{"id":9006,"date":"2021-04-25T17:25:45","date_gmt":"2021-04-25T17:25:45","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/?p=9006"},"modified":"2021-04-25T17:18:00","modified_gmt":"2021-04-25T17:18:00","slug":"bitcoin-main-attraction-is-its-volatility-raoul-pal","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/bitcoin-main-attraction-is-its-volatility-raoul-pal","title":{"rendered":"Bitcoin main attraction is its volatility – Raoul Pal"},"content":{"rendered":"

Africa-Press<\/a> – South-Africa<\/a>. <\/strong><\/span>By Divya Chowdhury<\/p>\n

Bitcoin’s volatility is its main attraction as that is what gives the cryptocurrency its exponential rises, ex-Goldman Sachs bitcoin enthusiast Raoul Pal said.<\/p>\n

“People have to learn to adapt to an asset that is that volatile… it has such a big upside risk-reward skew,” Pal, founder and CEO of Real Vision, told the Reuters Global Markets Forum on Wednesday.<\/p>\n

The Cayman Islands-based former hedge fund manager said he had a diversified crypto assets portfolio to cover exchanges, decentralised finance (DeFi) and community tokens.<\/p>\n

“I’m probably right now 50% bitcoin, 30% ethereum and 20% alternative tokens… to try to keep a balance across the whole space, because I don’t really know what’s going to win in that space and what’s not.”<\/p>\n

Bitcoin was trading 2.8% lower at $55,946 on the Bitstamp exchange, and Ethereum was down nearly 3.0% at $2,259.<\/p>\n

Pal said he had a small exposure to meme-based cryptocurrency Dogecoin as well, to be “involved in the fun of it”.<\/p>\n

“It becomes the in-joke that becomes a network in itself. Will it last forever? Who the hell knows? But I bought some because the crowd is behind that,” Pal added.<\/p>\n

An 8,000% price increase this year has seen Dogecoin, launched as a satirical critique of 2013’s cryptocurrency frenzy, overtake more widely used cryptocurrencies like Litecoin, and briefly Tether, to become the sixth-largest coin. It was trading at $0.3091 on the CoinMarketCap exchange.<\/p>\n

Pal said increased regulation and uncertainty could push bitcoin lower.<\/p>\n

“I think there’s a negative narrative that may happen, where we see more risk come back into the markets,” Pal said.<\/p>\n

However, the markets were more worried about the uncertainty than regulation itself, Pal said, which he expected to benefit bitcoin over the longer term.<\/p>\n

“I don’t think anybody’s going to stop this space,” he said, adding that governments will eventually arrive at a balance to ensure taxation of crypto assets.<\/p>\n

For a graphic on Price performance of top 6 cryptocurrencies:<\/p>\n

Pal said Tether had passed its first regulatory hurdle, and its next obstacle will be the launch of digital currencies by various central banks.<\/p>\n

The owner of Tether and the Bitfinex trading platform will pay an $18.5 million fine to settle charges it commingled client and corporate funds to cover up $850 million that went missing.<\/p>\n

Pal expected the European Central Bank and the U.S. Federal Reserve to launch their digital currencies in the next three-to-five years, and India to move “quickly” in this space too.<\/p>\n

India already had “pretty advanced” digital payment mechanisms, he said. “I think India will figure this out eventually.”<\/p>\n

A senior government official told Reuters in March that India was expected to propose a law banning cryptocurrencies, fining anyone trading or even holding such assets in the country.<\/p>\n

Reuters<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. By Divya Chowdhury Bitcoin’s volatility is its main attraction as that is what gives the cryptocurrency its exponential rises, ex-Goldman Sachs bitcoin enthusiast Raoul Pal said. “People have to learn to adapt to an asset that is that volatile… it has such a big upside risk-reward skew,” Pal, founder and CEO of […]<\/p>\n","protected":false},"author":84,"featured_media":9005,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[274,315,275],"class_list":["post-9006","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nBitcoin main attraction is its volatility - Raoul Pal - South Africa<\/title>\n<meta name=\"description\" content=\"By Divya Chowdhury Bitcoin's volatility is its main attraction as that is what gives the cryptocurrency its exponential ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/bitcoin-main-attraction-is-its-volatility-raoul-pal\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin main attraction is its volatility - 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