Bitcoin is starting to permeate the narrative and it is going mainstream faster than people imagined, Real Vision CEO Raoul Pal said during today’s Daily Briefing.

Pal explained his extreme bullishness on Bitcoin, saying that the cryptocurrency feels like the superior trade to almost every other outcome and he thinks it will be the key narrative for next year.

Pal believes that crypto will become a global reserve asset as the world continues to deal with the virus and ongoing economic slowness. There will be more stimulus, more money printing, and the value of fiat currency will decline versus hard assets, he said. Not only is crypto a store of value, but it also comes with an embedded call on the future.

Pal said he’s never seen a whole macro asset that looks like this before—that is, an asset that’s going to trade like a technology stock—and it is empowering for everybody.

“Bitcoin is the biggest legal front-running opportunity I’ve ever seen,” he said, “and it is all to the advantage of the little guy.”

Pal also discussed how making it easier for RIAs and institutional investors to add crypto to portfolios will be a game-changer. The ETF is coming; it’s not a matter of if it will be approved, but when it will be approved, he said. Once you give them the tools to put crypto in pensions and 401Ks, there will be trillions of dollars available. You just need small percentages of that to flow into this and it will have a huge impact, he said.

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Pal concluded the interview with his thoughts on the relative risk/reward profile of Bitcoin at a time with record low bond yields and a stock market at all-time highs. He said that crypto has a risk-reward skew unlike anything else; it is basically what Boomers got in the equity market in 1981 when you just bought and held it for the rest of your life and you became the richest generation in the world.

“This chance is setting up again. We thought [Millennials] were screwed, but they’ve been given it on a plate. It’s an amazing macro set up,” he said.

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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