The top analyst also showcased the annual returns on the Nasdaq, pegged at about 21% from doing nothing as well. While he initially noted rhetorically that achieving the goal was not easy, he went on to acknowledge how easy hitting the massive Bitcoin surge is when placed side by side with the GMI Total Global Liquidity Index (the global fiat debasement).
With major currencies sliding in value over time, the attractiveness of Bitcoin has come to light. Raoul Pal threw a direct jab at Bitcoin critics, who believe a bet on the coin will “end in tears.” He noted that the same narrative has been ongoing for almost a decade now as critics argue that “correlation doesn’t equal causation.”
Raoul Pal is confident in the ability of Bitcoin to continually defy the norm as he believes the digital currency will continually see exponential growth while mainstream legacy assets print financial repression.
While it maintains some forms of correlation with the Nasdaq 100 at a time, there has been a decoupling over the past few months, with Bitcoin now acting on internal factors like the emergence of spot Bitcoin Exchange Traded Fund (ETF) products.
Top investors like Samson Mow see the price of Bitcoin surpassing the $1 million benchmark sometime soon, and other veterans like Ark Invest’s Cathie Wood and SkyBridge Capital’s Anthony Scaramucci are confident in the ability of the coin to keep growing as well.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
