Benzinga - In a surprising shift within the cryptocurrency investment landscape, former Goldman Sachs executive and macro guru Raoul Pal has revealed a substantial reallocation of his digital asset portfolio, favoring Solana (CRYPTO: SOL) over other cryptocurrencies, including Ethereum (CRYPTO: ETH).
What Happened: Pal, during a conversation on the Bankless YouTube channel, disclosed that roughly 80% of his crypto investments are now in Solana, The Daily Hodl reported on Wednesday.
The macroeconomic expert has replaced his Ethereum holdings with high-end art NFTs and has also invested in Exponential Age Asset Management, a digital assets-focused fund. "I am 80% SOL. All of my ETH is now NFTs (non-fungible tokens), I have been buying high-end art NFTs.
“And I have 1% in stupid s**t like dogwifhat, Dogecoin and Bonk. Got all of those. But that's 1%… just to be clear I've got like in all of memecoins and everything else, 1% of my portfolio. I am 80% Solana."
He justified his heavy investment in Solana by referring to the Solana/Ethereum chart’s performance in 2022, which led him to go “all in” on Solana, paralleling his earlier decision to invest heavily in Ethereum in September 2020.
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Why It Matters: Pal’s strategic shift to Solana comes at a time when the cryptocurrency is making significant updates to address network issues. on Monday, Solana launched a mainnet beta update to manage network congestion, which was partly due to the high demand for Solana block space from soaring meme coin transactions.
Moreover, the cryptocurrency market has seen a growing interest in meme coins, as highlighted by researcher TradeTheFlow. His thesis suggests that meme coins reflect a societal shift towards high-risk, high-reward investment strategies and are not just a passing trend.
Additionally, the Ethereum ecosystem has faced skepticism from some market participants. A Bitcoin trader and advocate, Fred Krueger, expressed a pessimistic outlook for Ethereum, indicating that it might be losing its market position.
Read Next: Crypto Markets Tumble Following Iran’s Drone Attack Against Israel, Investor Warns Of Continued Selloff
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