While speaking to Kitco News, pal states that institutional investors are hurrying up to grap as much Bitcoin as they can as the crypto has turned into a “globally recognized brand,” and a “ridiculously well-performing asset.”
“Yesterday alone, I was speaking to the founder of one of the largest investment firms in America. Investment advisors alone have $5 trillion in assets, and he’s trying to get all of his advisors and advise all the others as soon as the ETF is launched to get up to 1% of assets. I mean, that’s $500 billion from the investment advisors alone.”
Nevertheless, Pal points out that several large financial organizations are not interested in investing in Bitcoins or cryptos as a whole. The Bitcoin advocate anticipates that banks will be final to invest in Bitcoin.
“We’ve all seen these phases. These things where ‘We’re not going to use this, this is rubbish, why do we need this? I’ve got a fax machine, why do I need email?’ Suddenly, ‘What’s a fax machine?’ Look at all these dot coms, at their mania. Next minute, it’s normal. It’s part of life and Amazon’s a trillion-dollar company. The world goes through these phases and the more conservative people, the less risk-takers, tend to be later to the party. So I think the banks are late here because they’re going to get disrupted somewhat.”
As per Pal, all indicators and measures used by him points to an ultra-bullish Bitcoin rally in the forthcoming year.
“I use a number of measures. I use technical analysis, logarithmic charts. I use the stock-to-flow ratio… I use a whole number of different yardsticks… They all basically come to the same thing. They basically come to: We’re going to be somewhere between $500,000 and a million dollars within five years, and we should be somewhere between $100,000 and $300,000 in the next 12 to 18 months.”