Why Macroguru Raoul Pal Digs Bitcoin Over Fiat: If They 'Dont' Take It,' They Will 'Debase' It

Raoul Pal, former Goldman Sachs (NYSE:GS) executive, said that he was drawn to Bitcoin (CRYPTO: BTC) in 2013 over fiat.

What Happened: Pal said that he had been drawn to Bitcoin because he didn't truly own his money and of the potential for debasement — that is, the potential for a government to "debase" or reduce fiat's value.

See More: Top Indian Apps That Give Bitcoin, NFT Rewards

Pal’s statement comes at a time of financial uncertainty and disruption, Silicon Valley Bank, a subsidiary of the SVB Financial Group (NASDAQ:SIVB), and Signature Bank (NASDAQ:SBNY) have collapsed, leaving depositors in a difficult situation. However, the Federal Reserve has stepped in to provide relief, pledging to refund the lost deposits of Silicon Valley and Signature Bank customers.

Earlier in November 2022, Pal tweeted that owning Bitcoin, by all means, is a good idea. “It will probably work very well over 5 years+.” However, he asked investors to never “use leverage” to own Bitcoin.

Price Action: At the time of writing, BTC was trading at $24,508, up 9.25% in the last 24 hours, according to Benzinga Pro data.

$BTCBitcoin

$61603.301.24%

Overview

GSThe Goldman Sachs Group Inc

$1038.00-0.07%

SBNYSIGNATURE BANK (NY) by Signature Bank (New York, NY)

$70.00-%

Market News and Data brought to you by Benzinga APIs

To add Benzinga News as your preferred source on Google, click here.