Former Goldman Sachs executive takes a dig at Bitcoin maximalists in favor of Ethereum

  • Raoul Pal points out that Ethereum outperforms Bitcoin in the long term thereby frustrating Bitcoin maximalists. 
  • The former Goldman Sachs hedge fund manager, however, remains ultra bullish for Bitcoin and expects it to grow 6x in the next five months.

The Bitcoin vs Ethereum debate rages on as the world’s two largest cryptocurrencies prepare for a mega bull run. Bitcoin maximalists have always defended their position as to how BTC is better than ETH. However, it turns out that Ethereum has been closing the gap faster with Bitcoin and outperforming the world’s largest crypto over the long term.

Former Goldman Sachs executive and founder of Real Vision Raoul Pal points the same. In his latest Twitter post that is likely to frustrate the Bitcoin maximalists, Pal writes:

For the Bitcoin Maxi’s: when ETH launched it was at 0.0007BTC. 6 years later, it is at 0.07. That is 100x vs BTC over the period you called it a shit coin. The whole Pfeffer argument of utility value goes to zero has been proven wrong due to network effects.

In his following tweet, Pal notes that Bitcoin and Ethereum don’t have a comparison as such, and he’s fine with it. He said that some other cryptocurrency might outperform Ethereum in the long term and that’s cool as well. In fact, Raoul Pal is so bullish on crypto that he expects the entire space to go 100x from the current levels.

The Goldman Sachs executive is much bullish on Ethereum (ETH) which has a higher weightage in his portfolio. In his recent podcast with Bankless, Pal admitted that he has 55 percent of his portfolio in Ethereum. Another 25 percent is in Bitcoin and the rest is in other popular altcoins like Polkadot (DOT).

Is Raoul Pal anti-Bitcoin?

Absolutely not! Just like Ethereum, Pal is ultra-bullish on Bitcoin. In fact, the former hedge fund manager at Goldman Sachs has been the most vocal Bitcoin bull. Pal has predicted that the BTC price another 500 percent from the current levels and expects BTC to hit anywhere between $250,000 and $400,000 by March 2022.

Similarly, he remains ultra-bullish on Ethereum as well! He said:

I think Bitcoin, somewhere north of $200,000, and ETH closer to $15,000, but I think we finish the cycle with Bitcoin close to $400,000 and ETH closer to $40,000.

Pal puts his Bitcoin and Ethereum price prediction on the basis that institutional investors will storm the market very soon. “So who’s the next big buyer of Bitcoin? It’s pretty clear to me who they are. It is the ongoing institutions, and that just keeps going and I think we’ll see an acceleration of that particularly if price breaks out because everybody’s like sheep, they always want to follow each other,” said Pal.

Pal further thinks that the bull and the bear cycles will decouple from the historical trends. He believes that rising adoption will lower the volatility in the future.

About Author

Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

Comments are closed.