According to Raul Pal, founder and CEO of Global Macro Investor and Real Vision, Bitcoin could reach $ 150,000 by November 2021, and that would be the most conservative scenario. Pal believes that Bitcoin can even reach $ 250,000 due to the large amount of institutional money currently flowing into the bitcoin market.
Pal said this is what separates Bitcoin’s recent rally from the 2017 cryptocurrency bubble, which he believes has been driven primarily by retail investors.
Pal said a lot of additional Bitcoin offerings are currently being acquired by PayPal, Square – such as recently approved crypto services – and grayscale. He believes that the resulting supply contraction is the catalyst for Bitcoin’s recent growth.
“I’ve never seen a market with such an imbalance between supply and demand before,” said Pal, citing the macroeconomic factors playing in Bitcoin’s favor.
While the coronavirus vaccine news offers hope for a speedy economic recovery, the authorities will likely need to provide additional monetary stimulus to support the economy. This will lead to a devaluation of the paper currency, Pal said. He believes that this, along with the lower interest rates, will push the bitcoin price to a new level.
“This is life changing. No other asset has a growth potential of 5, 10, 20 times in a short period of time.