Latest news with #RaoulPal
Forbes
9 hours ago
- Business
- Forbes
Bitcoin Treasury Companies Are The New Altcoins
Why have altcoins struggled to keep pace with Bitcoin? Because a new set of stars has eclipsed their role this cycle: bitcoin treasury companies. By 'role,' I do not mean their technological utility. I've written at length about why different cryptocurrencies exist to serve different use cases, whether enabling stable cross-border value exchange or powering decentralized autonomous organizations. What I refer to is their market role as speculative, levered proxies for bitcoin - assets that track the original cryptocurrency's price movements with remarkable accuracy, but with enhanced volatility and risk. Four years ago, this was conventional wisdom, and indeed how things worked. As Bitcoin appreciated, capital rotated down the risk curve into smaller, less liquid altcoins that could multiply in value much faster from the same amount of money. For some, it was a reason to hardly own Bitcoin at all – and motivation for several projects to launch their own coins in hopes of inheriting some of that risk-seeking capital. 'That's the bull market. You shouldn't own bitcoin because it's gonna underperform,' once said Global Macro Investor CEO Raoul Pal. 'And in a bear market, you should own stablecoins. So in which case, why should you ever own bitcoin?' Pal's theory hasn't aged well. Bitcoin dominance – a measure of bitcoin's market capitalization versus the broader crypto space – remains at a whopping 60%. Ether, the second-largest cryptocurrency, is down 35% against bitcoin over the past year, even though bitcoin has surged 76% against USD during that period. What gives? Enter bitcoin treasury companies – a new wave of public equities seeking a far more explicit and truly levered connection to bitcoin's price. Shares in Strategy (MSTR), the first and largest of such firms, surged over 400% in 2024, outperforming bitcoin, altcoins, and every stock in the S&P500. Strategy executive chairman Michael Saylor famously went all in on bitcoin in 2020 using the software intelligence company's dormant cash balance, attempting to protect its assets from currency devaluation. Over time, the company reimagined itself as a 'bitcoin bank' seeking a trillion-dollar value by issuing 'bitcoin-backed credit instruments' to raise capital and buy bitcoin. Strategy's acquisition plan has taken multiple forms: selling stock at a 'premium' to NAV to buy more bitcoin, issuing zero-interest convertible bonds, or selling perpetual, dividend-paying preferred stocks that pay above market rates. Altogether, what Strategy offers MSTR investors is exposure to intelligent forms of bitcoin leverage that only a publicly traded company can access, stripped of the liquidation risk and high interest rates that individual investors might otherwise face. Strategy now owns over 600,000 BTC worth over $70 billion – almost 3% of the entire bitcoin supply. MetaPlanet (MTPLF), once a Japanese hotel operator, became the first to copy Strategy's playbook to even greater success. Its stock has exploded over 6000% since announcing its first bitcoin purchase in April 2024, now owning 17,132 BTC on its balance sheet, acquired by raising capital using zero-coupon bonds and other instruments. Following their success, Bitcoin treasury companies became a fast to there are now 160 publicly traded companies with bitcoin on their balance sheet, including names like Reddit, GameStop, Block, and Trump Media. Even an early-stage gold miner joined the party earlier this month, aiming to 'seize the transformative opportunity [...] to lead the UK in bitcoin treasury management." While many have converted only a fraction of their balance sheets into bitcoin, several are taking Strategy's approach, centering their entire business model around bitcoin acquisition. So far, these high conviction firms have proven most successful of all Twenty One Capital is one such company, founded this year with the explicit goal of increasing its shareholders' 'BTC per share' or 'BPS' – a reimagined performance metric for a growing cohort of investors that use bitcoin as their benchmark. 'Measuring your performance in dollars is not that impressive,' said Jack Mallers, CEO of Twenty One, in an interview this week. 'Bitcoin is the new hurdle rate. We want our shareholders to get wealthier in bitcoin terms. Instead of measuring earnings per share in dollars, we measure in bitcoin.' What Strategy, MetaPlanet, Twenty One, and the like all realized is that bitcoin is not only an inflation hedge, but a marketing vehicle and growth supercharger. With a 60% CAGR over the last five years, they discovered that their simplest, most productive use of capital in most cases is to simply buy and hold bitcoin – with leverage. With that, Bitcoin has its new narrative. This crypto cycle's story is not one of Bitcoin holders rotating into altcoins, but of bitcoin ETF buyers buying into bitcoin treasury firms. Whether this becomes the next crypto 'blowup' or this is, in fact, sustainable for these companies remains to be seen. But with such an unprecedented trend of businesses devoted to buying bitcoin, it seems altcoins will have a hard time soaking in capital from the bitcoin market the way that they once did.
Yahoo
03-07-2025
- Business
- Yahoo
Veteran macro investor delivers blunt verdict on public-private market war
Veteran macro investor delivers blunt verdict on public-private market war originally appeared on TheStreet. Raoul Pal, a veteran macro investor and fund manager, recently delivered a bullish prediction: "The end of public vs private markets is beginning." In an X post, Pal stated that capital formation and lending are more effective in the crypto markets. Robinhood has launched private stock tokens for customers in the European Union, marking a significant milestone for the decentralized finance (DeFi) sector. The rise of private stock tokens enables retail investors in the EU to gain access to fractionalized, stock-like tokens, providing exposure to private markets that have traditionally been inaccessible without ownership or through public exchanges. Tokenized assets — in other words, blockchain representations of real-world or synthetic assets — are experiencing increased adoption, as they offer 24/7 trading, enhanced liquidity, and a transparent price discovery process. Tokenized markets aim to eliminate some of the impediments to private investing—such as high minimum investment amounts and low liquidity—by disintermediating these transactions. Robinhood's launch follows growing competition in the tokenization space, with others such as Kraken and Backed Finance making a play to offer tokenized equities. Kraken's new tokenized stocks allow people around the world to own and use shares like money. Kraken co-CEO Arjun Sethi insists the move is not simply a gimmick — it is a direct effort to return financial power to individuals and break down geographic and institutional barriers. Pal called this market trend a "democratization of finance" that will only get faster from here. The overall trend aligns with moves by institutions from BlackRock to JPMorgan to tokenize various forms of financial assets, including bonds and carbon credits. Veteran macro investor delivers blunt verdict on public-private market war first appeared on TheStreet on Jul 3, 2025 This story was originally reported by TheStreet on Jul 3, 2025, where it first appeared. Sign in to access your portfolio
Yahoo
27-06-2025
- Business
- Yahoo
Veteran fund manager misses more than just Tesla
Veteran fund manager misses more than just Tesla originally appeared on TheStreet. Markets are not having it after investor Raoul Pal cited a rally in stocks such as Robinhood (HOOD), Coinbase (COIN), and Rocket Lab (RKLB) as part of his RV Pro portfolio. The RV Pro portfolio is a premium investment strategy by Raoul Pal's Real Vision platform comprised of high-conviction trades, typically around macro and tech, and digital assets. Raoul Pal is a former hedge fund manager and the co-founder and CEO of Real Vision. This financial media platform offers in-depth interviews and analysis on global macroeconomic trends, cryptocurrency, and other investment topics. He worked at Goldman Sachs and GLG Partners, where he is known for being among the first to be bullish on Bitcoin and Ethereum. Part of it is being "spent," and part of it is "going vertical," Pal said, theorizing that the next leap for this liquidity wave could be into the crypto markets. "The liquidity spigot is wide, wide open," he said, suggesting the potential for a more widespread rally supported by high investor optimism and inflows of money. However, while Pal was excited, the data suggests otherwise. Though the Solana-based HOOD crypto token — not affiliated with Robinhood — was up over 9.8% in 24 hours, Robinhood stock was volatile. Join the discussion with CryptoWendyO on. Rocket Lab is down 1.44%, and Coinbase was down sharply, 5.49%. The declines may suggest profit-taking or an investor's perception of the data's regression or ambiguity. Similarly to Tesla (TSLA), which Pal anticipates will break out in a major way, Tesla has not broken out yet. At press time, Tesla is trading at $319.32 and is down more than 2% from the day before. Simply put, institutional investors are betting that riskier assets, including cryptocurrencies, can appreciate as capital continues to flow in. The reality is that price movements are real and not every "vertical" price move lasts. Veteran fund manager misses more than just Tesla first appeared on TheStreet on Jun 27, 2025 This story was originally reported by TheStreet on Jun 27, 2025, where it first appeared. Se produjo un error al recuperar la información Inicia sesión para acceder a tu portafolio Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información
Yahoo
26-05-2025
- Business
- Yahoo
Rich Dad Poor Dad author says 'don't be a yellow banana' and 'listen to Saylor'
Robert Kiyosaki, the bestselling author of Rich Dad Poor Dad, has a message for anyone still sitting on the sidelines: buy Bitcoin — even if it's just 0.01 BTC — or risk missing the easiest wealth transfer in history. 'I cannot believe how easy Bitcoin has made getting rich… so easy,' Kiyosaki wrote in a new post on X (formerly Twitter). 'Why everyone is not buying and holding Bitcoin is beyond me.' The long-time crypto advocate doubled down on his belief that Bitcoin's scarcity and inevitability are being underestimated by most people, claiming that even the smallest amount will become life-changing: 'Even .01 of a Bitcoin is going to be priceless in two years… and maybe make you very rich.' While acknowledging the digital asset's volatility, Kiyosaki dismissed concerns outright, 'Sure Bitcoin goes up and down… but so does real life.' With just 1 to 2 million BTC left to be mined, he believes a parabolic rise is coming — what macro investor Raoul Pal dubbed the 'Banana Zone.' 'Don't be a yellow banana. Open your eyes and your mind and listen to people like Raoul Pal, Michael Saylor, Anthony Pompliano,' Kiyosaki said, urging readers to follow Bitcoin influencers and 'look into the future of money.' This isn't the first time Kiyosaki has made bold predictions. He famously forecast that Bitcoin would reach $100,000 back in November 2024 — a milestone that became reality earlier this year. Currently, he believes Bitcoin will climb to $250,000 by the end of 2025. 'The Marxist Central Bank system is crashing… Many going bankrupt,' he warned. 'Keep HODLing. I am and buying more Bitcoin.' As per Kraken's price feed, Bitcoin (BTC) is currently trading at $109,784, reflecting a 2.35% increase over the past 24 hours. The 24-hour trading volume stands at approximately $162 million, with a market capitalization of $2.18 trillion For those unfamiliar, Rich Dad Poor Dad is one of the most popular personal finance books of all time. It contrasts two financial philosophies, one of traditional saving and one of investing and risk-taking, and helped define a generation of self-taught investors. And if you take his advice seriously? Just don't be a yellow banana. Rich Dad Poor Dad author says 'don't be a yellow banana' and 'listen to Saylor' first appeared on TheStreet on May 26, 2025 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
14-05-2025
- Business
- Yahoo
XRP has a new shocking target in 2026
Big predictions by XRP army members are creating a serious buzz, with some even suggesting that the cryptocurrency could reach $250 a coin. That's over 100x its current price now. At press time XRP is trading at $2.55, down by 0.55% over the last 24 hours, according to Kraken's price page. The $250 estimates are being parroted, with macro investor Raoul Pal of Real Vision Group believing that a monumental recovery is in the cards for crypto, as global liquidity has seen a dramatic downturn and monetary conditions have become more accommodative. In late April 17, he stated that moving forward policymakers will likely debase (lower in value) the U.S. dollar as it relates to massive debt. This will likely cause a big jump in the global monetary base and benefit risk assets such as Bitcoin and crypto more generally. Pal said financial conditions were easing fast in early March 2025, with U.S. interest rates, oil prices, and the dollar falling. A weaker dollar will encourage investors to hedge into alternative assets like crypto and gold. Pal also noted XRP's simplicity, cheap transaction costs, and Ripple affiliation as appealing to crypto novices. Pal highlighted that new investors like XRP's ease of usage. An analyst named 'XRP Captain' also stated that basing on the historical data, by the end of 2026 XRP can hit $250 if whales go on accumulating XRP. Even a Binance community post by TonyRev was also suggesting that XRP might reach $250 by January mentioning positive factors such as a breakthrough in regulation, a growth in utility, and institutional support.
