Raoul Pal, co-founder and CEO of Real Vision, has taken a positive stance towards Ethereum. Pal reiterated his support for Ethereum and said that he expects it to grow exponentially over the next few years. Pal sees Ethereum’s rapid growth as the biggest argument for the long-term future. The CEO has backed the most popular smart contract platform in crypto.
Ethereum vs. Bitcoin
Anybody who is involved in the cryptocurrency space knows that the top two cryptocurrencies are not equal when it come to outperformance. Although Bitcoin has provided huge returns to investors, its performance has not been as good as that of Ethereum over the same time period. This has largely driven the argument of Ethereum “flipping” bitcoin.
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Pal does not seem to subscribe to the school of thought that is Ethereum flipping bitcoin but is bullish on the latter’s long-term potential over the former. Pal argued for Ethereum’s value against bitcoin five years before the asset was launched. This shows that altcoin has outperformed bitcoin 100x over the five year period.
For the Bitcoin Maxi’s: when ETH launched it was at 0.0007BTC. It is now at 0.07 six years later. It is now at 0.07.
Network effects have proven that the whole Pfeffer argument about utility value going to zero is false
The facts matter. 1/
— Raoul Pal (@RaoulGMI) November 14, 2021
Trading at ETH above $4,600| Source: ETHUSD on TradingView.com
However, just because Ethereum has performed remarkably well compared to Bitcoin does not mean that there isn’t any potential for bitcoin. Pal believes that the altcoin will continue to outperform bitcoin over the next few years.
ETH and BTC aren’t the same thing and that is fine.
It is possible that another token will eventually outperform the Ethereum blockchain. It’s cool, too.
Everything is increasing 100x since then. You can choose where you want to be on the risk curve but it’s not even clear ETH is more risky now.
— Raoul Pal (@RaoulGMI) November 14, 2021
Bullish On ETH
Pal’s stance on Ethereum has not changed since he had first declared investments in the digital asset. Pal estimated that Ethereum would be worth $20,000 in the first quarter 2022. Its growing usage as the most popular smart contract platform for decentralized financial and NFT activities within the crypto sector gave it an advantage over bitcoin, which didn’t have many other advantages.
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In the same vein, Pal had placed the price of bitcoin at $250,000 in the same time period, proving that his bullish sentiment went above just ETH’s potential. Pal’s entire portfolio of investments had been moved to cryptocurrencies by 2020. Most of it was Bitcoin.
Pal informed his Twitter followers in October that he was now the most important person in his life at ETH. This article was published in the tweet, Pal said, “Just so we are clear – I am more than irresponsibly long ETH right now. Now, I have leverage via calls. By a factor 10 or greater, this is far and away my best personal position. My view horizon for this part of the trade is 6 to 9 months.”
Featured image taken from The Economic Times. Chart by TradingView.com