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- The spike in the price of bitcoin over the past few months has been nothing short of incredible.
- Priced at $19,479 at the time of writing, bitcoin is well on its way to reaching its all-time high of $20,000 that it hit back in 2017 around the same time of year.
The spike in the price of bitcoin over the past few months has been nothing short of incredible. Priced at $19,479 at the time of writing, bitcoin is well on its way to reaching its all-time high of $20,000 that it hit back in 2017 around the same time of year.
Many people throughout the industry believe that the surge in the price of bitcoin has been triggered due to institutional money.
Whereas the crypto industry has been spiking in price significantly over the past few weeks, the markets for the precious metal of gold has been seeing a huge outflow in recent times. Less than seven days ago, one analyst highlighted that gold so it’s the largest ever weekly outflow which is interesting because the timing means that it comes when prominent billionaire companies are indicating a bigger interest in bitcoin.
One long time investor in gold Raoul Pal, the chief executive officer of Real Vision and a veteran at Wall Street has recently started liquidating his positions in the precious-metals and put money into bitcoin and other digital assets.
Writing in a tweet earlier this week on the 30th of November, the veteran investor highlighted that he is dumping all of his holdings in gold and trading it in for bitcoin and ethereum.
Many more institutional investors are looking to the world of crypto in a more serious manner as the leading coin spikes to highs it hasn’t seen since 2017. Big institutions and conglomerates are also looking towards the asset and industry in a more proper and serious manner too.
Ok, last bomb - I have a sell order in tomorrow to sell all my gold and to scale in to buy BTC and ETH (80/20). I dont own anything else (except some bond calls and some $'s). 98% of my liquid net worth. See, you can't categorize me except #irresponsiblylong Good night all.— Raoul Pal (@RaoulGMI) November 30, 2020
Of course, despite his excitement on bitcoin, Pal clearly wants to be a part of the shift that is occurring in the financial world as it moves more digitally. He has said:
“After all, it isn’t just a currency or even a store of value. It is an entire trusted, verified, secure financial and accounting system of digital value that can never be created outside of the cryptographic algorithm… It is nothing short of the future of our entire medium of exchange system, and of money itself and the platform on which it operates.”
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