Former Goldman Sachs supremo, Raoul Pal has voiced his belief that Ethereum is well placed to outperform Bitcoin in the coming weeks and months.
This, according to the finance guru, is because investors in the crypto markets are moving around their capital in an effort to make more profits.
Speaking on his YouTube channel, Pal told his more than 20,000 subscribers that Ethereum will “massively outperform” Bitcoin, in the same manner low-rate junk bonds outstrip high-end treasuries whenever traders move their investments around.
The former executive added that the potential approval of a Bitcoin ETF will have a remarkably positive shine on Ethereum, as many many traders could opt to plough back their Bitcoin profits in its rival.
In Raoul’s opinion, the big surprise in the crypto market will come when the ETF gets approved and people will begin focusing more on the ETH ETF, springing the ecosystem to life.
Ethereum co-founder Vitalik Buterin reportedly loses $29m in 6 days
Raoul’s bold predictions come hot on the heels of reports that Ethereum’s co-founder has seen millions of his holdings get wiped out in less than a week.
According to Arkham Intelligence, a crypto analytics firm, Buterik’s publicly known crypto wallets lost approximately $29 million between Dec. 15 and 21.
Cumulatively, the crypto guru lost about 5% of his total wealth in the wallets, as they held $572 million before tumbling down to approximately $543 million.
Buterin is Russian-Canadian coder and writer. He is well-known for his part in the creation of Ethereum, arguably Bitcoin’s biggest rival.
In 2014, Buterin published a white paper proposing Ethereum, after studying what in his opinion, were weaknesses in the Bitcoin blockchain.
The digital would then roll out the following year, with Vitalik playing a pivotal role as co-founder.
Since then, his creation has gone on to become the second-largest crypto platform in the world. Ethereum is currently only second to Bitcoin in terms of market cap.
