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Wall Street veteran Raoul Pal sold all his gold to buy more Bitcoin and Ethereum

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Market experts believe that bitcoin's current rally is primarily driven by institutional money. Soaring greyscale managed assets and CME's open interest lend credence to this optimistic outlook.

In parallel, the gold market has witnessed a great exit in recent weeks. Less than a week ago, an analyst he pointed that gold posted its biggest weekly outflow in history. The timing of these massive outflows of the precious metal is interesting because it comes when major multi-million dollar corporations are showing increased interest in bitcoin.

At the same time, longtime gold investors such as Wall Street veteran and Real Vision CEO Raoul Pal are beginning to liquidate their positions in the yellow alloy and invest the profits in bitcoin and other cryptocurrencies.

Pal revealed in a tweet on Nov.30 that he is ditching all of his gold holdings and trading it for the flagship cryptocurrency and Ethereum.

Raoul Pal now has 98% of his liquid net worth in cryptocurrencies

In its tweetPal said he already has a sell order to sell his stash of gold. The income generated from the sale will be used to buy bitcoin (BTC) and ethereum (ETH) in a ratio of 80 to 20. Interestingly, Pal says this is roughly 98% of his net worth.

Pal's strategy is risky as Bitcoin is a speculative asset prone to seismic price movements in a short period of time. I know advise Investors to do their own research and only invest what they can afford to lose rather than simply copying him.

But Pal's super optimistic stance doesn't just stem from wanting to cash in on attractive returns; it's about being part of a paradigm shift in the world of finance. In October, Pal posited that bitcoin is "the future" and could easily reach a valuation of $ 10 trillion.

It was said at that time:

“After all, it is not just a currency or even a store of value. It is an entire financial and accounting system that is reliable, verified, secure and of digital value that can never be created outside of the cryptographic algorithm … It is nothing less than the future of our entire system of medium of exchange, and of the money itself and the platform on which Opera".

Pal's shocking revelation about gambling all over bitcoin comes as more well-to-do investors jump into the bitcoin market.

$ 233 billion Guggenheim fund sees $ 500 million investment in Bitcoin

On Friday, investment firm Guggenheim Partners filed an application with the U.S. Securities and Exchange Commission (SEC) to allow its Macro Opportunity Fund of more than $ 5 billion to invest 10% of its net asset value in bitcoin through Grayscale Bitcoin Trust.

The presentation says:

"The Guggenheim Macro Opportunities Fund may seek investment exposure to bitcoin indirectly by investing up to 10% of its net asset value in the Grayscale Bitcoin Trust (" GBTC "), a privately offered investment vehicle that invests in Bitcoin" .

This simply means that the global investment fund is willing to invest up to $ 500 million in bitcoin.

The pandemic and reckless money printing by central banks have accelerated the need for alternative investments between billionaire hedge funds and Wall Street's big stuffed animals this year. Guggenheim is the latest high-profile company to show interest in mainstream cryptocurrency.

Ultimately, Guggenheim's future investment and Raoul Pal's assignment suggest that they believe that Bitcoin is a safe bet.





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