Raul Pal, a former hedge fund manager and crypto bull at Goldman Sachs, tweeted that he now only owns one bitcoin.
Since the statement was made in the midst of a Twitter dispute with self-proclaimed “Bitcoin strategist” Greg Foss, it’s not entirely clear whether this is an exaggeration or an accurate statement about his ownership. Pal is the founder and CEO of Real Vision and Global Macro, while Foss is the CEO of Validus Power Corp.
The revelation of his seemingly small stake has certainly caused alarm and outrage among true bitcoin believers who have looked down on the fallen since they started calling Ethereum the “biggest deal” and predicting that ETH and altcoins will eventually outperform BTC. .
Pal first bought BTC in November 2013. He sold them for a 10x profit in the so-called “jaw wars” of 2017 (not making more profit later that year) before adding them to his collection between 2019 and 2020. In May 2021, he confirmed that he owns more ETH than BTC. At the time of writing, Bitcoin (BTC) is worth $40,925.
Barney cheered on Foss, who tweeted “Raul is soft” and another intelligent tweet soon followed: “Raul smokes and smokes.” After some time passed between Pal and Bitcoin Maxi, Pal revealed that people like Foss and the exclusive ideology of the bitcoin community are the reason he only holds one bitcoin.
This angered the bitcoin community, many of whom said they were letting their emotions overshadow their logic. “His feelings are hurting his future,” one user Emanuel commented in response to a bitcoin tweet from Memco Huba. “Once he started sipping Vitalik’s Coolaid, I knew he was gone,” added another user, Jalan Foster.
Synaptic Ventures founder Mark van der Heijs complained that the fact that Pal only owns BTC based on the composition of the community and not the potential profit “completely contradicts the gospel he shared in the RealVision sermon.”
However, some defended Pale, pointing to his impressive track record and reminding supporters that he was in fact a merchant, not an owner. Cryptanalyst and founder of Crypto My Way “Coach T” wrote that he appreciated Pal’s “other perspectives and intellectual thinking”.
Foss vs. Pale: Twitter controversy
The argument appears to have been fueled by controversy over Pal’s position on inflation and bonds as a trading tool. Foss explained that he did not support Pale in order to promote his trading strategy to those who do not fully understand how it works.
Pal disagreed, stating that his views on bonds were “commercial, not philosophy”. However, in his next comment on the matter, Pal stated that he did not hold any bonds.
Finally, three hours after posting the original tweet attacking Pale, the controversy culminated with Foss tweeting an apology saying he regretted his actions, adding that he “made a rookie mistake” and “big battles are ahead” .
Just a few weeks ago, Pal said that he believes there is a “reasonable chance” that by the end of this decade, the market capitalization of cryptocurrencies will grow 100 times. Hope he’s right about that, maybe we can all agree.
Cointelegraph has reached out to Raul Pal via Real Vision and will update the story with each response.