Ex-Goldman Sachs Explains How He Got Into Bitcoin: “Now It’s The U.S. Turn To Learn The Same Lesson”

Raoul Pal, CEO of Real Vision and former Goldman Sachs, shared on his social media how he discovered Bitcoin in 2013. in cryptocurrencies.

Now, a decade later, Pal believes the US will learn the same lesson as the banking crisis rages across the country. That is, this could generate a new wave of interest in assets that have not been self-mutilated by inflation.

According to the investor, Bitcoin solves this problem. However, it is hard to believe that governments would take the same view and relinquish the economic control they have over their citizens.

Raoul Pal tells how he got into Bitcoin

In 2013, Bitcoin went through its first major bull cycle, surpassing $1,000 for the first time in its history, attracting the curiosity of everyday people and economic professionals alike.

Raoul Pal was one of these giants addicted to the math of Bitcoin. Through his social networks, the former Goldman Sachs man talked about how he got to know the industry and stated that now it’s the US’s turn to understand this system.

“I first got into Bitcoin in 2013 after going through the EU banking and sovereign crisis and realizing that “cash” is not a bearer and you don’t own it”said Raoul Pal, CEO of Real Vision. “To me, cryptocurrencies were a new financial system, because the old one was saturated with debt and went bankrupt.”

“Now it’s the turn of the US to learn the same lesson.”

I first came into contact with Bitcoin in 2013, after going through the EU banking and sovereign crisis and realizing that “money” is not a bearer asset and you don’t own it.

Crypto was a new financial system to me, as the old one was oversaturated with debt and totally broken.

Now it is…

— Raoul Pal (@RaoulGMI) May 3, 2023

Elaborating on his commentary on the current state of the US economy, Pal says savers will be protected, but that will require the US to devalue its currency. In other words, there is no economically viable way out of this problem.

“Bitcoin literally solves that”rounded.

Bitcoin ignores Fed and follow-up to US banking crisis continues to mount

This Wednesday (3) the US Central Bank opted for a new interest rate increase, namely by 0.25%. However, the Fed’s decision continues to put pressure on the banking sector.

After the bankruptcy of First Republic Bank, other regional banks are now also showing warning signs. For example, PacWest shares are down 51% in the last 24 hours, but it’s not alone.

As noted by Raoul Pal and other veteran traders such as Arthur Hayes, the government will continue to bail out depositors in case of further crashes. However, this means that the money printer will make noise.

So while on the one hand the Fed tries to control inflation by raising interest rates, the failure of the banks will drive more money into the economy. An alley whose only way out is Bitcoin.