While not on par with the biggest cryptocurrency advocates in the alternative sphere, economist Raoul Pal has for a long time been one of the most well known, especially for his forecast months ago in which he said the value of Bitcoin would one day climb to over $1 million.
However in the past few days the strong supporter of cryptocurrencies has had a change of heart and is now selling his Bitcoin, as well as calling for others to do so, and to instead shift their wealth preservation assets back into the long-standing solidity which one has in physical gold.
Raoul Pal, one of the most effective critics of mainstream economics, is cashing in his Bitcoins. Gold is a better wealth preservation tool, says Real Vision Television’s co-founder.
Yesterday Pal, who once thought that Bitcoins could eventually be worth as much as $1 million each, informed Real Vision Publications subscribers that he was selling the digital currency.
“Bitcoin not a store of value people thought it was,” he told Sprott Money News, in a telephone interview this morning from his Cayman Islands home. “If core developers are talking about changing the Bitcoin code or how it works, what happens if – at some future point – they decide to allow the number of coins to expand?”
Pal also cited lack of a Bitcoin “killer app,” and the commoditization of blockchain technology – as new players chip away at the market – as motivating his thinking.
Pal’s call is also important for another reason: if Bitcoin’s allure as a store of value and a hedge against systemic collapse is dimmed, this would increase the relative value of other solutions.
That includes gold, for which Pal’s partner Grant Williams has been a particularly strong backer.
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To his concern, the majority of the network would need to agree to increasing the supply but why do it? I think he's over reacting.
I think I will just keep my crypto.
Interesting blog. Thanks for bringing this to our attention. There's a lot of exchanges out there. I found that coinmarketcap.com gives quite a decent overview. This is quite an interesting website I found: https://www.coincheckup.com This site gives a complete analysis and investment stats on every single tradable crypto out there.