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

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.

BTCUSD – 4-Hour Chart

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%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
Share with other traders!

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.