Raoul Pal, the former Goldman Sachs executive and CEO of Real Vision, is optimistic about Bitcoin’s future despite the current banking and economic crisis in the US.
In a recent interview with Morgan Creek Digital founder Anthony Pompliano, Pal expressed his belief that Bitcoin could reach $50,000 within a year, thanks to its potential as a true defensive asset alongside gold.
Pal also noted that the capitulation of the “bears” and “short squeeze” could be driving factors behind Bitcoin’s growth.
He expects the cryptocurrency market to experience parabolic growth in the long term, as more institutional investors and ordinary people adopt cryptocurrencies.
However, Pal believes that increased adoption will also be accompanied by increased regulation.
Last year, Pal predicted that the capitalization of the cryptocurrency market would reach $300 trillion within 10 years, exceeding the current capitalization of the US stock market. Overall, Pal is bullish on Bitcoin and sees great potential for the cryptocurrency in the years to come.