Bitcoin’s impressive rally was featured in a recent MarketWatch article by Shawn Langlois, titled, “A 90x return in five years? Former Goldman hedge-fund manager says an ‘enormous wall of money’ is coming.” The article reports that the cryptocurrency has been “on fire” in 2020, rallying nearly 60% year-to-date to completely dwarf the 7% return on the S&P 500. According to former Goldman Sachs GS, 1.73% hedge-fund manager Raoul Pal, the world’s biggest cryptocurrency is just getting warmed up. The piece quotes Pal, who currently serves as CEO of Global Macro Investor, stating, “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. The pipes aren’t there to allow people to do it yet, and that’s coming, but it’s on everybody’s radar screen and there’s a lot of smart people working on it.”
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