Macro guru Raul Pal has changed his mind about Bitcoin (BTC) and explains why he favored Ethereum (ETH) as the main cryptocurrency.
In a new interview with Real Vision, Pal said he initially considered Bitcoin to be the most widely held and highest performing crypto asset.
However, Pal said he was convinced that the big institutional investors wouldn’t do so in the end.
“When my view of Bitcoin changed a lot, I didn’t think of it as an asset, but in terms of network terms and the community. I thought the community wasn’t attracting new people. The job of the network is to attract new participants, and if the network is actively rejecting people, I thought it would underperform.
It was a surprise to me as I was very bullish on Bitcoin at first.
To have a bigger place. And what happened almost immediately, and it made me change my mind,
On the agency side, well, I don’t really have this space. And I started buying ETH. “
Former Goldman Sachs executives say there is a story shift between institutions where Bitcoin is no longer the only crypto asset to be taken seriously.
“Literally every other day, I’m talking to the world’s largest financial institution talking about cryptocurrencies and investment methods in front of the investment committee. And the change in the story really surprised me. It has always been Bitcoin. Can Bitcoin be placed on the balance sheet? How should I invest in Bitcoin? What is diversification?
Ethereum feels like a technology play that makes sense in the application. We are interested in DeFi and so on. Then how do you get involved in Web 3.0 right away? “
Pal says Ethereum’s power to generate network effects combined with its technological capabilities is a “good bet” in crypto space, mimicking the early adoption of the Internet.
“It’s like the internet. At that moment, it’s okay, it’s like a much better bet. So I made that bet. And I ended up with the majority to Ethereum. I moved and made another bet on the space to represent the macro view. “
Check price action
Don’t miss the beat – subscribe and deliver encrypted email alerts directly to your inbox
follow me twitterFacebook and Telegram
Surf the daily hoddle mix
& Nbsp
Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors need to do due diligence before making risky investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfer and transaction is your own responsibility and any loss you may incur is your responsibility. Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets. Also, Daily Hodl is not an investment adviser. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock / Liu zishan
