In a surprising development in the world of cryptocurrency investments, the former executive of Goldman Sachs and renowned macro expert Raoul Pal has made a significant change to his digital asset portfolio. Pal has disclosed a notable shift towards favoring Solana SOL/USD over other cryptocurrencies, particularly Ethereum ETH/USD.
Event Overview: During a discussion on the Bankless YouTube channel, Pal revealed that approximately 80% of his crypto investment now resides in Solana, as reported by The Daily Hodl. He has transitioned his holdings from Ethereum to high-value art NFTs and has also ventured into Exponential Age Asset Management, a fund specializing in digital assets. Pal stated, “I am 80% SOL. All of my ETH is now in NFTs (non-fungible tokens), I have been acquiring high-end art NFTs. And I have allocated 1% to assets like dogwifhat, Dogecoin, and Bonk. I hold all of those. However, that constitutes only 1%… to clarify, my entire portfolio consists of 1% in meme coins and other assets. I am heavily invested in Solana, accounting for 80% of my portfolio.”
Pal justified his substantial investment in Solana by pointing to the performance of the Solana/Ethereum chart in 2022, which prompted him to go “all in” on Solana, reminiscent of his prior decision to heavily invest in Ethereum back in September 2020.
Significance of the Shift: Pal’s strategic move towards Solana coincides with the cryptocurrency’s significant updates aimed at resolving network challenges. Recently, Solana introduced a mainnet beta update to address network congestion, partly caused by the increased demand for Solana block space resulting from the surge in meme coin transactions.
Furthermore, there has been a noticeable uptick in interest in meme coins within the cryptocurrency market, as highlighted by researcher TradeTheFlow. This trend indicates a societal inclination towards high-risk, high-reward investment approaches, suggesting that meme coins are more than just a passing fad.
Moreover, the Ethereum ecosystem has faced skepticism from certain market participants. Fred Krueger, a Bitcoin trader and advocate, expressed a pessimistic view of Ethereum, hinting at a potential loss of its market standing.
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