Real Vision CEO and Bitcoin bull Raoul Pal says that a massive wall of institutional money is inevitably going to push the price of the flagship cryptocurrency to $300,000 in a year and a half.
In an interview on Kitco News, Pal says that institutional investors are waiting in the wings to get access to Bitcoin, which is now a “globally recognized brand,” and a “ridiculously well-performing asset.”
“Yesterday alone, I was speaking to the founder of one of the largest investment firms in America. Investment advisors alone have $5 trillion in assets, and he’s trying to get all of his advisors and advise all the others as soon as the ETF is launched to get up to 1% of assets. I mean, that’s $500 billion from the investment advisors alone.”
However, Pal notes that not all big financial institutions are eager to jump on the Bitcoin bandwagon. The BTC advocate expects that banks will be among the last to adopt the leading cryptocurrency.
“We’ve all seen these phases. These things where ‘We’re not going to use this, this is rubbish, why do we need this? I’ve got a fax machine, why do I need email?’ Suddenly, ‘What’s a fax machine?’ Look at all these dot coms, at their mania. Next minute, it’s normal. It’s part of life and Amazon’s a trillion-dollar company.
The world goes through these phases and the more conservative people, the less risk-takers, tend to be later to the party. So I think the banks are late here because they’re going to get disrupted somewhat.”
According to Pal, every single indicator and metric he uses for forecasting Bitcoin points to a mega-bullish rally in the next year or so.
“I use a number of measures. I use technical analysis, logarithmic charts. I use the stock-to-flow ratio… I use a whole number of different yardsticks… They all basically come to the same thing. They basically come to: We’re going to be somewhere between $500,000 and a million dollars within five years, and we should be somewhere between $100,000 and $300,000 in the next 12 to 18 months.”
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