Investor Raoul Pal who’s very popular among the crypto circles has made a big revelation recently. On Monday, November 30, Pal plans to liquidate all his Gold holdings and put it all at work by buying Bitcoin (BTC) and Ethereum (ETH). This speaks volumes about the confidence that Pal holds in the future rally and earning potential with the two cryptocurrencies.
The proceeds of all his gold-liquidated-cash will go into BTC and ETH in the ratio 80:20. Interestingly, Pal mentions that this is 98% of his liquid net worth.
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 dont own anything else (except some bond calls and some $'s). 98% of my liquid net worth. See, you can't categorize me except #irresponsiblylong Good night all.
— Raoul Pal (@RaoulGMI) November 30, 2020
Pal’s revelation comes within a day of Guggenheim Partners’ files with the SEC to invest in Bitcoin via the Grayscale Bitcoin Trust (GBTC). Grayscale is a regulated digital assets manager allowing investors to gain exposure to cryptocurrencies through investment vehicles. The Grayscale Bitcoin Trust (GBTC) is its biggest investment product holding over 500K BTC worth over $9 billion of assets under management.
In one of his other tweets, Pal also asks the crypto community to make peace with the upcoming regulations. The inherent nature of cryptocurrencies gives investors freedom from regulatory scrutiny. However, if one expects institutional players to participate in Bitcoin and crypto, regulations are likely to follow them. Thus, crypto investors shall be prepared for the trade-off and rather enjoy the rewards without worrying about taxes.
I'm going to explain this again – you might hate regulation of BTC, you might have a MASSIVE philosophical aversion to it, and that is fine, but they are going to regulate the fiat on ramps and off ramps and it will make you RICH, as institutions now be able adopt it. #tradeoffs
— Raoul Pal (@RaoulGMI) November 30, 2020
Global Care Capital Exploring Opportunites in Crypto and Blockchain
Vancouver-based public listed company Global Care Capital is exploring new opportunities in crypto and blockchain. It notes that the company has already set up “research procedures” and “due diligence” in order to tap new investment opportunities in the blockchain and crypto sectors. The official press release states:
“The initiative by the company to evaluate crypto currency and blockchain investment opportunities is a reflection of its focus on innovative new markets. The company is moving forward to explore exciting new opportunities in crypto currency and blockchain and hopes to find additional investments in the near future”.
Many crypto analysts are betting big on massive institutional money coming into Bitcoin in 2021. The quantitative easing and massive stimulus by the Federal Reserve ins likely to drive inflation higher. Thus, institutions are likely to put extra cash at work and Bitcoin serves as the best inflation hedge. The Guggenheim’s filing with the SEC notes that it planning to invest nearly $500 million in Bitcoin i.e. 10% of its $5 billion worth Macro Opportunities Fund.
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