Saturday, June 3, 2017

Long time Bitcoin advocate changes course and says sell your cryptos and buy gold

While not on par with the biggest cryptocurrency advocates in the alternative sphere, economist Raoul Pal has for a long time been one of the most well known, especially for his forecast months ago in which he said the value of Bitcoin would one day climb to over $1 million.

However in the past few days the strong supporter of cryptocurrencies has had a change of heart and is now selling his Bitcoin, as well as calling for others to do so, and to instead shift their wealth preservation assets back into the long-standing solidity which one has in physical gold.

Raoul Pal, one of the most effective critics of mainstream economics, is cashing in his Bitcoins. Gold is a better wealth preservation tool, says Real Vision Television’s co-founder. 
Yesterday Pal, who once thought that Bitcoins could eventually be worth as much as $1 million each, informed Real Vision Publications subscribers that he was selling the digital currency. 
“Bitcoin not a store of value people thought it was,” he told Sprott Money News, in a telephone interview this morning from his Cayman Islands home. “If core developers are talking about changing the Bitcoin code or how it works, what happens if – at some future point – they decide to allow the number of coins to expand?” 
Pal also cited lack of a Bitcoin “killer app,” and the commoditization of blockchain technology – as new players chip away at the market – as motivating his thinking. 
Pal’s call is also important for another reason: if Bitcoin’s allure as a store of value and a hedge against systemic collapse is dimmed, this would increase the relative value of other solutions. 
That includes gold, for which Pal’s partner Grant Williams has been a particularly strong backer. 
Despite Pal’s pessimism about Bitcoin’s future, the alternative investment guru admits that the digital currency “may go up in price, maybe a lot more,” before its ultimate future is decided. 
But Pal won’t be going along for that last leg. - Sprott Money

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