Raoul Pal has sold almost all of his Bitcoin. By his own admission, he only has one left.
The confession came during a heated Twitter discussion with Greg Foss.
Raoul Pal and Bitcoin
Raoul Pal qualified as a true crypto bull. Former Goldman Sachs manager and current co-founder of Real Vision Group, his first Bitcoin purchases dated back to 2013. Until just over a year ago, he appeared to have half of his wallet invested in Bitcoin. He was also very optimistic about the future of BTC, saying he was certain it could reach $1 million within 5 years.
Then something in his vision changed and it seems he started preferring Ethereum. He stated this on Twitter some time ago, in a post dated April 7, 2021, in which he noted that Ethereum was outperforming Bitcoin.
Fascinating to see that since inception ETH has outperformed BTC by 250%. It only fell below its initial price in BTC for the first 5 months of its existence in 2015.
Let that put rest to the idea that all other tokens trend towards zero in BTC terms. pic.twitter.com/ulCpsjG8up
— Raoul Pal (@RaoulGMI) April 7, 2021
In the discussion, he hinted that Ethereum and even other tokens could soon outperform Bitcoin. In short, from these words, it was already evident months ago how Raoul Pal no longer believed in Bitcoin.
The discussion about Bitcoin between Raoul Pal and Greg Foss
The confession of having sold all but one Bitcoin was made during a heated discussion via Twitter between Raoul Pal and Greg Foss, executive director of Validus Power Corp, a Canadian company that deals with Bitcoin mining.
In an initial tweet Greg Foss was quite blunt about Raoul Pal:
Raoul sucks and blows#btc
— Greg Foss 🇨🇦 (@FossGregfoss) January 20, 2022
A discussion ensued about the various trading strategies and more or less accurate predictions issued by both sides. Until Raoul Pal confessed that he abandoned Bitcoin also because of the maximalists:
And that is your issue. I don't share your philosophy, so you attack me? Really? This is why I hold only one bitcoin, the community has lost sight of inclusion and you sir, are helping reduce the network effects by excluding people who dont share your view from the network.
— Raoul Pal (@RaoulGMI) January 20, 2022
“And that is your issue. I don’t share your philosophy, so you attack me? Really? This is why I hold only one bitcoin, the community has lost sight of inclusion and you sir, are helping reduce the network effects by excluding people who don’t share your view from the network”.
The debate ultimately ended with neither winners nor losers. But Greg Foss realized he had elevated the tone far too much, so much so that he apologized to his opponent in another tweet.
“Sometimes you pick a fight with the captain of the opposing team (cuz u are fed up and want to brawl)
That is rarely a smart move.
Tonight I chose that path and I regret my actions.
I apologize to @RaoulGMI
I made a rookie error. We have bigger battles to fight”.
At the end of this debate, one sentence remains, Pal’s about the Bitcoin community being too self-focused, maybe so much so, that it doesn’t see the rise of BTC’s competitors.