Former Goldman Sachs Manager Raoul Pal says Bitcoin may be the most competitive financial asset on the planet.
Pal, who is now the CEO of Global Macro Investor and Real Vision, says the future of the US dollar looks increasingly uncertain, which he believes bodes well for both gold and BTC.
“Is the dollar bull market now over? I’m not yet convinced but my final dollar spike view is clearly under immense pressure. I’ve essentially been long since 2013 but now the price action is becoming concerning for that view.”
However, Pal says that when analyzing the balance sheets of the G4 central banks, it’s clear gold has actually underperformed – while Bitcoin has blown the competition out of the water.
“The idea is that gold and ancillary trades around it help protect us from massive printing of money. The problem is that the printing is so big that when you look at the G4 central bank balance sheet in gold terms, gold has still underperformed by 50%!
In fact, only one asset has offset the growth of the G4 balance sheet. Its not stocks, not bonds, not commodities, not credit, not precious metals, not miners. Only one asset massively outperformed over almost any time horizon. Yup. Bitcoin (BTC).”
Pal also says he recently bought Ethereum, after stating in July that he believed ETH appeared ready to begin a new bull run. Meanwhile, his confidence in Bitcoin is growing at such a level that Pal says he may end up concluding that other assets are not even worth investing in.
“My conviction levels in bitcoin rise every day. I’m already irresponsibly long. I am now thinking it may not be even worth owning any other asset as a long-term asset allocation, but that’s a story for another day (I’m still thinking through this).”
Pal is a longtime Bitcoin bull and said back in May that BTC appeared to be trading inside a symmetrical triangle that could eventually bring the leading cryptocurrency to $1 million.
