Industry Outlook Remains Upbeat Amid Period of Market Correction
Former Goldman Sachs hedge-fund manager and cryptocurrency bull Raoul Pal says bitcoin (BTC) can go to $250,000 or more.
“I think bitcoin (BTC) goes well above $250,000 in the next twelve months and ethereum (ETH) well above $20,000” said the CEO of Global Macro Investor.
Pal reminded investors that corrections are par for the course when investing in cryptocurrency, pointing to the high adoption rate of the entire cryptocurrency market as a reason for optimism. In fact, the crypto market is currently growing at 113% a year, double that of the growth of the internet from 1990 to 2000.
Increased investment capacity
Pal also noted that the next catalyst for a bitcoin boom would be the introduction of a long-awaited U.S. exchange-traded fund (ETF). This will allow Registered Investment Advisers (RIA’s) and Asset Managers to access cryptocurrencies, without setting up wallets and accounts on exchanges they’re not familiar with.
At present, the choice of exchanges in the U.S. is limited. Coinbase and the Grayscale Bitcoin Investment Trust being the main options. Galaxy Digital’s Mike Novogratz had similar sentiments last week, stating that the next catalyst for bitcoin growth would be an ETF.
Bitcoin price recap
Bitcoin has been trending downward since it reached an all-time high just under $65,000 back on April 14. However, yesterday, it bounced at the support line of the channel and has trended slowly upward again.
While price corrections and the social media behavior of one prominent tech entrepreneur might have dampened bitcoin last week, the outlook in the long-run remains upbeat.
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