What Traditional Investors Think of Bitcoin with Raoul Pal
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Location: Remotely
Date: Thursday 4th February
Company: Real Vision
Role: Co-Founder & CEO
Unlike almost every other market, in bitcoin, retail had the chance to front-run Wall Street. Since before bitcoin even had a price, the libertarians and cryptographers believed in bitcoin's ability to become the world's most dominant financial system.
Bitcoin has been through many boom and bust cycles that were almost entirely retail-driven, yet the institutions have dominated the 2017 narrative.
MicroStrategy changed the landscape for bitcoin investment and ushered in a new wave of 'smart' money. While there was undoubtedly institutional investment before MicroStrategy, it was their purchase of 21,454 bitcoin in August of last year that opened the floodgates to corporate investment.
But how do these traditional, 'smart' money investors view bitcoin? And what do they think of bitcoiners?
In this interview, I talk to Raoul Pal, macroeconomist and co-founder & CEO of Real Vision. We discuss the differences between retail and institutional investors, what a $1 trillion market cap means, volatility and market cycles.
00:05:08: Introductions
00:06:29: Bitcoin black hole
00:08:09: The power of a collective
00:09:41: Transparency of Bitcoin akin to WallStreetBets
00:12:56: The institutional protective moat around Bitcoin
00:16:13: Price vs market cap for investors
00:19:40: Time is the biggest hurdle for institutional investors
00:22:06: The importance of the MassMutual purchase
00:24:39: The Ruffers' selloff
00:25:39: Leveraging against your Bitcoin vs selling
00:30:28: Predictions for the peak of this cycle
00:40:57: The future perception of Bitcoin
00:42:40: Strike and Bottlepay
00:45:01: Building on the blockchain
00:47:38: The changing future focus of Bitcoin
00:50:27: Negative interest rates
00:55:59: Financially planning for retirement
00:59:37: Raoul's outlook for the year
01:02:31: Final comments
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Mentioned in the interview:
Wall Street is keeping very close tabs on WallStreetBets. Here's how
WallStreetBets is disrupting financial markets — possibly permanently
GameStop, Silver And WallStreetBets' War On Wall Street: What On Earth Is Going On?
Bitcoin Price Rockets After Elon Musk's Tesla Reveals It Bought $1.5 Billion Worth Of Bitcoin
MicroStrategy Announces Over $1B in Total Bitcoin Purchases in 2020
MicroStrategy Keeps Stacking Sats With Additional $15M Bitcoin Buy
Bitcoin Market Value Shoots Past $1 Trillion Amid Tesla-Fueled Surge
$8.7 Trillion Asset Manager BlackRock Is Exploring Bitcoin As Institutions Flood Crypto
Bitcoin Volatility Reached A 10-Month High In February As Prices Hit Records
The Bank of England Tells Banks to Prepare for Negative Interest Rates
Other relevant WBD podcasts:
WBD313: Bitcoin Bull Market Strategy - Feb ‘21 Trading Update with Willy Woo
WBD309: Tesla’s $1.5bn Bitcoin Buy with American HODL & Preston Pysh
WBD295: SkyBridge Capital’s Bitcoin Fund with Anthony Scaramucci
WBD279: The Institutional Case for Bitcoin with Dan Morehead and Mike Novogratz
WBD154: Plan₿ on Bitcoin’s Stock to Flow
WBD104: Tuur Demeester on Why Bitcoin is in Heavy Accumulation
WBD032: Tuur Demeester on the Looming Debt Crisis and Central Banks for Bitcoin