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Former Goldman Sachs executive and Real Vision CEO Raoul Pal believes that amid the banking and economic crisis in the US, Bitcoin could win and reach $50,000 within a year.
In an interview with Morgan Creek Digital founder Anthony Pompliano, Raoul Pal noted that the conditions are now ideal for bitcoin to take the place of a true defensive asset, along with gold. And, of course, this will allow the rate of the first cryptocurrency to grow significantly in a fairly short term.
One of the drivers for the growth of bitcoin may be the capitulation of the “bears” and “short squeeze”. It is price slippages that have significantly affected Bitcoin performance in the past. And, if bitcoin is really perceived as a defensive asset, then more people will invest in it, and more sellers will capitulate.
“I think the number of price slippages will be noticeably greater than people expect. Therefore, up to $50,000, the price of bitcoin can reach faster than most people expect. This year or within 12 months? It is quite likely,” said Raul Pal.
The CEO of Real Vision also expects that in the longer term, the cryptocurrency market may well repeat the parabolic growth that was observed in 2021 and 2017. This will be facilitated by the growing interest in cryptocurrencies from both institutional investors and ordinary people. Increased adoption of cryptocurrencies will be accompanied by increased regulation of the industry, Pal said.
Last year, Raul Pal said that within 10 years, the capitalization of the cryptocurrency market would reach $300 trillion. Note that at the moment the capitalization of the US stock market does not exceed $100 trillion.
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