Bitcoin’s inherent value-proposition remains so strong that even big players of the market are considering to dump traditional assets for Bitcoin (BTC). Popular market investor Raoul Pal has doubled-down on his Bitcoin bet calling BTC as the “supermassive blockhole”.
In his latest comments, Pal suggests that Bitcoin will continue to distance instance from traditional assets like gold and become more favorable over the next 18 months. He thinks that going ahead, gold investors will eventually flip their positions to BTC.
Bitcoin is eating the world…
It has become a supermassive black hole that is sucking in everything around it and destroying it. This narrative is only going to grow over the next 18 months.
You see, gold is breaking down versus bitcoin…and gold investors will flip to BTC pic.twitter.com/ox7KRY5VRo
— Raoul Pal (@RaoulGMI) October 27, 2020
Pal further goes on an all-out attack on the stock market, bonds, commodities, and traditional banks saying they are already losing ground to Bitcoin. Pals comments come amid Bitcoin’s recent performance and strong withholding against the market correction.
Over the last ten days, BTC has made a swift move above $13,000 levels and is consolidating now above $13,200. The world’s largest cryptocurrency already stands at 90% year-to-date gains at its current price. Pal adds:
“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”.
Bitcoin – The Ultimate Answer To All Market Constraints
The Coronavirus pandemic has thrown the global economy in an uncertain situation at this stage. With the Fed printing a lot of money, inflation is around the corner. Well, investors have been looking at the potential hedge instrument that not only protects their portfolios but also serves as insurance. Bitcoin perfectly in this category.
“The macro, flows, technology, demography and societal strains have all converged to this moment in time and the definite answer from markets is Bitcoin,” says Pal.
Even the JP Morgan analysts recently noted that Bitcoin is slowing emerging and a popular choice as an alternative currency and a Gold-alternative. Once skeptical about Bitcoin’s existence, the Wall Street banking giant has rather gone to praise it on multiple occasions. Thanks to the entry of big players and institutional money rain in BTC over the last few months.