Although Pal believes that Bitcoin remains active, he has observed that the network is not attracting new people. The executive said that a shift among institutions indicates that BTC is no longer the only crypto asset taken seriously.
Raoul Pal, a former Goldman Sachs hedge fund manager and the CEO of Real Vision, is a renowned cryptocurrency expert. The executive recently explained why he has always shown more confidence in Ether (ETH) than Bitcoin (BTC).
Pal said that he believes the Ethereum network cryptocurrency would outperform Bitcoin, although he was very optimistic about the latter at first.
Raoul Pal Reveals Why He Bets on Ether Instead of Bitcoin
Cryptocurrency guru Raoul Pal recently expressed his views on Bitcoin and Ether. He stated that he had changed his opinion of them since he entered the world of cryptocurrencies.
The expert noted he initially thought that Bitcoin would prevail but said that large institutional investors convinced him that it will not.
Although Pal admitted that his position on Bitcoin changed significantly, he stated that he does not consider it less active. However, by looking at it in terms of community, he thought it was not attracting new people. Since he observed that the network was actively rejecting people, he believed it would underperform.
He added that this surprised him, as he was initially very optimistic about Bitcoin and considered it would have a more prominent place. However, he changed his mind because he sensed it was leaving the institutional side almost immediately. Since he did not understand that space, he decided to buy Ether.
The Inter-institutional Change Indicates BTC Is No Longer the Only Crypto Asset
Raoul Pal said a shift was occurring among institutions in which Bitcoin (BTC) is no longer the only crypto asset taken seriously.
The expert stated that he speaks practically every two days with the investment committees of the leading financial institutions worldwide. He pointed out he discussed with them about the crypto world and how to invest, noting that the narrative change that always surprised him was Bitcoin.
However, Pal believes that the power of Ethereum to generate network effects makes it the biggest bet in the crypto space.
The former Goldman Sachs hedge fund manager sees Ether as the best option in the crypto market. For that reason, he decided to change Bitcoin for the cryptocurrency of the Ethereum network and then take other bets.
Raoul Pal Had Predicted the Price of Bitcoin Would Reach USD 1 Million
In 2020, Raoul Pal was very bullish on Bitcoin, but his view on the stock market was bleak. He believed the value of the pioneering cryptocurrency could reach USD 1 million in just five years.
Pal admitted that he realized that Bitcoin was superior to gold after a conversation with Michael Saylor, the CEO of MicroStrategy.
The CEO of Real Vision predicted that the price of Bitcoin would continue to rise thanks to mass adoption by large groups of investors.
By Alexander Salazar
