Benzinga - Raoul Pal, former Goldman Sachs (NYSE: GS) executive, said that he was drawn to Bitcoin (CRYPTO: BTC) in 2013 over fiat.
What Happened: Pal said that he had been drawn to Bitcoin because he didn't truly own his money and of the potential for debasement — that is, the potential for a government to "debase" or reduce fiat's value.
All said and done, the reason I got into Bitcoin back in 2013 - you dont actually own your money and they will debase it if they don’t take it - remains just as valid and obvious today as it was in the EU crisis. BTC was $200 back then…where will it be in another 10 years?— Raoul Pal (@RaoulGMI) March 14, 2023
Pal’s statement comes at a time of financial uncertainty and disruption, Silicon Valley Bank, a subsidiary of the SVB Financial Group (NASDAQ: SIVB), and Signature Bank (NASDAQ: SBNY) have collapsed, leaving depositors in a difficult situation. However, the Federal Reserve has stepped in to provide relief, pledging to refund the lost deposits of Silicon Valley and Signature Bank customers.
Earlier in November 2022, Pal tweeted that owning Bitcoin, by all means, is a good idea. “It will probably work very well over 5 years+.” However, he asked investors to never “use leverage” to own Bitcoin.
Price Action: At the time of writing, BTC was trading at $24,508, up 9.25% in the last 24 hours, according to Benzinga Pro data.
Read Next: Bitcoin, Ethereum, Dogecoin Surge Amid Financial Stability Woes, Analyst Sees Apex Crypto Breaching $25K As FOMO Grips Investors
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