In a recent interview, former Goldman Sachs CEO Raul Pal explained why he invested in XRP shortly after the US Securities and Exchange Commission (SEC) filed a lawsuit against California fintech firm Ripple over alleged illegal sales of XRP (which it considers to be an unregistered security).
Prior to founding the Global Macro Investor (GMI) macroeconomic strategy and investment research service in 2005, Pal co-managed the London-based GLG Global Macro Fund for global asset management firm GLG Partners (now “Man GLG”). Prior to that, Pal worked at Goldman Sachs, where he was involved in managing the European hedge fund sales business in equities and equity derivatives. He is currently the CEO of the financial and commercial video channel Real Vision, which he co-founded in 2014.
Pal’s comments about XRP were made on Monday (December 6) during an interview with Tony Edward, presenter of the “Thinking Crypto” YouTube channel and podcast.
According to a report by The Daily Hodl, Pal said he has two main reasons to invest in XRP:
“I bought it for the reason that a) it has use cases and is being used, and b) the litigation is a huge risk/reward.
“The price was drastically reduced, and then I looked at it and thought, ‘Okay, what’s he going to do? Does it drop 100% from here to zero? But if it’s resolved, it will be [up] 10x. And I’m like, “Well, that’s a no-brainer.” Why not take a 10-1 risk/reward that has a catalyst around?“
Yesterday (December 8), when XRP was trading around $8,086 on Binance, popular crypto analyst “Credible Crypto” with over 278K followers on Twitter told the “bottom is in.” |
According to CryptoCompare data, currently (as of 11:05 AM UTC December 9th), XRP is trading around $0.904, up 11.15% in the past 24 hours.
The opinions and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only, and do not constitute financial, investment or other advice. Investing or trading in crypto assets involves the risk of financial loss.
Photo by “vjkombajn” via Pixabay.com