dailyhodl.com
Former Goldman Sachs executive Raoul Pal says Bitcoin (BTC) is witnessing “easy” rallies amid the debasement of fiat currencies across the globe.
Pal notes that BTC has demonstrated an average of +110% annual returns and the Nasdaq has +21% annual returns, both from “doing nothing.”
“Looking forward to the ‘It’ll end in tears’ and ‘correlation doesn’t equal causation’ reply guys…
People have been saying the same thing for a decade now and they WANT their 70%+ bear market and economic collapse. They want JUSTICE.
But… what they got instead was financial repression and a debasement of fiat currency, optically driving up asset prices… And in that heady mix, the powerful secular trends of adoption rise above all – The Crypto Super Massive Black Hole and The Exponential Age.
Know the game you are playing and play THAT game. You don’t need to even like the game. It is what it is. And the game is ‘The Everything Code.'”
Pal also shares a chart comparing Bitcoin to global liquidity.
“Maybe it really is this easy? BTC vs. GMI (Global Macro Investor) Total Global Liquidity Index (global fiat debasement).”
Looking at the macro guru’s chart, he seems to suggest that Bitcoin is rising in tandem with global liquidity which he refers to as currency debasement – or the practice of devaluing a nation’s fiat currency in order to raise more funds without imposing additional taxes to citizens.
At time of writing, Bitcoin is worth $42,802.
Generated Image: Midjourney