According to Raoul Pal, a cryptocurrency enthusiast, and CEO of the Real Vision channel, by November next year, the Bitcoin rate may rise to $250,000.
Pal is confident that 2021 will be the year of massive investment in the cryptocurrency industry from institutional investors. And this is a fundamental difference from the 2017 bubble, when the Bitcoin rate grew on speculative sentiment. According to Pal, $150,000 per Bitcoin by November 2021 is a conservative forecast, and in a bolder forecast, bitcoin could reach $ 250,000.
The CEO of Real Vision stressed that now all new mined bitcoins are being absorbed by large players – Grayscale funds, PayPal, and Square. And this provides the foundation for the continued growth of the first cryptocurrency.
“I have never seen such an imbalanced market in terms of supply and demand,” Pal said.
The investor noted that despite signs of a recovery in the global economy from the impact of the coronavirus pandemic, it still needs support measures. And this will entail an increase in inflation and a new influx of money into defensive assets from institutional investors. Low key rates will give new growth to Bitcoin.
“It is surprising. No other asset has the prospect of growing five, ten, or twenty times in a short time. And Bitcoin has such a prospect,” the investor concluded.
At the end of October, Raul Pal said that the rise in the Bitcoin rate could attract the attention of more conservative investors to this asset.
