Benzinga - Raoul Pal, former Goldman Sachs Group Inc. (NYSE: GS) executive, predicts that Bitcoin (CRYPTO: BTC) could hit $50,000 this year.
What Happened: Pal was speaking with Anthony Pompliano on "Bitcoin and the 2023 Financial Crisis."
Pompliano, popularly known as "Pomp," on Sunday, asked Pal in a YouTube video about his outlook for Bitcoin and whether he agreed with Balaji Srinivasan's ambitious million-dollar bet that Bitcoin will reach a $1 million price target by June 17.
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Pal said, “He’s [Srinivasan] has got 0.0% chance of being right,” but he believes that Srinivasan is spending millions of dollars on marketing the concept of “hyperbitcoinization.”
According to Srinivasan, the global economy is on the verge of a major shift — a “hyperbitcoinization”— which could spell the end of the dollar as the world’s dominant currency. As he explains, as traditional currencies enter a period of rapid hyperinflation, the global economy will turn to Bitcoin as a “digital gold” as the new, preferred currency.
“Market going to be squeezed more than people expect and we'll get to $50,000 faster than people expect this year or within 12 months. Over time we keep the adoption curve and keep on going,” Pal added.
Price Action: At the time of writing, BTC was trading at $28,371, up 4.80% in the last 24 hours, according to Benzinga Pro data.
Read More: Bitcoin, Ethereum, Dogecoin Mixed After Credit Suisse Deal: Balaji Srinivasan Sees Banking Crisis Boosting Apex Crypto To $1M
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