Friday, October 16, 2020

"A 90x return in five years? Former Goldman hedge-fund manager says an ‘enormous wall of money’ is coming "

Ha! We scoff at 90-bangers.*

From MarketWatch Last Updated: Oct. 15, 2020 at 1:26 p.m. ET:

Bitcoin has been on fire in 2020, having rallied almost 60% year-to-date to completely dwarf the 7% return on the S&P 500. According to Raoul Pal, a former Goldman Sachs GS, -0.09% hedge-fund manager, the world’s biggest cryptocurrency is just getting warmed up.

Warmed up as in reaching $1,000,000 within five years.

That’s quite an explosion from $11,393, where bitcoin BTCUSD, -1.57% currently sits, but Pal, in an interview with Stansberry Research, says the lofty seven-figure target is realistic.

“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,” said Pal, who currently serves as CEO of Global Macro Investor. “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.”

He explained that recovery from the pandemic will take longer than many expect, and the global economy is moving toward the “insolvency phase,” which he believes will boost bitcoin....


*Ha! Via , one of the writers for The Hustle

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