could hit $ 150,000 by November 2021 – and that would be the most conservative scenario. Pal believes that Bitcoin could even reach $ 250,000 due to the large amount of institutional money currently flowing into the Bitcoin market.
That’s what, according to Pal, makes the latest Bitcoin rally fundamentally different from the crypto bubble of 2017, which is believed to have been primarily driven by private investors.
According to Pal, most of Bitcoin’s additional supply is currently being absorbed by PayPal, Square – which has recently acquired crypto services – and grayscale. He believes the resulting supply surge is the catalyst for Bitcoin’s latest surge.
“I’ve never seen a market with this supply-demand imbalance,” Pal said, pointing to the macroeconomic factors that favor Bitcoin.
Despite news of the coronavirus vaccine raising hopes for a speedy economic recovery, governments will likely need to take additional monetary stimulus to sustain their economies. According to Pal, that will lead to a devaluation of fiat. He believes this, along with low interest rates, will push Bitcoin’s price to new highs.
“It’s life-changing. No other asset has a 5x, 10x, 20x advantage in a short period of time,” he stated.
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