According to Raoul Pal, a former Goldman Sachs fund manager, Bitcoin serves as a “call option” in the context of contemporary challenges. Besides, hedge funds are beginning to come to the same conclusion.
Raoul Pal and Mike Novogratz take part in the new Unchained podcast. Global Macro Investor CEO and Galaxy CEO talked about the importance of Bitcoin in the current economic situation. Obviously, among the issues discussed, the pandemic and the steps that the government took to combat it were mentioned.
Raoul Pal said that hedge fund investors continue to contact him and they are interested in his opinion on some issues. They are attracted by the opportunity to start investing in Bitcoin. Pal is convinced that this fact suggests that the international financial system is indeed at risk.
“We’ve never gone through such central bank uncertainty. None of us have lived through monetary printing of this kind of magnitude. In fact, none of us even believed it would ever happen. So when you’ve got something that is so large and it continues – it doesn’t go away, it gets worse and worse and worse – everybody has to ask the question, ‘Well what could it mean?’ And Bitcoin is the call option on the ‘What could it mean?’”
Back in May, Raoul Pal shared his forecast that Bitcoin could reach $1 million. Nevertheless, this is another forecast, but the reality is that even taking into account Bitcoin, the Millennials do not have and did not have so many highly profitable investment opportunities compared to Generation Z.
Mike Novogratz believes that now for Bitcoin it is important to gain a foothold at the level of $10,000. If this happens soon, the cryptocurrency will be able to surprise skeptics and aim at around $14,000. Novogratz agrees with Pal regarding the need to analyze the impact of the Millennials and Generation Z on Bitcoin, as well as how future generations will relate to cryptocurrency.
Galaxy CEO stressed that we will consider the Baby Boomers the most selfish generation in history. He drew attention to the significant difference between the contribution to the future and the amount of debt that they leave behind. Novogratz sees this as a stolen time and opportunity on a global scale. The bottom line is that Baby Boomers owe astronomical amounts, and our children and grandchildren will have to pay for it, and it’s not the end at all.
In conclusion, Novogratz added that after years when the descendants will consider our generation from a financial point of view, they will conclude that Bitcoin was a perfect option in the current financial system.