Macroeconomist and CEO of Real Vision Group Raoul Pal says bitcoin will provide a “life raft” to the general population and garner investment from top tech companies like Microsoft and Apple.
Speaking in a recent Real Vision Finance video, the former Goldman Sachs hedge fund manager compared bitcoin and crypto-assets to a life raft for the failing economy. He compared the current COVID-19 recession to 2008’s financial collapse, saying the economy would likely continue to deteriorate and extend into an area of insolvency.
Pal predicted governments would respond to further economic decline with more money-printing, using central banks as a “backstop.”
He said,
I’m not entirely sure how the Europeans are going to keep hold of their banking system in the middle of this and I’ve feared for a long time it may end up getting nationalized.
Pal said he would be “surprised” if major tech companies such as Apple and Microsoft did not have plans to invest in bitcoin within the next five years as an escape from devalued fiat.
He also predicted the deterioration in global economies would prove bullish for bitcoin.
Nothing is a reserve asset like Bitcoin. Literally nothing. Not even gold. It is truly extraordinary, and it’s so innovative we have no idea where it’s going.
He continued, saying the digital asset ecosystem had become established and would be difficult for governments to overcome.
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