Renowned macro expert and former Goldman Sachs executive, Raoul Pal, has recently disclosed that he has made significant investments in a competitor of Ethereum (ETH). Speaking on the Bankless YouTube channel, Pal revealed that approximately 80% of his crypto holdings are in Solana (SOL), the native token of the layer-1 blockchain. The remaining portion of his portfolio is diversified among memecoins, digital collectibles, and a digital assets-focused investment vehicle. Pal clarified that all of his ETH holdings have been converted into non-fungible tokens (NFTs), particularly high-end art NFTs. Additionally, a portion of his portfolio is invested in the fund of hedge funds at Exponential Age Asset Management. Lastly, he holds 1% of his portfolio in meme coins such as dogwifhat, Dogecoin, and Bonk. However, Pal emphasized that these meme coins represent a small fraction of his overall holdings, with Solana making up the majority at 80%.
When asked about the reason behind his significant investment in Solana, Pal pointed to the Solana/Ethereum chart, which stood out in 2022. This chart convinced him to purchase Solana and go all-in on the project, similar to how he went all-in on Ethereum in September 2020, albeit at an earlier stage.
At the time of writing, Solana is trading at $133, marking a staggering 1,240% increase from its 2022 closing price of $9.89. In contrast, Ethereum has seen a more moderate increase of around 155%, rising from approximately $1,200 to its current value of $3,062.
It is important to note that the opinions expressed in this article are not investment advice, and investors should conduct their own research and due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor is it an investment advisor.
