According to Raul Pal, founder and CEO of Global Macro Investor and Real Vision, Bitcoin could hit $ 150,000 by November 2021, and that would be the most conservative scenario. Pal believes that Bitcoin can even reach $ 250,000 due to the large amount of institutional money that is currently flowing into the bitcoin market.

Bitcoin’s latest rally is fundamentally different from the cryptocurrency bubble of 2017, which is believed to be primarily driven by retail investors, Pal said.

Most of the bitcoin spin-off is currently being taken over by PayPal, Square, which recently adopted crypto services, and Grayscale, Pal said. He believes the resulting supply pressure is the catalyst for Bitcoin’s recent boom.

“I have never seen a market before where there was an imbalance between supply and demand,” Pal said, referring to macroeconomic factors that favor Bitcoin.

While news of the coronavirus vaccine offers hope for a rapid economic recovery, the government is likely to need to introduce additional monetary stimulus to support their economies. This, Pal said, would lead to the devaluation of fiat currencies. He believes that this, combined with lower interest rates, will push the price of bitcoin to new heights.

“This is life-changing. No other asset has 5, 10, 20 times growth potential in a short time, ”he said.

Source: CoinTelegraph