The price of Bitcoin will hit $1 million in five years, up from around $11,000 right now, thanks to an "enormous wall of money," a former Goldman Sachs hedge fund chief said in a recent interview.
Raoul Pal, who has allocated more than 50% of his capital to Bitcoin, said a wave of institutional funds will adopt the digital currency, as they realize the economy will take a long time to recover from COVID-19.
"It's an enormous wall of money," he said. "Just 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."
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Bitcoin will be swept to $1 million in five years by an 'enormous wall of money,' former Goldman Sachs hedge-fund chief says
Oct. 15, 2020, 10:24 AM
YouTube\Real Vision
The price of Bitcoin will hit $1 million in five years, up from around $11,000 right now, thanks to an "enormous wall of money," a former Goldman Sachs hedge fund chief said in a recent interview.
Raoul Pal, who has allocated more than 50% of his capital to Bitcoin, said a wave of institutional funds will adopt the digital currency, as they realize the economy will take a long time to recover from COVID-19.
"It's an enormous wall of money," he said. "Just 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."
Raoul Pal, the former Goldman Sachs hedge-fund manager who founded Real Vision, said the price of Bitcoin will hit $1 million in five years.
In an interview with Stansberry Research on October 7, he pinned the predicted price increase to a wave of institutional funds pouring an "enormous wall of money" into the asset.
Bitcoin's price has exploded about 40% year-to-date, and is currently worth $11,387. It is also the largest digital currency by market capitalization, with a current value of about $200 billion, according to data published by Statista.
"Yeah, I think [$1 million is] about right. 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," he told host Daniela Cambone. "It's an enormous wall of money. Just 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."