On Wednesday (April 7), former Goldman Sachs executive Raoul Pal, who is seen as an important influencer in the crypto community, pointed out that since its inception, Ethereum has outperformed Bitcoin by 250%.
Prior to founding macroeconomic and investment strategy research service Global Macro Investor (GMI) in 2005, Pal co-managed the GLG Global Macro Fund in London for global asset management firm GLG Partners (which is now called “Man GLG”). Before that, Pal worked at Goldman Sachs, where he co-managed the European hedge fund sales business in Equities and Equity Derivatives. Currently, he is the CEO of finance and business video channel Real Vision, which he co-founded in 2014.
In a tweet he sent out on April 7, Pal seemed to be trying to show that it is wrong for Bitcoin maximalists to claim that “all other tokens trend towards zero in BTC terms.”
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
He went on to say:
“Tokens that fail to get network effects trend lower, tokens that achieve ecosystem network effects (active wallets + developers + apps) will likely rise in BTC terms over time. The art is in choosing which will get network effects, and that aint easy (hence why i chose a basket).“