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According to Raoul Pal, founder and CEO of Global Macro Investor and Real Vision, bitcoin could reach $ 150,000 by November 2021, and this would be the most conservative scenario. Pal believes that Bitcoin could even reach $ 250,000 due to the large amount of institutional money currently flowing into the Bitcoin market.
This is what, according to Pal, makes the latest Bitcoin rally fundamentally different from the 2017 crypto bubble, which is believed to have been driven primarily by retail investors.
According to Pal, most of Bitcoin’s add-on offering is currently absorbed by PayPal, Square – which recently adopted crypto services – and Grayscale. He believes the resulting supply squeeze is the catalyst for the latest wave of Bitcoin.
“I’ve never seen a market with this supply / demand imbalance,” Pal said, pointing out the macroeconomic factors that play in Bitcoin’s favor.
While news of the coronavirus vaccine raises hopes for a rapid economic recovery, governments will likely need to release additional monetary stimulus to support their economies. This, according to Pal, will lead to a devaluation of the fiat. He believes this, coupled with low interest rates, will push Bitcoin’s price to new highs.
“It changes your life. No other asset has a 5x, 10x, 20x advantage in a short amount of time,” he said.
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