What? Ex-Bitcoin Bull Raoul Pal Only Holds One Bitcoin?

Raoul Pal, a former Goldman Sachs hedge fund manager and cryptocurrency bull, said on Twitter that he now only holds one bitcoin.

The statement came amid a heated debate on Twitter with self-proclaimed “Bitcoin strategist” Greg Foss, and it’s not entirely clear if it was an exaggeration or an accurate statement of his Bitcoin holdings. Pal is the founder and CEO of Real Vision and Global Macro, and Foss is the executive director of Validus Power Corp.

His disclosure of holding an apparently small amount of Bitcoin has undoubtedly caused a commotion and concern among the Bitcoin faithful since he started calling Ethereum the "greatest deal" and predicting that Ethereum and altcoins will eventually overtake Bitcoin They have been skeptical of Pal since.

Interestingly, ETH has risen 250% more than BTC since its inception. It was only below Bitcoin's initial price in the first 5 months of its birth in 2015.

This puts to rest the idea that all other coins are heading towards zero in terms of BTC.

— Raoul Pal (@RaoulGMI) April 7, 2021

Pal first bought BTC in November 2013. He sold at a 10x profit during the so-called "fork wars" in 2017 (missing out on bigger gains later in the year), then added to his holdings in 2019-20. In May 2021, he confirmed that he holds more ETH than BTC. At the time of writing, Bitcoin is worth $40,925.

The controversy was sparked by Foss, who tweeted: "Raoul is weak", followed by another tweet, "Raoul contradicts himself". After the back and forth between Pal and the bitcoin maximalist, Pal posted that people like Foss and the xenophobic mind of the bitcoin community were the reason he only held one bitcoin.

This is your problem. I don't agree with you, so you attack me? Are you right? That's why I only hold one bitcoin, the community has lost sight of inclusion, and you, sir, are helping to reduce network effects by keeping people who disagree with you out of the network.

— Raoul Pal (@RaoulGMI) January 20, 2022

This rattled the bitcoin community, with many claiming he let emotions cloud logic. “His emotions are hurting his future,” user Emanuel replied in a Bitcoin Meme Hub tweet.

Synaptic Ventures founder Marc van der Chijs complained that the fact that Pal only holds one BTC is based on the makeup of the community, not on potential returns, which is “completely contrary to the credo he preached at RealVision.”

However, some came to Pal's defense, pointing to his impressive record and reminding fans that he's actually a trader, not a holder. “Coach T,” a crypto analyst and founder of Crypto My Way, wrote that he admires Pal’s “multiple perspectives and wise thinking.”

Foss vs. Pal: Twitter feud

The spat appeared to be over Pal's disagreement over his positions on inflation and bonds as a trading tool. Foss explained that he does not support Pal promoting his trading strategy to those who do not fully understand it.

Pal disagreed, explaining that his view on bonds was "a transaction, not a philosophy." Nonetheless, in subsequent comments, Pal claimed that he did not hold any bonds.

Well, let's do the math. If I'm right, bonds can go up 20% in 12 months (just use TLT), which is faster than balance sheet expansion, so it's a net gain in your buying power. If you hold the bond to maturity, you lose money. question?

— Raoul Pal (@RaoulGMI) January 20, 2022

Three hours after the original tweet attacking Pal, the controversy ended with Foss apologizing on Twitter, saying he "regrets his actions," adding that he "made a rookie mistake." ", he "has a bigger battle to fight".

Just a few weeks ago, Pal said he sees a "reasonable possibility" that the market capitalization of cryptocurrencies will grow 100-fold by the end of the decade. Hopefully he's right, and maybe that's something we can all agree on.

Cointelegraph reached out to Raoul Pal via Real Vision and will update this incident upon receipt of a response.

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