Bitcoin has found fresh support this year, bolstered by growing disquiet among investors over central bank and government stimulus measures.
The bitcoin price, up around 50% since January to $11,400 per bitcoin, has rallied in line with equity markets since a coronavirus-induced crash in March.
Now, after the bitcoin and cryptocurrency community was set alight by a bold $1 trillion prediction from a major Tesla TSLA investor last month, a former Goldman Sachs GS hedge fund manager has said the bitcoin price could hit $1 million in as little as five years—a whopping 1,000% increase.MORE FROM FORBESFormer Facebook Exec: Bitcoin Is An 'Insurance Policy' Against The FedBy Billy Bambrough The bitcoin price has already surged so far this year--though something bitcoin proponents think it ... [+] could be poised to move much higher soon. Getty Images
"I think [$1 million per bitcoin is] about right; whether it’s five years, six years," Raoul Pal, the founder and chief executive of Global Macro Investor, told Stansberry Research in a recent interview, published on YouTube.
"Just from what I know from all of the institutions and all of the people I speak to, there is an enormous wall of money coming into this," Pal said, pointing to "coming" improvements in "the pipes" that will allow investors to buy bitcoin as the driver behind the expected investment.
"It’s on everybody’s radar screen and there’s a lot of smart people working on it," added Pal, who revealed he has now dedicated more than 50% of his portfolio to bitcoin.
Bitcoin has been pushed into the limelight in recent weeks by a number of high-profile companies investing in the cryptocurrency, with payments company Square SQ , led by Twitter TWTR chief executive and outspoken bitcoin advocate Jack Dorsey, buying $50 million worth of bitcoin—1% of its cash reserves.
"My trading po...