- Bitcoin has faced a strong correction over the past week.
- Since the highs of ~$12,000 set last week, the leading cryptocurrency has dropped 20%.
- As of this article’s writing, BTC trades for $10,100 and is seemingly poised to continue its descent as crucial support levels fall.
- Despite the drop, a Wall Street veteran is more convinced of Bitcoin than ever before.
- Raoul Pal, the CEO of Real Vision, recently confirmed that more than 50% of his investment portfolio is made up of BTC.
- This comes in spite of most investors, even Bitcoin bulls, arguing that it’s unwise to have more than a few percent or a few dozen percent in the asset class.
- Pal has been recently touting a sentiment that Bitcoin is likely to be the best performing asset of the coming years.
Bitcoin Is More Than 50% of Raoul Pal’s Portfolio: Here’s Why
In August, Raoul Pal, the CEO of Real Vision, revealed that he thinks he is “irresponsibly long” on Bitcoin. This comes after he publicly announced he would be increasing his personal exposure to the asset class to 25%.
Since then, investors have constantly asked him about the size of his position, trying to gauge where the Wall Street veteran is at with Bitcoin.
On September 8th, Pal said that he is “over 50%,” referencing the percent of his portfolio that is currently in BTC. This comment was made in response to once of his followers telling the former Goldman Sachs head of hedge fund sales that he should follow Anthony Pompliano’s example; Pompliano, a former Facebook team lead and crypto investor, has gone on CNBC saying he has 50% of his assets in Bitcoin.
The reason why Pal is so bullish is that he sees ongoing macroeconomic trends bolstering Bitcoin’s growth.
Commenting on recent comments from the Federal Reserve, the investor said:
“Most people don’t understand the latter but is simply put, Powell has shown that there is ZERO tolerance for deflation so they will do ANYTHING to stop it, and that is good for the two hardest assets – Gold and Bitcoin. Powell WANTS inflation. I don’t think he gets true demand push inflation but he will get fiat devaluation, in conjunction with the other central banks all on the same mission.”
Pal added in a separate analysis that there’s a likelihood Bitcoin may be the only asset worth owning.
Far From the Only Wall Street Bull
Pal is far from the only Wall Street veteran that is extremely bullish on Bitcoin at the moment.
Mike Novogratz, Arthur Hayes, and Dan Morehead are among those that have recently doubled down on the leading cryptocurrency despite much uncertainty.
Photo by Stephen Leonardi on Unsplash Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Wall Street Veteran Has More Than 50% of His Portfolio In Bitcoin: Here's Why