In a recent interview, Raoul Pal says that the institutional investor is discussing another huge altcoin project besides Bitcoin. Projects that have the ability to produce network effects combined with their technological skills may be a superior bet, according to Pal. As Kriptokoin.com, we are giving the details…
Why did Raoul Pal change his mind about Bitcoin?
Renowned economist Raoul Pal explains why he changed his views on Bitcoin (BTC) in favor of Ethereum (ETH) as the main crypto investment. In a recent interview with Real Vision, Pal stated that Bitcoin will continue to be the most widely owned and best performing cryptocurrency. On the other hand, the economist says that institutional investors and big players will eventually buy Bitcoin:
When my views on Bitcoin (BTC) changed, I didn’t think of it any less as an asset; instead, I evaluated it in terms of network and community and concluded that the community did not attract new members. Bringing in new members is a network’s job. I would expect the network to underperform if individuals are intentionally denied.
According to the former Goldman Sachs executive, there is a change of mind among institutions and Bitcoin is no longer the only cryptocurrency taken seriously:
The world’s largest almost every day I talk to financial institutions and they put me before investment committees to talk about crypto and how to invest. And the change surprised me. Bitcoin has always been like this. Is it possible to include Bitcoin in our financial statements? What is the best way to invest in Bitcoin? What does diversification involve? Move fast, see, Ethereum seems to be a tech game with sensible applications. We deal with DeFi and other related topics. Then quickly “Oh shit, how can we get busy with Web 3.0?”
Why is the leading altcoin preferred?
Pal claims that Ethereum’s ability to produce network effects combined with its technological capabilities provides a “better bet” in the crypto space, mimicking the early popularity of the internet.
It looks like the Internet. That’s why I put up the Ethereum bet. I turned most of my investments into Ethereum and started to bet more on the industry to convey broad views.
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