Bitcoin has been on a virtually unstoppable rally since October 2020, with the cryptocurrency touching an all-time high of over $58,000 a few weeks ago. At press time, however, the market-leading digital asset was trading at around $48,400 after a serious bout of volatility. It can be argued, however, that the aforementioned value is still a relatively high price for most retail investors to consider an investment.
Macro investor Raoul Pal feels differently though, with Pal recently asserting that Bitcoin’s “high price” is solely a retail mindset, and institutional investors don’t look at it the same way. This has allowed a comparison to be drawn between Bitcoin’s present rally to the one seen in 2017-18. While the latter was mostly retail-driven, institutions are the major market participants this time around.
