Former Goldman Sachs fund manager and current Real Vision CEO Raoul Pal says hes witnessing an unprecedented crush of institutional money buying Bitcoin.
In a new interview with CTs Giovanni Pigni, Pal says BTCs return to near $20,000 levels is just the beginning.
From what I know, and I know a lot of people in the industry, they are all onboarding institutional clients, family offices, endowments, at an enormous pace. But $20,000 here is not the same as $20,000 back then [in 2017]. Back then it had gone up 100 fold when it got up to $20,000, we havent even started this yet.
Later on, when things get speculative, we will see something similar potentially play out. But the difference is, where these guys are getting it wrong, is theyre saying, People arent as interested. Ya, but the real money is interested and thats a game changer.
Pal says Bitcoin is one of the most unique trades hes ever seen, and the top cryptocurrency will likely benefit in the months ahead regardless of which direction the global economy takes.
Regardless of whats going on, that money is coming. Lets look at the reasons. I have a feeling the vaccine takes until Q3 next year before its really rolled out. We look at the European economy, it is falling fast. I dont know how theyre going to deal with Christmas and the New Year. The US economy has got the same problems. I think it goes into lockdown in January and February once the Biden administration comes in because the virus over Thanksgiving, New Year, and Christmas is going to grow substantially. I think weve got problems in India after Divali, where youve got hundreds of millions of people together celebrating and I think were going to get a big second wave in India.
So weve got problems. The vaccine takes time to [roll] out. Event the Pfizer vaccine needs to be at -77 degrees. Theres impossible logistics to get it out fast enough. So this is not an instant fix. Theres not enough doses for everybody. Theres going to be a geopolitical fight over who gets what.
So I think we can write off until the summer, basically. So the economy is weak. So in that scenario, considering we didnt in the US get a stimulus package and Europes been slow to get a stimulus package, the central banks step in first and eventually they pass some stimul ...
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