Former Goldman Sachs fund manager Raoul Pal is placing his money where his mouth is.
The CEO of Real Vision and Global Macro Investor says he’s selling all of his gold to place the vast majority of his liquid net portfolio into Bitcoin and Ethereum.
“Ok, last bomb – I have a sell order in tomorrow to sell all my gold and to scale in to buy BTC and ETH (80/20).
I don’t own anything else (except some bond calls and some $’s). 98% of my liquid net worth. See, you can’t categorize me except irresponsibly long. Good night all.”
Pal is a longtime Bitcoin bull and investor and placed his first BTC buy back in 2012. Throughout 2020, he has steadily increased his crypto portfolio and called BTC a “supermassive black hole” that is feasting on gold, the NASDAQ, banks, bonds, and commodities.
“Bitcoin’s performance is SO dominant and SO all-encompassing that it is going to suck in every single asset narrative dry and spit it out. Never before in my career have I see a trade so dominant that holding any other assets makes almost no sense.”
Pal highlights he believes Bitcoin could crack $1 million within the next five years due to a surge of institutional interest. He also says he’s making a bet he can afford to lose in a worst-case scenario.
Veteran analyst Peter Brandt is commending Pal for the risky move, calling it one of the boldest he’s witnessed as a trader.
“Hey Raoul… One of the boldest bets anyone I’ve known has made and 100’s on Twitter nitpick and criticize you on principle and details. UNBELIEVABLE! They’re missing it. This story isn’t about detail, but about huge gonads and style. I wish you great luck, one spec to another.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/GrandeDuc