Real Vision CEO announced that he placed a sell order to sell his gold and would buy Bitcoin and Ethereum instead. Pal’s move, which made a tremendous impact in the crypto money market, received hundreds of comments and thousands of likes.
Raoul Pal announced that he will sell all of his gold and buy 80/20 bitcoin and Ethereum. Saying that he has some dollars and bonds, the economist said that 98% of his net worth is now in Bitcoin and Ethereum. Pal said:
“Well, last bomb: I’ve ordered all my gold to sell for tomorrow. I will get 80/20 rate of BTV and ETH. I have nothing else. You will no longer be able to categorize me other than being “#irresponsiblylong” (being irresponsibly long). Good night all.”
Why 80/20?
Dan Held, who works on Kraken and comes up with his comments about Bitcoin, commented on Raoul Pal’s latest exit. “What is behind choosing the 80/20 ratio?” Held told Pal. she asked. Raoul Pal said, “Ethereum probably performs 5/1 better, but who knows. BTC is an easier choice. ” said.
“Trade the ETH you bought with BTC”
Investor Stephen Cole, referring to Raoul Pal’s tweet, “Trade the ETH you bought for BTC, it would be a better move for you.” said. But the economist Pal said he disagreed and that such a move would be absurd.
The famous economist once again repeated that he will be in a 100% long position in BTC / ETH.
See tweet below. I am not in your tribe – crypto, philosophical, political or economic. I have ZERO interest. Yet I am near 100% long BTC/ETH. Dont ever pigeon hole me except that I have an open mind to opportunity and seize it. Thank you. https://t.co/opw7hyeioS
— Raoul Pal (@RaoulGMI) November 30, 2020
A confession came from Peter Brandt
Famous investor Peter Brandt was also among those who commented on Pal’s exit. A user told Brandt, “How are your situations?” posed a question in the sense. Brand said:
“Outside of real estate, Bitcoin is the asset I hold the largest% percent position. But mine remains very low compared to Raoul’s. ”
Apart from real estate, BTC is my single biggest position as a % of assets, but nothing close to the commitment Raoul has made.
— Peter Brandt (@PeterLBrandt) November 30, 2020