Real Vision CEO and founder Raoul Pal says his „conviction levels“ at Bitcoin are rising daily as he compares cryptoactive to traditional investments on various time scales.

Applying business cycle theory in a series of charts posted on Twitter on Aug. 6, the former Goldman Sachs fund manager stated that while many investors choose gold as an alternative to fiat, Bitcoin (BTC) has been the only asset in the world that „offsets the G4 balance sheet growth. The G4 refers to the Bank of England, the Bank of Japan, the Federal Reserve and the European Central Bank.

Investors who have dollar cost averaged Bitcoin since 2017 have earned a 61.8% return

„These are not stocks, bonds, commodities, credit, precious metals, or miners. Only one asset outperformed massively on almost any time horizon: Bitcoin.“

G4 central bank balance sheet in Bitcoin terms

The general manager continued:

„My conviction levels at Bitcoin are increasing every day. Now I think it may not even be worth owning any other assets as a long-term asset allocation, but that’s a story for another day.“

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Optimistic about 2025
Pal told Cointelegraph in May that the devaluation of world currencies will cause the price of Bitcoin to rise 50x to 100x over the next five years. He interpreted the Etoro business cycle theory graphs to mean that the crypt currency could eventually reach $1 million.

As of press time, Bitcoin’s price is close to USD 11,800, having risen by 6% in the last seven days.