Macro guru and crypto veteran Raoul Pal is pulling back the curtain on how he believes Bitcoin (BTC) and Ethereum (ETH) will stack up against other asset classes this year.
In a new tweetstorm, the former Goldman Sachs executive reiterates his theory that Bitcoin is a “super massive black hole,” which posits that the crypto markets will continue to suck capital out of every other major asset.
Pal compares Bitcoin and Ethereum’s performance to all other major tradable assets since the beginning of 2021, noting a giant asymmetric advantage in favor of the two largest crypto assets by market cap.
“SPX [S&P 500] +11.5%
NDX [NASDAQ] +7.84%
EEM [iShares Emerging Markets] +4.71%
TLT [iShares 20-year treasury bond] -11.28%
DXY [Us dollar index] +1.46%
EU ETS [EU emissions trading system]. +49.27% (pretty good)
Lumber +130% (World class)
Fed B/S +6%
Even when accounting for the amount of