Macro Guru Raoul Pal Updates Ethereum Outlook, Says 2013-Style ‘Double Pump’ Likely

Macro analyst and Real Vision CEO Raoul Pal says the clearest bet in the crypto space right now is on Ethereum (ETH).

The former Goldman Sachs fund manager tells Camila Russo in a new interview on The Defiant that ETH currently offers the best risk-to-reward ratio.


“If you can only own one asset over the next 12 months, what would it be? It would be Ethereum. Because it’s the least risky with the highest rewards.”

Pal says upcoming Ethereum upgrades will reduce the second-largest crypto asset’s supply and “massively” increase its network usage.

Ethereum’s highly anticipated London hard fork is expected to land on August 4th. EIP-1559, one of many upgrades that will form the hard fork, will make Ethereum a deflationary asset as ETH transaction fees will either be burnt or deposited into a long-term mining pool.

Pal also thinks the upcoming transition to proof of stake will make Ethereum more environmentally friendly. The Real Vision CEO predicts institutions will invest in ETH as these upgrades take hold.

“It feels like we’re in for the double pump. The 2013 repeat.”    

Pal notes that he’s increased his exposure to Ethereum while reducing his exposure to Bitcoin, estimating that ETH makes up 55% of his current portfolio, BTC makes up 25%, and the remaining 20% is spread among other tokens.

Pal also notes that 100% of his liquid assets are in crypto.

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