Raoul Pal, Co-Founder and CEO of Real Vision Group, says Bitcoin is the “life raft” that will lead the people and corporate giants through the end of global fiscal policy as we know it.
The former Goldman Sachs hedge fund manager compares the Covid-19 recession to the 2008 financial crisis but goes further and predicts the U.S. economy will enter a bankruptcy phase where growth will not occur as expected. He says governments around the world rely on central banks to “support” them and provide unprecedented global incentives through money printing.
Europe will also have serious problems, says Pal.
“I’m not entirely sure how Europeans are supposed to keep their banking system right in the middle and I’ve long feared that it could be nationalized.”
Pal says central banks will eat up the banking system and that cryptocurrencies will eat up the finances. He also says he will be “bloody surprised” if some of the world’s largest companies like Apple and Microsoft don’t invest cash in Bitcoin within five years to protect their capital from the dollar’s devaluation, followed by companies like Square and MicroStrategy.
“I think Bitcoin is the cockroach that cannot be killed. I think it’s a little too powerful for even governments to overcome. And I think it’s our life raft and our way out. “
The crypto trader and analyst notes that the central banks are reacting to the economic situation by talking about the introduction of their own digital currencies.
He thinks this is a bullish development for BTC.
“Nothing is a reserve like Bitcoin. Literally nothing. Not even gold. It’s really extraordinary and so innovative that we have no idea where it’s going. And when we talk about Bitcoin, we can also look at the other parts of the digital asset ecosystem. That won’t go away. The genie is out of the bottle. Ethereum won’t go away. Digital assets, tokenization – everything is coming and everything will fit into these new central bank digital currencies.
Payment systems and rails and everything will change massively. All we understand – it’s going to be as big a money revolution as the internet, from email to videos to shopping and commerce. It just changed the world we live in. That is the size of what it is. And that central bank digital currency is part of that narrative. And I think it’s positive when you own Bitcoin. “
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