With so many institutions working to get their fingers on bitcoin – which is turning out to be the asset of the century – it’s a wonder that larger companies aren’t working to do so as well. According to Raoul Pal – a former executive at Goldman Sachs – this is exactly what’s going to happen within five years, and large tech firms, such as Apple and Microsoft, will be investing in the world’s number one digital currency by market cap.
Raoul Pal: In Five Years, Big Companies Will Want BTC
2020 has been the year of institutions, with major companies like MicroStrategy purchasing hundreds of millions of dollars in bitcoin. This maneuver was later repeated by Jack Dorsey’s Square on a smaller scale, which now holds about $50 million in BTC. Stone Ridge later purchased more than $100 million in bitcoin.
This is all huge news, but at the same time, they are not necessarily companies that everyday consumers might be familiar with. However, when one hears the names “Apple” and Microsoft,” there’s a good chance that virtually everyone will understand these names, know what they are and where they come from, and who’s in charge of them.
Pal believes that these two companies and many other like them will own bitcoin within the next few years. He commented in a recent interview:
I’d be surprised that if within five years-time, Apple, Microsoft and others don’t have cash in bitcoin… The genie is out of the bottle. Nothing is a reserve asset like bitcoin.
Considering he comes from Goldman Sachs – a company that hasn’t always been kind to bitcoin – it’s interesting to see what a fan Pal is of the digital asset. Not too long ago, the former exec predicted that bitcoin’s price would ultimately surpass $1 million within the next five years. He seems to have high hopes for the next half decade and what it can bring to the crypto space.
$14,000 Allegedly Came and Went
Over the past few days, bitcoin has experienced another solid rise. It is currently trading for well beyond the $13,700 level. Many are wondering if $14,000 is in bitcoin’s immediate future, though some are saying that the currency has already tried and failed to reach this level. Alex Kuptsikevich of Fx Pro recently stated:
Bitcoin’s first attempt in three years to overcome $14,000 failed… Sellers intensified as the first cryptocurrency approached $13,800 due to the storm on the European and US stock markets. However, the larger the bitcoin correction, the more impressive the rebound could be, as there is a clear demand for discounts.
This is an interesting and valid point. Granted bitcoin remains a bit lower for some time, there will likely be more traders looking to buy up and get involved, which could ultimately cause bitcoin to reach $14,000 and stay there for a while to come.