Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Former head of hedge fund Goldman Sachs predicts that bitcoin will jump to $ 1 million – That’s why

Former head of hedge fund Goldman Sachs predicts that bitcoin will jump to $ 1 million – That’s why



This year, bitcoin has found new support, backed by growing investor concerns about stimulus measures by the central bank and the government.

The price of bitcoins, which rose about 50 percent from January to $ 11,400 for bitcoin, has risen in line with stock markets since the March coronavirus crash.

Now that the bitcoin and cryptocurrency community has been ignited by a bold $ 1 trillion forecast from big Tesla
TSLA
investor last month, former Goldman Sachs
GS
the hedge fund manager said the price of bitcoins could reach $ 1

million in just five years – a huge 1000% increase.

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“I think that [$1 million per bitcoin is] for law; whether it’s five years, six years, “Raoul Pal, founder and CEO of Global Macro Investor, told Stansberry Research in a recent interview posted on YouTube.

“Just from what I know from all the institutions and all the people I’m talking to, there’s a huge wall of money,” Pal said, pointing to “upcoming” improvements in the “pipes” that will allow investors to buy bitcoin as the engine of. the expected investment.

“It’s on everyone’s radar and a lot of smart people are working on it,” added Pal, who revealed that he has already dedicated more than 50% of his portfolio to bitcoin.

Bitcoin has been pushed into the spotlight in recent weeks by a number of well-known cryptocurrency companies with the payment company Square
SQ
, led by Twitter
TWTR
CEO and outspoken defender of bitcoins Jack Dorsey, buying bitcoin worth $ 50 million – 1% of its cash reserves.

“My trading positions are relatively small because I don’t think there are as many opportunities as there are in bitcoins. So really, mostly a little money, a little gold and bitcoin,” Pal said. “And I’m even toying with the idea of ​​selling my gold to buy bitcoin, more bitcoin.”

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Meanwhile, other supporters of bitcoin and cryptocurrency have also not been in force in recent weeks, which speaks to the prospects of bitcoin.

“Investor activity is growing significantly with various indicators along the chain and the continuing – and intensifying – global political, economic and social turbulence, suggesting that there will be [bitcoin] a jump in prices before the end of the year, “said Nigel Green, chief executive of the independent financial consulting firm deVere Group, by email, citing an” avalanche “of interest in bitcoin in recent weeks from” household-named investors. “

“Like gold, bitcoin can be expected to maintain its value or even increase in value when other assets fall, allowing investors to reduce their exposure to losses. Investors will increase exposure to decentralized, non-sovereign, secure digital currencies. , such as bitcoin, to protect them from potential problems in traditional markets. “

Earlier this month, another veteran of Goldman Sachs, the former hedge fund manager of billionaires who turned into bitcoin and a cryptocurrency investor, Michael Novogratz, warned Goldman that he would soon struggle to catch up with bitcoins and crypto.


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