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Raoul Pal thinks Federal Reserve policies could lead Bitcoin (BTC) to 100x gains.
On Thursday, Fed Chairman Jerome Powell said that the U.S. central bank would prioritize keeping unemployment low over reigning in inflation.
Pal, the former head of European hedge fund sales for Goldman Sachs, says that the shift in monetary policy is lending major upside to gold and, to an even greater degree, Bitcoin.
“Powell has shown that there is ZERO tolerance for deflation so they will do ANYTHING to stop it, and that is good for the two hardest assets – gold and Bitcoin. Powell WANTS inflation.
I don’t think he gets true demand push inflation, but he will get fiat devaluation, in conjunction with the other central banks all on the same mission. Overall, I think Bitcoin outperforms gold. Gold can go up 2x or 3x or even 5x while Bitcoin can go up 50x or even 100x.”
The top cryptocurrency is currently trading at $11,496 so a 50x gain would mean a value of $574,800 per BTC, and a 100x gain would be a $1,149,600 Bitcoin price.
In the short term, Pal says both gold and BTC could drop further, and he’s loading up on Bitcoin and Ethereum amid the market downturn.
“Gold has maybe 25% downside and Bitcoin 50%, so risk-adjusted BTC kills it. However, I own both but a LOT more BTC (and some ETH). Over time, all will rise again. I’m buying more BTC and ETH as the price falls and my gold is in a vault not to be touched.”
Meanwhile, Pal says Ethereum (ETH) offers a unique use case.
“[Ethereum is] not a reserve asset but a call option on a future platform for finance and trusted ownership via smart contracts.”
In other trending Bitcoin News today:
Yearn.finance (YFI) Jumps to $23,000 Eclipsing Bitcoin’s All-Time High Price of $20k
Yearn.finance (YFI), one of the hottest crypto assets in the Ethereum decentralized finance space, has seen an extreme price performance in the past day.
The asset has gained approximately 30% in the past 24 hours. This is an outperformance of Bitcoin’s 1% gain and Ethereum’s 1.7% move higher.
YFI is currently trading above $23,000 at this time.
What’s especially notable about the rally in YFI is that it was launched just a month ago. Further, at the launch, creator Andre Cronje asserted that the cryptocurrency literally has “zero value.”
The crucial trend behind YFI’s ongoing move to the upside is it getting listed on another leading DeFi platform, Aave. Aave is a money-market protocol that allows users to lend and borrow cryptocurrencies based on Ethereum.
Aave announced the listing on August 28th. This listing should provide YFI with some positive price pressure as that means holders can now earn further yields on their YFI.
YFI is also benefiting from the launch of Curve’s Curve DAO token (CRV).
The token is being used by Yearn.finance as a medium through which yield can be obtained on deposits of stablecoins like USD Coin and Tether.
These yields have become so attractive to investors that hundreds of millions have been siphoned into the Yearn.finance protocol.
This increase in deposits has led to an increase in the value of YFI, which is a proxy for the value of the Yearn.finance ecosystem.
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Show Notes / News Resources:
– $1.1M Bitcoin Price Prediction: https://bit.ly/3hFqcMV
– Raoul Pals BTC Tweets: https://bit.ly/3b6IKmS
– Yearn Finance (YFI) Breaks $23K: https://bit.ly/3lwofVq
– Bitcoin Breakout: https://bit.ly/3gIPqbY
DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky and so is investing into Cryptocurrency. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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