TL;DR
- Ex-Goldman Sachs executive predicts Bitcoin could reach $500,000 in the next bull cycle, as it follows a logarithmic growth.
- Bitcoin is a supermassive black hole that will suck in all the money and reach astronomical levels.
- Former Goldman Sachs executive sees Bitcoin as the future of money and trust and believes it could soar to $500,000.
A former executive at Goldman Sachs, one of the world’s largest investment banks, has shared his bullish outlook on Bitcoin and the cryptocurrency market, saying that the next bull cycle could see Bitcoin reach as high as $500,000.
Raoul Pal, who is now the CEO and co-founder of Real Vision, a financial media platform, said in a recent interview with Stansberry Research that he expects bitcoin to undergo a “bubble cycle” similar to the ones in 2013 and 2017, when the price of the leading cryptocurrency surged by over 10,000% and 1,500%, respectively.
Pal said that he believes Bitcoin is following a “logarithmic growth curve” that could take it to “astronomical” levels in the next few years. He said that his base case scenario is that Bitcoin reaches $250,000 by 2025, but his “stretch” scenario is that it could go as high as $500,000.
Bitcoin as the Supermassive Black Hole of Money and Trust
Pal explained that he sees Bitcoin as a “supermassive black hole” that is sucking in all the money from other asset classes, such as gold, bonds, equities, and even fiat currencies. He said that Bitcoin is the best-performing asset of the decade and that it has the potential to become the “future of our entire medium of the exchange system and of money itself, and the base layer of all trust.”
Pal also said that he is not worried about the volatility or the regulatory risks of Bitcoin, as he thinks that they are part of the “adoption process” of a new technology. He said that he is more concerned about the opportunity cost of not owning Bitcoin, as he thinks that it is the “biggest trade of our lifetimes.”
Pal is not the only former Goldman Sachs executive who is bullish on Bitcoin. Last year, another ex-Goldman Sachs executive, Mike Novogratz, who is now the CEO of Galaxy Digital, a cryptocurrency investment firm, said that he expects Bitcoin to hit $65,000 in 2024. BTC currently trades at around $43,500, increasing 0.30% in the last 24 hours.
