- Bitcoin continues to recover gradually
- Bitcoin will surmount its all-time high of $20k in the next 18 months – Raoul Pal
- Pal is bullish on BTC in the long term
Bitcoin News Today – The past few weeks have been hard on Bitcoin (BTC) as it has on other markets, including the S&P 500 and Dow Jones. After testing a high of $10,500 in February, the price of Bitcoin (BTC) has plunged by over 40 percent, leaving BTC to USD price at $6,400 at the time of writing.
However, regardless of the heavy downtrend, many analysts and investors are bullish on the near term of the digital currency. A prominent macro analyst expects the price of Bitcoin (BTC) to soon rally over its previous all-time high of about $20,000.
Bitcoin to Surmount $20k in 18 Months
In a recent interview published yesterday, the current CEO of Goldman Sachs and former head of Goldman Sachs’ equity derivatives business – Raoul Pal – said that he believes that the price of BTC will surge to its all-time high of $20k in the next 12 to 18 months. He said the digital currency would rally regardless of the ongoing crash across the globe.
Bitcoin (BTC) Price Today – BTC / USD
They released the interview not long after he said that he is more bullish on the digital currency now than ever. He added that there are chances that ‘all trust’ in the whole system has been lost. This was probably due to the response of the world to the coronavirus outbreak, which has shown a great level of insecurities in the fabric of society, from finance to politics.
Pal Is Not Only Bullish On Bitcoin for the Near Term
Raoul Pal is not only bullish on the digital currency for the near term. In a comment he shared earlier this years, he said that he believes Bitcoin (BTC) would be the only digital currency he would hold for the next ten years if he had to choose one. This is because Bitcoin encapsulates all of larger macro views, referring to previous statements he made suggesting that the world will turn to an alternative system of finance that will be digital.
If I could only own one asset for the next 10 years, it would be bitcoin $BTC It encapsulates all of my larger macro views and feels like the point on the far horizon we are headed to, in some shape or form. Yes, like gold too and many other things but BTC risk/reward beats all.
— Raoul Pal (@RaoulGMI) January 31, 2020
He said that Bitcoin beats all other assets from the perspective of a pure risk-reward. Pal previously told Stephen Livera – a prominent industry podcaster – that all popular asset classes are very expensive, except BTC and digital currency. He added that equities are roughly at all-time highs, and they are pushing extreme valuation for little profit and potential.
Pal also said that bonds are not much better; referencing the “almost zero yields”, that debt deemed safe provides. He also added that real estate is not attractive, as investors say it is unaffordable.