Famous investor turns entire gold asset into Bitcoin and Ethereum
coinputin.com – Earlier today, Raoul Pal announced that he had invested almost all of his liquid net worth in Bitcoin and Ethereum.
Pal ran the GLG Global Macro Fund in London for the Global Asset Management Company GLG Partners (now “Man GLG”) before founding the macro economics and Investment Strategy Research Service Global Macro Investor (GMI) in 2005. Prior to that, Pal worked at Goldman Sachs, where he ran a European hedge fund sales business in equities and equity derivatives. He currently serves as CEO of the finance and business video channel Real Vision, of which he co-founded in 2014.
In the April 2020 issue of the GMI news release, Pal explained why he believes Bitcoin, which he calls “the future,” could one day be worth $ 10 trillion. In that number, Pal said the idea of a $ 10 trillion valuation for Bitcoin isn’t that crazy:
“After all, it’s not just a currency or even a store of value. A fully reliable, verified, secure financial and digital value accounting system that can never be created outside the cryptographic algorithm…”
On October 7th, Pal said in an interview with Daniela Cambone, editor-in-chief and open session manager at Stansberry Research, that Bitcoin has a 50% share in its personal investment portfolio and is considering selling gold to buy more Bitcoins.
Pal had described Bitcoin as “a supermassive black hole that absorbs everything around it and destroys it,” in a tweet sent on October 27. Pal ended his remarks by saying Bitcoin was the best investment opportunity he had ever faced.
Earlier today, Pal said it was about to sell all its gold assets and use the money to invest in Bitcoin and Ethereum, which amounts to 98% of its net liquid value.
Pal thus embodied his earlier statements about Bitcoin.