Wall Street Veteran Believes Bitcoin is the “Life Raft” in an Upcoming Financial Crisis

Raoul Pal, former fund manager and CEO of Real Vision, opines that the worse of the COVID-19 pandemic is yet to hit the financial markets. Pal believes that when this finally happens, Bitcoin (BTC) will serve as a “life raft” amid the upcoming chaos.

The Wall Street veteran took to Twitter to outline the global increase in Coronavirus cases. At press time, the total infected number stands at 44.6 million, while the death toll is at 1.1 million.

Pal stated that the resurgence of the virus across Europe, the US, and Canada is likely going to cause serious damage to the prospects for global economic reflation. He believes that what is coming will be worse than the financial crisis witnessed in early 2020.

To that end, he proposed a few potential solutions, stating that investors could buy bonds or dollars, or they could take the life raft; Bitcoin. Pal made some very positive comments about the benchmark cryptocurrency saying that “it will eat the world.”

As for price, Pal mentioned that the $14,000 mark is the only resistance standing between Bitcoin and its all-time high at $20,000. He proposes that BTC should clear this level latest by early 2021. Pal sees Bitcoin reaching $1 million by 2025.

Key Bitcoin Levels to Monitor in the Near-Term — October 28

Bitcoin has renewed its YTD high at $13,860 earlier today, as the market recedes from the recent PayPal announcement. However, it was immediately met with fresh supply at the $13,860 resistance and dropped sharply to the $12,895 support, where bulls kicked into action again.

That said, this support level is expected to keep the cryptocurrency from falling lower in the near-term. The cryptocurrency’s next move remains unclear at this point, but the path of least resistance is to the upside.

Total market capital: $390 billion

Bitcoin market capital: $243 billion

Bitcoin dominance: 62%

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