Macro Guru Raoul Pal Is Thankful For 2 Things This Thanksgiving — Bitcoin And Total Crypto Market Cap

Macro Guru Raoul Pal on Thursday said he is thankful for two things this Thanksgiving: Bitcoin BTC/USD and the total market capitalization of cryptocurrencies.

What Happened: Pal posted on X, "Bitcoin – The best-performing asset of all time +275,000% since 2013). A stunning log trend we should be thankful for too…" Since 2015, the total market capitalization of cryptocurrencies has escalated by 44,000%. 

Addressing the skeptics who label the rise in cryptocurrency value as a speculative bubble, Pal said, "But you want to say it’s a speculative scam, driven by zero rates. Got it. Good call."

Cryptocurrencies have been the best-performing asset class on earth in three out of every four years, Pal notes.

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Why It Matters: Earlier in November, Pal predicted that Ethereum ETH/USD could surge by over 75% by December. Pal took to X, to share his thoughts on the matter, "Technically speaking – ETH is a gorgeous, gorgeous chart."

According to his chart, Pal envisioned ETH reaching $3,250 by the end of the year. At the time of writing, ETH was trading at $2,065.

Price Action: At the time of writing, BTC was trading at $37,479, up 1.11% in the last 24 hours according to Benzinga Pro.

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