Bitcoin's 2013 10x Return

Raoul Pal shares his early Bitcoin investment experience and subsequent return.

"I bought a decent enough amount of Bitcoin and sold it after 10x. Sadly, I got divorced in the process so I halved that - that was my tax that I don't pay in the Cayman Islands, I chose a voluntary 50% tax. It wasn't a life-changing bet, but it was a good bet. Now had I held onto it until $20,000 when it peaked, it would have been life changing.

I got out because I was nervous about all these forking wars and everything going on. I thought 'I don't understand this, let's wait and see.' I had talked about it a lot, analyzed it, been involved in it, but hadn't been investing again until 2019. I started sticking my toes in again because the market had been selling off.

Then 2020 comes along, and I was already positioned for a recession. This opportunity was clear - if the central banks were going to print like crazy, that was the opportunity. So I bought a lot of bitcoin. I was long bonds, gold, dollars, and bitcoin. Over time, I started charting bitcoin versus other assets and realized its dominance in performance was so extreme that it made no sense to own other assets, even with bitcoin being very volatile and having periods where it's down 50%."