Raoul Pal, a former Goldman Sachs hedge-fund manager and cryptocurrency bull, claimed in a Twitter that he only has one Bitcoin.
It’s unclear whether the claim was made during a Twitter battle with Greg Foss, self-described “Bitcoin Strategist”, so it’s hard to tell if it’s an exaggeration of his holdings or a true statement. Pal is the founder of Real Vision and Global Macro and Foss is an executive at Validus Power Corp.
His apparently small holding caused a lot of angst among Bitcoin believers who have looked at Pal askance since he called Ethereum “the greatest trade” and predicted that ETH, and other altcoins, would eventually surpass BTC.
It is fascinating to note that ETH has outperformed BTC 250% since its inception. For the first five months of its existence, 2015, it was only below its initial price for BTC. This should put an end to the notion that all tokens are trending towards zero in BTC terms. pic.twitter.com/ulCpsjG8up
Raoul Pal (@RaoulGMI April 7, 2021
Pal purchased BTC for the first time in November 2013. Pal purchased BTC in Nov 2013. He made a profit of 10X in 2017’s “fork-wars”, but missed out on a larger gain later in 2017. Then he added to his collection in 2019 and 2020. He confirmed in May 2021 that he had more ETH than BTC. Bitcoin (BTC), at the time of writing, is worth $40,000.925
Foss started the barney by tweeting “Raoul’s soft”, followed shortly thereafter by an intellectual tweet called “Raoul sucks & blows”. After much back and forth between Pal, the Bitcoin maxi and Pal, Pal stated that Foss and other members of the Bitcoin community were the reasons he only has one Bitcoin.
That is your problem. I don’t share your philosophy, so you attack me? Really? You really?
Raoul Pal (@RaoulGMI January 20, 2022
Many in the Bitcoiner community were upset by this, as many claimed that he had allowed emotion to cloud logic. Emanuel, a user who replied to a Bitcoin Meme Hub tweet, said that his feelings were hurting his future. Jalan Foster, another user, added that he knew he was gone when he began to drink Vitalik’s Coolaid.
Marc van der Chijs, Synaptic Ventures founder, complained that Pal’s only one BTC was based on the community’s makeup and not the potential return. This is “totally against the gospel he preaches about RealVision.”
Some defended Pal, pointing out his impressive track record, and reminding followers that Pal is a trader, not an holder. Crypto analyst and founder at Crypto My Way, Coach T wrote that he values Pal’s “diverse viewpoints and intelligent thinking.”
Foss vs. Pal: A Twitter feud
The argument appears to have been in response to a disagreement about Pal’s stance regarding inflation and bonds as a trading instrument. Foss stated that he did not support Pal’s promotion of his trading strategy to people who aren’t fully familiar with it.
Pal disagreed and said that his views on bond are “a trade, but not a philosophy.” However, Pal stated that he does not own any bonds in the comment section.
Ok, lets do math. If I am right, bonds can rally 20% within 12 months (just use the TLT), which is faster than the balance sheets expansion. This will increase your purchasing power. You lose if you hold bonds until maturity. Issue?
Raoul Pal (@RaoulGMI January 20, 2022
Foss tweeted an apology three hours after he posted the initial tweet attacking Pal. He said that he regretted his actions and that he had “bigger battles” ahead of him.
Related: Raoul Pal believes that the crypto market cap could be 100x by 2030.
Pal stated that he believes that there is a “reasonable possibility” that crypto market capitalization would increase 100 times by the end this decade. We can all hope that he is right.
Cointelegraph reached Raoul Pal via Real Vision. We will update this story as soon as we receive any response.