Bitcoin may hit $150,000 by November 2021, according to Raoul Pal, founder and CEO of Global Macro Investor and Real Vision — 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 is what, according to Pal, makes the latest Bitcoin rally fundamentally different from 2017’s crypto bubble, which is believed to have been driven mainly by retail investors.
According to Pal, most of Bitcoin's additional supply is currently being absorbed by PayPal, Square — which recently adopted crypto services — and Greyscale. He believes that the resulting supply squeeze is the catalyst for Bitcoin’s latest surge.
“I've never seen a market with this supply and demand imbalance before”, Pal said, pointing out the macroeconomic factors that are playing in Bitcoin’s favor.
Despite news on the coronavirus vaccine sparking hopes of a quick economic recovery, governments will likely need to release additional monetary stimulus to sustain their economies. That, according to Pal, will lead to a devaluation of fiat. He believes that this together with low interest rates will propel Bitcoin's price to new highs.
"It's life changing. No other asset has an upside of 5x, 10x, 20x in a short space of time," he stated.
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Title: Institutional money may propel Bitcoin to $250K in one year's time, says macro investor
Sourced From: cointelegraph.com/news/institutional-money-may-propel-bitcoin-to-250k-in-one-year-s-time-says-macro-investor
Published Date: Fri, 27 Nov 2020 20:34:55 +0000
