Raoul Palexplained why he changed his mind about Bitcoin (BTC), explaining the crypto asset he believes to be a better “bet”.
In a recent interview with Real Vision, Pal initially stated that he thinks Bitcoin will continue to be the most widely invested and held and the best performing crypto asset. However, Pal explained that he changed his mind, stating that the big players in the institutional investment industry had eventually convinced him otherwise.
“Once my views on Bitcoin have changed dramatically, I don’t think of it less as an asset of course, but I think of it from a network perspective and community perspective and I’m starting to think that the community is no longer attracting new people. I think a network’s job is to attract new entrants, and I’m starting to think that if the network is actively rejecting people, it will underperform.
This was surprising to me because first Bitcoin (BTC) I was pretty optimistic about it because I could see it was going well. What happened after that happened and it wasn’t entirely my opinion, the corporate side is going, but I’m not on this side. These are the reasons why I started buying Ethereum (ETH).”
The former Goldman Sachs executive thinks a narrative shift has occurred among institutions that Bitcoin is no longer the only crypto asset that is taken seriously.
“Literally every other day I talk to the biggest financial institutions in the world who put me before investment committees and talk to them about crypto and how to invest. And the narrative change really took me by surprise. It was always Bitcoin. Can we put Bitcoin on our balance sheet? How should we invest in Bitcoin? What is diversification?
Move very fast, look, Ethereum (ETH) thinks it’s a logical tech game with apps. DeFi etc. We are dealing with Then it happened so quickly, how can we get into Web 3.0?”
Pal noted that Ethereum’s power to create network effects, combined with its technical capabilities, made it an “over-bet” in the crypto space by mimicking the early adoption of the internet.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.