Bitcoin (BTC) can rally to $1 million but coronavirus means that the baby boomer generation is “fucked,” a damning new macro report concludes.
Originally published to clients on March 30, the report from Global Macro Investor dubbed “The Unfolding” paints a dismal future for the financial market.
Pal: Boomers “will sell every rally they can”
According to CEO Raoul Pal, who authored the report, coronavirus has fuelled the fire of systemic weakness across global markets.
“The damage this does to the US pension system is incomprehensible. The Baby Boomers will sell every rally they can to protect their last, rapidly diminishing nest egg,” he summarized on the market losses from March.
The Baby Boomers are totally f*cked. I have been publicly warning and warning about this.
Since the point of the report’s publication, a curious phenomenon of stocks’ recovery combined with record unemployment has grown more and more visible.
Bitcoin proponents have argued that this represents the intrinsic unfairness of the current fiat economic model — big business turns numbers while employees and small businesses are left with nothing. RT host Max Keiser has termed this “neo-feudalism.”
BTC heading to $10T asset class
For Pal, Bitcoin represents a striking exit opportunity from the rapidly deteriorating status quo.
Whereas gold could go up five times in the next five years, BTC has much more potential.
Bitcoin vs. gold 3-month chart. Source: Skew
“Bitcoin, well, that’s a different story,” the report states.
I think it can get to $1m in the same period. I think it can go from a $200bn asset class to a $10tn asset class.
Pal concluded that Bitcoin “isn’t just a currency or even a store of value.”
It is an entire trusted, verified, secure, financial and accounting system of value that can never be created outside of the cryptographic algorithm. It is nothing short of the future of our entire medium of exchange system, and of money itself and the platform on which it operates.
