Benzinga - Macro Guru Raoul Pal on Thursday said he is thankful for two things this Thanksgiving: Bitcoin (CRYPTO: BTC) and the total market capitalization of cryptocurrencies.
What Happened: Pal posted on X, "Bitcoin – The best-performing asset of all time +275,000% since 2013). A stunning log trend we should be thankful for too…" Since 2015, the total market capitalization of cryptocurrencies has escalated by 44,000%.
Addressing the skeptics who label the rise in cryptocurrency value as a speculative bubble, Pal said, "But you want to say it’s a speculative scam, driven by zero rates. Got it. Good call."
Cryptocurrencies have been the best-performing asset class on earth in three out of every four years, Pal notes.
But you want to say it's a speculative scam, driven by zero rates.Got it.
Good call.
Oh, rates are at 5.5% and Crypto is again the best-performing asset class on earth, just as it is 3 years out of every 4.
And still it trends exponentially higher and higher over time.
— Raoul Pal (@RaoulGMI) November 24, 2023
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Earlier in November, Pal predicted that Ethereum (CRYPTO: ETH) could surge by over 75% by December. Pal took to X, to share his thoughts on the matter, "Technically speaking – ETH is a gorgeous, gorgeous chart."
According to his chart, Pal envisioned ETH reaching $3,250 by the end of the year. At the time of writing, ETH was trading at $2,065.
Price Action: At the time of writing, BTC was trading at $37,479, up 1.11% in the last 24 hours according to Benzinga Pro.
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