There is a possibility for the institutional money to Propel the Bitcoin to $250K within a year
As per the macro investor Raoul Pal, the current rally of the Bitcoin is just a trailer about the bull market of the institutional investment. There is a high possibility of Bitcoin to have hit nearly $150,000 by the end of 2021. The founder and CEO of Global Macro Investor and Real Vision Raoul Pale expressed this to be one of the crucial conservative scenarios. He further adds that Bitcoin has the possibility to reach $250,000 because of the huge amount of institutional money that is flowing currently in the market of Bitcoin. As per pal, there has been a significant difference in the rally of the Bitcoin from 2017’s crypto bubble which is said to have been driven by retail investors.
As per Pal, there are bitcoins whose extra supply is also absorbed by Square, PayPal who recently have adopted the services of Crypto. He further adds that this can result in the supply squeeze which is the huge surge of the Bitcoin catalyst. Pal was quite surprised to see such a major change that has happened currently. He showed his surprise on the way the market with the demand and supply imbalance has come up. Besides, he also highlighted the macroeconomic factors that also play a crucial role in the favor of Bitcoin.
Although the news of the coronavirus vaccine has spiked the ray of hopes for a faster economic recovery, the government is more likely to release extra monetary stimulus for sustaining the economies. As per pal, there is a slight possibility which shall lead to fiat devaluation. Pal considers that blending this with a low rate of interest shall proper the price of the Bitcoin to the new high.
Crypto Business World
CBW - External Analyst