Macro guru and Bitcoin bull Raoul Pal says he’s battling the urge to sell off all of his BTC in order to buy more Ethereum (ETH).
The former Goldman Sachs executive tells his 459,300 Twitter followers that he thinks Ethereum’s on the verge of breaking out to an all-time high against Bitcoin.
“When you price anything up in DeFi (decentralized finance), non-fungible token (NFT), community tokens or even metaverse worlds, everything is basically priced in ETH, including designers’ time etc. ETH is rapidly becoming the currency of the digital world and BTC is the pristine collateral and base layer.
The ETH space is growing at 100% YOY (vs 50% YOY for BTC) and it is attracting a massive proportion of the developer talent and applications too.
At this point in the risk cycle and with ETH 2.0 coming (cheaper fees and less supply), I’m struggling to not sell all my BTC to move my entire core position to ETH.
To be clear – I’m a massive BTC bull, but I think ETH is the better asset allocation for performance right now.”
To be brutally honest, I stare at the chart of ETH/BTC and I see an enormous rounded bottom with potentially huge breakout just above…. pic.twitter.com/85hfawq0bx
— Raoul Pal (@RaoulGMI) April 21, 2021
Veteran trader and Bitcoin enthusiast Peter Brandt says he agrees with Pal. Brandt famously called the timing of Bitcoin’s collapse in January 2018.
Pal, co-founder and chief executive of Real Vision Group & Global Macro Investor, says his comments should not represent an attack on Bitcoin’s store-of-value properties.
But he does note that it’s a “non-deniable fact” that ETH has “outperformed since inception.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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/jamesteohart