During a recent interview, former Goldman Sachs executive Raoul Pal talked about Ethereum and said that $ETH above $20,000 “feels about right.”

Prior to founding macro economic and investment strategy research service Global Macro Investor (GMI) in 2005, Pal co-managed the GLG Global Macro Fund in London for global asset management firm GLG Partners (which is now called “Man GLG”). Before that, Pal worked at Goldman Sachs, where he co-managed the European hedge fund sales business in Equities and Equity Derivatives. Currently, he is the CEO of finance and business video channel Real Vision, which he co-founded in 2014.

During an interview on an episode of the Nankless podcast that got released on Monday (August 30), Pal said that $20K was his price prediction for Ethereum in the long-term and that he had arrived at his prediction for Ethereum by mapping the asset’s chart over Bitcoin’s chart in 2017. 

According to Pal, Ethereum’s trajectory matches perfectly with Bitcoin’s bull run four years ago. As reported by The Daily Hodl, he said:

All I did is just map over the ETH chart to the Bitcoin 2017 chart. They work perfectly, and it gives you $20,000. There’s no great science to that, but it feels about right.

Pal has in the past several months repeatedly called Ethereum the “greatest trade” available in the crypto space, noting the impact of staking on reducing the coin’s supply. He claimed that only 13% of Ethereum’s total supply was available in circulation, with the rest being “staked, locked and hoarded.”

Pal said his price prediction for Ethereum to arise above $20K could occur as early as March 2022. He also predicted Bitcoin’s price would rise to between $250,000 and $400,000 based upon matching its trajectory with BTC’s chart in 2013:

Don’t forget, they usually go up 5 to 10x in the last three months of the year. We haven’t even got to the all-time high, but let’s say Bitcoin goes up 5x from the $60,000 high. That’s $350,000. That would be a very normal rally for year-end.

Back on April 21, Pal explained in more detail why he had become much more bullish on Ethereum than Bitcoin:

He then went on to say:

  • The ETH space is growing at 100% YoY (vs 50% YOY for BTC) and it is attracting a massive proportion of the developer talent and applications too.
  • At this point in the risk cycle and with ETH 2.0 coming (cheaper fees and less supply), I’m struggling to not sell all my BTC to move my entire core position to ETH. To be clear – I’m a massive BTC bull, but I think ETH is the better asset allocation for performance right now.


The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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