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Former Goldman Sachs Manager Who Called Massive Bitcoin (BTC) Rally Says He May Buy Ethereum (ETH) – Here’s Why

July 12, 2020

Former Goldman Sachs hedge fund manager Raoul Pal says he’s thinking about buying Ethereum as he believes the second-largest cryptocurrency may spearhead the next bull rally.

In a series of tweets, Pal predicts that a broader crypto rally is in the horizon as Bitcoin (BTC) is on the verge of a major breakout in both the near term and the long term.

The time for the crypto rally seems fast approaching…#Bitcoin $BTC is getting ready hopefully to break the small wedge… pic.twitter.com/Fr8ZLWTA4V

— Raoul Pal (@RaoulGMI) July 8, 2020

But the investment strategist believes that a BTC breakout will be preceded by a big Ethereum reversal.

But this time it might be lead by #ethereum which is also about to break out… pic.twitter.com/ZX2qoaMknr

— Raoul Pal (@RaoulGMI) July 8, 2020

Pal points out that Ethereum has already ended its multi-year bear market against Bitcoin. The former hedge fund manager explains these factors are driving him to sink his teeth in the second-largest cryptocurrency.

“I don’t yet own ETH but feeling the need to think about adding some. My primary vehicle remains bitcoin. A rising tide will lift all boats most likely. We’ve been waiting patiently for the breakout for some time. Who knows if it breaks out now but the clock is ticking…”

In April, Pal made a bold statement that Bitcoin will could $1 million in as little as three years.

“Would it be crazy for Bitcoin to have a $10 trillion valuation? After all, it isn’t just a currency or even a store of value. It is an entire trusted, verified, secure, financial and accounting system of digital value that can never be created outside of the cryptographic algorithm. It is nothing short of the future of our entire medium of exchange system, and of money and the platform on which it operates…

I think this is the biggest trade of our lifetimes and just at the time when we need it most.”

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.