A Former Goldman Sachs Hedge Fund Chief Has Predicted Apple And Microsoft Will Buy Bitcoin ‘Within Five Years’

Bitcoin has made headlines over recent months after companies from MicroStrategy MSTR to Square SQ added it to their corporate treasuries.

The bitcoin price, on track to outperform most other major assets this year, has almost doubled in value since January with many in the bitcoin and cryptocurrency community celebrating what they feel is a return to the heady days of late 2017, when bitcoin hit its all-time highs of around $20,000.

Now, a former Goldman Sachs GS hedge fund manager, who has previously predicted the bitcoin price will soon go to $1 million, has said he thinks some of the world’s biggest companies are gearing up to add bitcoin to their balance sheets—naming technology giants Apple and Microsoft as two possibilities.

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“I’d be surprised that if within five years time Apple AAPL , Microsoft MSFT and others don’t have cash in bitcoin,” Raoul Pal, the founder and chief executive of Global Macro Investor, said in a recent video published on YouTube.

Pal pointed to U.S. business intelligence Microstrategy’s two-pronged bitcoin purchase earlier this year as “the the first steps” toward wider corporate adoption of bitcoin.

Over the summer, MicroStrategy bought some $425 million worth of bitcoin, with payments giant Square, led by Twitter TWTR chief executive and outspoken bitcoin advocate Jack Dorsey, following suit with a smaller $50 million investment.

“The genie is out of the bottle,” Pal told viewers his YouTube viewers. “Nothing is a reserve asset like bitcoin.”

Elsewhere, the bitcoin price has also been supported by a growing belief among some investors that bitcoin will serve as a hedge against a tidal wave of inflation they see on the horizon.

One such investor, Wall Street legend and billionaire Paul Tudor Jones, went as far as saying buying bitcoin is “like investing with Steve Jobs and Apple or investing in Google early.”

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This week, global stock markets have taken a turn for the worse on rising risk of a return to the national lockdowns of the spring. However, bitcoin has so far resisted selling pressure, and has remained more-or-less flat for the week after a run up to $14,000 per bitcoin.

“Bitcoin’s first attempt in three years to overcome $14,000 failed,” Alex Kuptsikevich, FxPro senior financial analyst, said via email, but added he remains upbeat.

“Sellers intensified as the first cryptocurrency approached $13,800 due to the storm on the European and U.S. stock markets. However, the larger the bitcoin correction, the more impressive the rebound could be, as there is a clear demand for discounts.”

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