Yet another high-profile figure has suggested the likelihood of a dramatic Bitcoin bull run, with Raoul Pal saying $1M BTC is more likely than ever. 

The former Goldman Sachs hedge fund manager and current Global Macro Investor CEO says he thinks Bitcoin could hit $1M within the next three years, as the global economy enters an unprecedented crash triggered by the COVID-19 response. 

Last month Pal had used classical charting techniques to show the likelihood of $40K Bitcoin, and earlier today shared new charts that he said suggest a “vastly higher” BTC price is on the way. With unemployment in the US and Europe already exploding, and plummeting retail sales in China, Pal argues that a sharp V-shaped recovery is increasingly unlikely, and “boomers are f*cked.” 

Pal isn’t the only one predicting cryptocurrencies, especially Bitcoin, will benefit from the incredible mess politicians have guided the world into during the COVID-19 crisis. Earlier this week Dan Morehead, CEO of Pantera Capital, said there is more than a 50/50 chance of BTC hitting a peak of over $500K by August 2021. 

One week earlier, crypto analyst PlanB used a modified Stock-to-Flow model to predict $288K Bitcoin as early as the end of 2020, and the week before than Silk Road founder (and current federal inmate) Ross Ulbricht made the jaw-dropping prediction of $333 million BTC becoming a reality within a few years. And, let’s not forget that John McAfee is so confident of Bitcoin hitting $1M before the end of this year that he bet his own penis on it!

Interestingly, just yesterday we reported that San Diego-based Silvergate Bank has seen Bitcoin (BTC) trading and transaction volumes surge during the first quarter of 2020.

AYO.NEWS says:

These predictions may seem crazy right now, but they must be seen against the context of the unprecedented economic catastrophe unfolding across the world. 

By initially failing to react quickly enough when there was a chance of containing the COVID-19 outbreak, and then massively overreacting when it was already too late, politicians around the world have assured the biggest economic downturn in modern times (even the British government has admitted it is expecting the biggest economic crash for 300 years!). 

Even if lockdowns are gradually lifted over the next few months, and we avoid a second wave of infections, the ‘quantitative easing’ (money printing) that will be needed, and is already underway, will dwarf that of the 2008 Financial Crisis, and could well trigger the collapse of many fiat currencies (something John McAfee predicted a few weeks ago). 

As we’ve previously argued, this situation could well prove to be Bitcoin’s ‘moment of truth’ – when it either emerges as the safe haven asset many have long considered it could be, or fades away as irrelevant. 

So what do we think will happen? The arguments are convincing, but then there are also plenty who say Bitcoin has failed to demonstrate any use as a safe haven asset, and are certain it will collapse along with the traditional markets.

Only time will tell…

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