The price of Bitcoin will hit $1 million in five years, up from around $11,000 right now, thanks to an "enormous wall of money," a former Goldman Sachs hedge fund chief said in a recent interview with the Insider.
Raoul Pal, who has allocated more than 50% of his capital to Bitcoin, said a wave of institutional funds will adopt the digital currency, as they realize the economy will take a long time to recover from COVID-19. "It's an enormous wall of money," he said.
"Just the pipes aren't there to allow people to do it yet, and that's coming, but it's on everybody's radar screen and there's a lot of smart people working on it."
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