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Date:
19th Oct 2020
Author:
CryptoAltum Research Team

Former Goldman Sachs Executive: BTC Price will hit $1 million

Raoul Pal--a former Goldmans Sachs executive, in an interview with Stansberry Research said Bitcoin is on most institution’s radar. In five or six years, the Bitcoin price will easily pump to $1 million as high net-worth individuals and investors flow and strategically purchase more BTC. 


Details: 

Bitcoin, the pioneer cryptocurrency, remains a go-to asset for individuals and investors because of its inherent properties. On one end, the coin is a medium of exchange as envisioned by the founder, and on the other, its deflationary feature means it is a store of value asset just like gold and select fiat currencies. The influx of institutions, angling to strategically position themselves, purchasing BTC as a shield against inflation, could help pump BTC prices. Already, MicroStrategy, Square, and others are doubling down on BTC as policymakers in the United States continue to approve supportive laws.


Impact on the BTC Price: 

Bullish. Bitcoin serves both as money and as a store of value just like gold. Comments from Raoul and his affirmation that institutions are focusing on Bitcoin due to macro-economic factors is huge for prices.


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