Former Goldman Sachs Manager Says Bitcoin ‘Long Irresponsible’ After Loading on Ethereum


Former Goldman Sachs Director Raoul Pal has said Bitcoin could be the most competitive financial asset on the planet.

Pal, who is now CEO of Global Macro Investor and Real Vision, says the future of the US dollar looks increasingly uncertain, which he says bodes well for gold and BTC.

“Is the dollar bull market now over? I’m not convinced yet but my final take on the dollar peak is clearly under immense pressure. It’s been a long time since 2013, but now the price action is becoming a concern for this view.

However, Pal says that when analyzing the balance sheets of the G4 central banks, it’s clear that gold has in fact underperformed – while Bitcoin blew the competition out of the water.

“The idea is that gold and the ancillary trades around it help us protect against massive printing of money. The problem is, the impression is so big that when you look at the G4 central bank’s balance sheet in terms of gold, gold has still underperformed by 50%!

In fact, only one asset offset the growth in the G4 balance sheet. They are not stocks, nor bonds, nor commodities, nor credit, nor precious metals, nor miners. A single asset has massively outperformed almost any time horizon. Yep. Bitcoin (BTC). “

Source: Raoul Pal / Twitter

Pal also says he recently bought Ethereum, after saying in July that he believed ETH appeared ready to start a new bull run. Meanwhile, his confidence in Bitcoin is rising to such a level that Pal says he might end up concluding that other assets aren’t even worth investing.

“My conviction levels in bitcoin are increasing every day. I have already been irresponsible for a long time. Now I think it might not even be worth owning another asset as a long-term asset allocation, but that’s a story for another day (I’m still thinking about it).

Pal has been a longtime Bitcoin bull and said in May that BTC appears to be trading inside a symmetrical triangle that could potentially lift the main cryptocurrency to $ 1 million.

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Image en vedette: Shutterstock / Peshkova


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