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This Investment Strategist Says He May Sell All His Bitcoin To Go All-In On Ethereum: Here's Why

Ethereum (CRYPTO: ETH) now occupies the largest chunk in the portfolio of former Goldman Sachs (NYSE: GS) hedge fund executive Raoul Pal who said he might end up selling all his

Benzinga · 09/01/2021 03:16

Ethereum (CRYPTO: ETH) now occupies the largest chunk in the portfolio of former Goldman Sachs (NYSE:GS) hedge fund executive Raoul Pal who said he might end up selling all his Bitcoin (CRYPTO: BTC) holdings.

What Happened: Pal, who is currently the CEO of the on-demand financial TV channel Real Vision, made his comments in an interview with Bankless in a podcast on Monday.

Charting the changes he has made to his portfolio since his appearance on the podcast nine months prior, Pal revealed that his portfolio was now 100% comprised of cryptocurrencies.

See Also: How To Buy Ethereum (ETH)

The investment strategist said he had sold his gold holdings and started ramping up his ETH allocation.

Currently, Pal said his portfolio is comprised of 55% ETH and 25% BTC and the rest is comprised of other coins including social tokens, metaverse, and other longer-term macro bets.

“​​I’m just following the chart very closely of the BTC-ETH cross and I think it's about to explode higher again so I may end up selling all of my Bitcoin,” said Pal.

Why It Matters: Pal comes across as very bullish on the two-largest coins by market capitalization in the interview.

See Also: Dogecoin Headed For Over $1, Crypto Market Analyst Believes

Pal gave the price target of $250,000 to $400,000 for BTC by March 2022, based on the prospects of an exchange-traded fund and central bank money printing — irrespective of whether that occurs or remains talk only. 

For ETH, Pal forecasted a price of $20,000 by March 2022 due to the popularity of decentralized finance or DeFi and non fungible tokens or NFTs. Pal’s predictions were made on his analysis of past charts.

On Tuesday, SkyBridge Capital CEO Anthony Scaramucci doubled-down on his bullish prediction of BTC hitting the $100,000 level before the year is out.

BTC has returned 63.70% since the year began, while ETH has shot up 376.63% in the same time frame.

Price Action: At press time, BTC traded 0.83% higher at $47,425.92 over 24 hours. ETH traded 9.27% higher at $3,530.92 in the same period.

Read Next: Ethereum Outperforms Bitcoin, Dogecoin; Polkadot Surges 16% In DeFi Party