Former Goldman Sachs CEO Raul Pal believes that Bitcoin has a chance to become the best asset of the current decade.
“If I had the opportunity to hold only one asset for the next 10 years, I would choose bitcoin,” he writes. – Bitcoin reflects all my views in the macroeconomic context and seems to be a point far on the horizon to which we are moving. Yes, like gold and many other things, but the ratio of risk and reward in bitcoin covers everything. ”
Pal has developed a difficult relationship with Bitcoin. He invested early and sold cryptocurrency in the summer of 2017, calling it “a solution to finding his problem.” In August 2019, Pal announced that despite the high volatility and inherent risks, Bitcoin deserves the attention of investors, even if the probability of its success is only 1%.
“I know all these guys who play in the macroeconomic space. They go all in. They understand this, they understand optionality. They can believe in whole or in part. But even in this case, if the probability of the right choice is 1%, the growth from here can be 100x, so this is what it’s worth doing, ”he said.
Mike Novogratz, a former Goldman Sachs partner and now CEO of Galaxy Digital, meanwhile, compared Bitcoin to Tesla, whose shares have risen from $ 430 to $ 650 since the beginning of the year, thus surpassing even the 30 percent rise in the first cryptocurrency. Novogratz claims that both Tesla and Bitcoin are revolutionary technologies that can change the world, so the formation of a speculative bubble around them is a completely natural phenomenon.
“Of course it’s a bubble. Tesla cars are amazing, ”he added. – Nevertheless, I like gold, I like bitcoin. Bitcoin had its bubble in 2017, and now it has become an asset. This is a weapon in investor portfolios. This is a variation of gold. We call it digital gold and create the infrastructure around the system so that more and more people can buy it, so it is trading better and better. ”