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Money Bitcoin course of one million dollars - This former Goldman Sachs manager thinks it is possible

05:25  27 october  2020
05:25  27 october  2020 Source:   finanzen.net

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Former Goldman Sachs manager Raoul Pal predicts a Bitcoin price of $ 1 million within 3 years and calls We are in a viscous doom loop where slowing growth causes the dollar to rise, which causes Bitcoin , well, that ’s a different story. I think ( Bitcoin ) can get to $ 1 million in the same time period.

Goldman Sachs economists think emerging markets like Brazil may have a greater use for bitcoin Unlike bitcoin , the dollar derives some of its value from the fact that it is universally accepted and backed Occasional BBC guest. Former holder of the FINRA Series 7 and 66. Doesn't follow the herd.

Bitcoin is actually doing pretty well this year. Although the corona pandemic also gave the crypto currency a rough setback in March, the price has been increasing steadily since then. If a former Goldman Sachs hedge fund manager has his way, things should go much higher in the future.

PHILIPPE HUGUEN/AFP/Getty Images © Provided by Finanz.net PHILIPPE HUGUEN / AFP / Getty Images

• Bitcoin at a million dollars in five to six years?

• Upward potential higher than possible risk

• More investors pouring into crypto currencies

Since the oldest crypto currency in the world became more and more established in the mainstream and the blockchain technology it is based on has been gaining more and more advocates, the bullish forecasts for the price development of the Bitcoin have increased . But few are as optimistic as Raoul Pal's. The former Goldman Sachs hedge fund manager predicted a bright future for cyber motto in a recent interview with Stansberry Research published on YouTube . In his opinion, the price of a coin could reach $ 1 million in the next five to six years.

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Goldman Sachs ’ latest client conference call will include a subject that Wall Street has either long derided or shrugged off: Bitcoin . I am a freelance journalist based in Nashville who covers Bitcoin , privacy tech, the debt bubble, and things like that . Formerly a staff writer at Bitcoin Magazine, my.

Former roulette dealer here. First and foremost, you have to understand that gambling is a form of entertainment just like any other. Set a limit. Of course it is possible to make good profit from a casino , although you should consider that every Casino has a big benefit towards the player.If you

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He bases this bullish assessment on his own experience and conversations with representatives of the industry: "Only from what I know about all the institutions and the people I talk to does an enormous amount of money go into it [in the Bitcoin] ". There is currently still a lack of the necessary access so that investments can actually be made, but according to Pal, these accesses are now being created: "Everyone has it on their radar and there are many clever people who are working on it," says Pal.

"Insolvency phase" accelerates Bitcoin price increase

On the other hand, the current corona pandemic would also be responsible for the fact that more investors would seek escape into crypto currencies. In his opinion, the global economy would meanwhile change from the "hope phase" to the "bankruptcy phase". - Trade Bitcoin with Plus 500 - that's how it works. 76.4% of retail investor accounts lose money when trading CFDs with this provider . You should carefully consider whether you can afford the high risk of losing your money. - The economic recovery would take much longer than initially assumed and the necessary financial injections would stall: "There is no stimulus and there are more problems in Europe, the USA and elsewhere. And companies do not have enough cash flow. They are closing in droves. And that's what I call the bankruptcy phase, "says Pal.

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But Goldman Sachs , perhaps the most storied name in finance, is bucking the risks and moving ahead with plans to set up what appears to be the Rana Yared, one of the Goldman executives overseeing the creation of the trading operation, said the bank was cleareyed about what it was getting itself into.

Bitcoin has gained a lot of fans recently, but Goldman Sachs CEO Lloyd Blankfein is not one of them. But Blankfein did not say the digital currency would fail, noting that "the list of things that are conventional today that I use every day that I thought would never make it is a very long list."

The only possible solution to this would be more help from the central banks. Therefore, the fund manager decided to invest more in Bitcoin. And not too short, as Pal admitted in the interview. Meanwhile, his portfolio consists of Gold , stocks, Dollar "probably more than 50%" of Bitcoin. He admitted that he is currently also playing with the idea of ​​completely parting with his gold in order to buy more Bitcoin.

He is aware that this also represents a high risk for his portfolio if the cyber currency goes down. After all, Bitcoin is known for its high volatility. But for the fund manager, the high profit prospects trump the risk: "The upside potential is so much greater". In any case, there would be more room for improvement with stocks.

You might also be interested in: NOW NEW - trade Bitcoin & Co. via the finanzen.net app - or for professionals via the Stuttgart Stock Exchange Digital Exchange

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Gary Cohn, former Goldman Sachs President as well as former chief economic advisor to US Cohn told CNBC that he thinks there will be a “global cryptocurrency at some point where the world In October of last year, it was estimated that Bitcoin drew 56 mln KWh of electricity per day at an

Goldman Sachs Group Inc. has agreed to pay about 0 million to resolve allegations that its foreign exchange Goldman Sachs said in a statement that it was pleased to have resolved the reviews and that the Fed Ex-JPMorgan Chase & Co. trader Richard Usher, former Citigroup Inc. trader Rohan

Raoul Pal is not alone in his assessment, even if his price forecast is supported by other experts far outstripped. Nigel Green from the deVere Group also assumes that the Bitcoin rate will be able to benefit from increasing interest on the part of investors in the future. For example, "global political, economic and social unrest would indicate that there will be a rise in Bitcoin prices before the end of the year," Green said in an email to Forbes. Here internet money would benefit from its status as a gold substitute. Because the expectation is that the cyber currency will retain its value even when other assets come under pressure. "Investors will increase their position on decentralized, non-governmental, secure digital currencies like Bitcoin to protect themselves from the potential risks of traditional markets," said Green.

Now it remains to be seen whether the two Bitcoin bulls will actually be right with their assessment. Finanzen.net editorial team

Bitcoin rises to more than 14,000 US dollars .
The digital currency Bitcoin continues to soar. For the first time since the beginning of 2018, the oldest and best-known digital currency surpassed the 14,000 US dollar mark (12,000 euros). Most recently, the price on the Bitstamp cryptocurrency exchange came back a little to $ 13,911. © Jens Kalaene / ZB / dpa The digital currency Bitcoin is rising again.

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