Raoul Pal Predicts When Bitcoin (BTC) Price Could Reach $1 Mln
In the latest issue of “The Unfolding” report, global macro investor Raoul Pal claims that the Bitcoin price could hit $1 mln in the next five years.
He believes that BTC represents the future of the financial system. However, he’s also bullish on gold, claiming that the price of the lustrous metal can witness a five-fold over the above-mentioned time period.
Not too far-fetched
While describing his rationale for such a seemingly implausible prediction, Pal mentions that gold already boasts a market cap of about $15 trln. Hence, it wouldn’t be crazy for Bitcoin to reach a $10 trln market capitalization.
Pal even goes as far as forecasting that Bitcoin could skyrocket to $100,000 (or even $1 mln) over the next two years, but he cautions investors that making short-term predictions is “a risky affair” during the COVID-19 crisis.
Prepare for another depression
When it comes to the U.S. stock market, Pal’s outlook is anything but rosy. In fact, he believes that the world is about to witness another economic depression:
“As you know by now, I am using the 1920s as the best parallel for what is happening today.”
As reported by U.Today, Pal recently opined that only the dollar, gold, and Bitcoin “made sense.” However, he also said that greenbacks didn’t have too much time left.