Former Goldman Sachs hedge fund manager and cryptocurrency bull Raoul Pal claimed in a tweet that he now only owns a single Bitcoin.
As the claim was made in the heat of a Twitter fight with self-proclaimed โBitcoin strategistโ Greg Foss, it is not entirely clear whether this is an exaggeration or an accurate statement about his holdings. Pal is the founder and CEO of Real Vision and Global Macro, while Foss is CEO of Validus Power Corp.
The revelation of his seemingly small holding no doubt caused uproar and anguish among true Bitcoin believers, who have eyed Pal with suspicion ever since he began calling Ethereum "the higher trade" and predicted that ETH and altcoins will eventually overtake BTC.
It is fascinating to see that since its 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 aside the idea that all other tokens are trending towards zero in terms of BTC. pic.twitter.com/ulCpsjG8up
โ Raoul Pal (@RaoulGMI) April 7, 2021
Pal first bought BTC in November 2013. He sold for a 10X profit in the so-called "fork wars" of 2017 (losing an even bigger profit later that year) before adding to his collection in 2019 through 2020. In May 2021, the confirmed who owned more ETH than BTC. At the time of writing, Bitcoin (BTC) is worth $40,925.
The barney was instigated by Foss, who tweeted "Raoul is soft" followed by another intellectual cheep, โRaoul sucks and puffsโ soon after. After some back and forth between Pal and Bitcoin maxi, Pal posted that people like Foss and the exclusionary ideology of the Bitcoin community are the reason he only has one Bitcoin.
And that's your problem. I don't share your philosophy, so you attack me? Really? That's why I only have one bitcoin, the community has lost sight of inclusivity, and you sir are helping to reduce network effects by excluding people who don't share your opinion from the network.
โ Raoul Pal (@RaoulGMI) January 20, 2022
This upset the Bitcoiner community, many of whom claimed that he had let emotion cloud logic. "Your feelings are damaging your future," commented a user Emanuel in a reply to the Bitcoin Meme Hub tweet. "I knew when he started sipping Vitalik's coolaid he was lost," additional another user, Jalan Foster.
Synaptic Ventures founder Marc van der Chijs She complained that Pal only owning BTC based on community composition and not potential return "completely goes against the gospel he preaches at RealVision."
However, some defended Pal, pointing to his impressive track record and reminding fans that he is, in fact, a trader, not a starter. cryptanalyst and founder Crypto My Way โCoach Tโ wrote that he appreciates Pal's "diverse opinions and intelligent thinking."
Foss vs. Pal: a dispute on Twitter
The argument appears to have been in response to a disagreement over Pal's position on inflation and bonds as a trading vehicle. foss explained that he did not support Pal in promoting his business strategy to others who do not fully understand how it works.
Pal disagreed, explaining that his views on bonds are "a trade, not a philosophy." Despite this, in a subsequent comment on the thread, Pal reclaimed who has no bonds.
Okay, let's do math. If I'm right and bonds can go up 20% in 12 months (just use TLT), that's faster than the balance sheet expanding, so it's a net gain for your buying power. If you hold bonds to maturity, you lose. Matter?
โ Raoul Pal (@RaoulGMI) January 20, 2022
Three hours after posting the original tweet attacking Pal, the argument finally culminated with Foss tweeting an apology saying that he "regrets his actions", adding that he "made a rookie mistake" and that he has "bigger battles to fight".
Related: Raoul Pal Says Crypto Market Cap Could Increase 100x By 2030
Just a few weeks ago friend said that he believes there is a โreasonable chanceโ that the crypto market capitalization will increase 100-fold by the end of this decade. Hoping he's right about that is perhaps something we can all agree on.
Cointelegraph has contacted Raoul Pal via Real Vision and will update the story with any response.
