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Bitcoin to a million dollars in five or six years?
Higher potential risk possible
More and more investors are pouring into cryptocurrencies
Since the world’s oldest cryptocurrency has established itself more and more in the mainstream and the blockchain technology on which it is based has gained more and more supporters, bullish predictions about Bitcoin’s price trend have also increased. But few are as optimistic as Raoul Pal’s. The former Goldman Sachs hedge fund manager recently predicted a bright future for the cyber currency in an interview with Stansberry Research, which was posted on YouTube. According to him, the price of a coin could reach $ 1 million in the next five to six years.
Access to the masses will soon be possible
Base this bullish assessment on your own experience and conversations with industry representatives: “Just from what I know of all the institutions and people I speak to goes a huge amount of money. [in den Bitcoin]”At the moment there is still no access needed to actually make investments, but according to Pal, these accesses are now being created:” Everyone has it on their radar and there are a lot of smart people working on it, “he says. Pal.
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The “failure phase” accelerates the rise in the price of Bitcoin
On the other hand, the current crown pandemic would also be responsible for more investors seeking to flee into cryptocurrencies. According to him, the global economy would in the meantime pass from the “phase of hope” to the “phase of failure”. The recovery of the economy would take much longer than initially assumed and even the necessary financial injections would stop: “There is no stimulus and there are more problems in Europe, the United States and elsewhere. And companies do not have enough cash flow. They are approaching Insane. And that’s what I call the failure phase, “says Pal.
The only possible solution to this would be more help from central banks. Therefore, the fund manager has decided to invest more in Bitcoin. And not too short, as Pal admitted in the interview. Meanwhile, his portfolio is made up of gold, stocks and dollars for “probably more than 50%” of Bitcoin. He admitted that he is also currently playing with the idea of completely separating from his gold to buy more Bitcoin.
He is aware that this also poses a high risk to his portfolio if the cyber currency goes down. After all, Bitcoin is known for its high volatility. But for the fund manager, the high profit outlook outweighs the risk: “The upside potential is much greater.” In any case, there is more room for improvement than actions.
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Raoul Pal is not alone in his assessment, although his price prediction far surpasses other experts. Nigel Green of deVere Group also assumes that the Bitcoin rate will benefit from growing interest from investors going forward. “Global political, economic and social unrest would indicate that there will be a rise in Bitcoin prices by the end of the year,” Green said in an email to Forbes. Here the money on the Internet would benefit from its gold substitute status. Because the expectation is that cyber currency will hold its value even when other assets come under pressure. “Investors will improve their position in decentralized, non-governmental and secure digital currencies like Bitcoin to protect themselves from the potential risks of traditional markets,” Green said.
Now it remains to be seen whether the two Bitcoin bulls will actually be right in their valuation.
Editing of Finanzen.net
Image sources: Wit Olszewski / Shutterstock.com
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