“Easy” Bitcoin and Risk Asset Rallies Underway Amid Global Currency Devaluation: Raoul Pal
Raoul Pal, former Goldman Sachs executive, says Bitcoin (BTC) is seeing “mild” rallies amid the devaluation of fiat currencies around the world.
Pal points out that BTC has achieved an average annual return of +110% and the Nasdaq has achieved an annual return of +21%, both through “doing nothing”.
“I'm looking forward to the 'It'll end in tears' and 'Correlation doesn't equal causation' response, folks…
People have been saying the same thing for a decade, WANTING their bear market and 70%+ economic collapse. They want JUSTICE.
But… what they got instead was financial oppression and a devaluation of fiat currency, which visually drove up asset prices… And in this heady mix, what stands out most are the powerful secular trends of adoption – the Crypto Super Massive Black Hole and the exponential age.
Know the game you are playing and play THAT game. You don't even have to like the game. It is what it is. And the game is The Everything Code.”
Source: Raoul Pal/X
Pal also shares a chart comparing Bitcoin to global liquidity.
“Maybe it really is that simple? BTC vs. GMI (Global Macro Investor) Total Global Liquidity Index (global fiat devaluation).”
Source: Raoul Pal/X
Looking at the macro guru's chart, he seems to be pointing out that Bitcoin is rising in tandem with global liquidity, which he calls currency devaluation – or the practice of devaluing a country's fiat currency to raise more money without the To impose additional taxes on citizens.
At the time of writing, Bitcoin is worth $42,802.
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