361: BITCOIN WILL HIT $1 MILLION IN 5 YEARS!! THESE ALTCOINS COULD RISE 100-1000X THIS BTC BULL CYCLE!!

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Raoul Pal, the former Goldman Sachs hedge-fund manager who founded Real Vision, said the Bitcoin price will hit $1 million in five years. 

In an interview with Stansberry Research on October 7, he pinned the predicted the BTC price increase to a wave of institutional funds pouring an "enormous wall of money" into the asset.

Bitcoin's price has exploded about 40% year-to-date, and is currently worth $11,387.

It is also the largest digital currency by market capitalization, with a current value of about $200 billion, according to data published by Statista.

"Yeah, I think [$1 million is] about right. Just from what I know from all of the institutions and all of the people I speak to, there is an enormous wall of money coming into this," he told host Daniela Cam-bone.

"It's an enormous wall of money. Just the pipes aren't there to allow people to do it yet, and that's coming, but it's on everybody's radar screen and there's a lot of smart people working on it."

Pal, currently the co-founder and CEO of Global Macro Investor, said the global economy is moving from the "hope phase" to the "insolvency phase" as investors realize an economic recovery from the COVID-19 pandemic will take much longer than anticipated.

"The economy is not going to recover for a lot longer than we expect," he said. "There's no stimulus around and we've got more problems to come in Europe, the US, and elsewhere. And businesses don't have enough cash flow, they're closing in droves and that's what I called the insolvency phase."

"The only answer is more from the central banks, so that's why I started to buy more and more Bitcoin," he added.