In a recent interview, former Goldman Sachs executive Raoul Pal explained why despite being “very bullish” on Bitcoin at first, he later came to the conclusion that Ethereum would outperform Bitcoin.

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.

In the April 2020 issue of the GMI newsletter, Pal explained why he believes that Bitcoin, which he called “the future”, could one day have a $10 trillion valuation. In that issue, Pal said that the idea of a $10 trillion valuation for Bitcoin is not so crazy:

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 itself and the platform on which it operates.

Since then, Pal has provided updates on changes to his crypto holdings. For example, on 29 October 2021, he said on Twitter that he was “irresponsibly long” Ethereum ($ETH).

He went on to explain what other types of cryptoassets he holds.

According to a report by The Daily Hodl that was published on March 4, during a recent interview on Real Vision, Pal talked about his views on Bitcoin and Ethereum had changed since he first got into crypto:

When my views on Bitcoin changed significantly, I don’t think less of it as an asset, but I thought about it in network terms and the community, and I thought the community is not attracting new people. And the job of a network is to attract new participants. And if the network was actively rejecting people, I thought it was going to underperform...

Which was surprising to me because I was very bullish on Bitcoin first, because I thought, look, it’s going to have a larger place. And what happened is almost immediately, and it made me change my mind, is the institution side going, well, I actually don’t this space. And I started buying ETH.

Pal also mentioned that $ETH is currently the best bet in the crypto space:

This is like the internet. That moment is like, okay, this is far superior a bet. That’s why I took that bet. And then I eventually shifted majority into Ethereum and then took other bets in the space to express macro views.


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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