Raoul Pal, a former executive of Goldman Sachs has increased his ETH holding amid Ethereum’s recent price rally. Pal made the revelation in the early hours of Tuesday, stating that his portfolio is now shared 70/30 between Bitcoin and Ethereum.

Pal has been one of the vocal players in the crypto industry. Late last year he made a rather audacious remark by claiming that Ethereum will be bigger than Bitcoin. Prior to his statement, the renowned investor revealed that he was selling his entire gold holdings and using the proceeds to invest in Bitcoin and Ethereum.

I have a sell order in tomorrow to sell all my gold and to scale in to buy BTC and ETH (80/20). I don’t own anything else (except some bond calls and some $’s) - 98% of my liquid net worth.

Early this year, Pal began with his predictions. On January 7, he said that Ethereum’s price could go as high as $20,000 in this current cycle.

To put his money where his mouth is, Pal has upped his ETH stake. Early this morning he shared his updated portfolio allocation on Tweeter.

Before founding Global Macro Investor (GMI), a macro-economic and investment strategy research service in 2005, Pal was an executive at a global asset management firm, GL Partners. His work portfolio also includes his time as a co-manager in Equities and Equity Derivatives for Goldman Sachs.

Word around crypto circles is that Ether might be undervalued despite attempting to retake its 2018 all-time high. Explaining why the digital asset might be undervalued in a January 2021 issue of Pantera Blockchain Letter, Joey Krug, co-CIO of the firm wrote:

Long run, Ethereum could potentially even be a deflationary asset that earns fee revenue, is used as collateral, and is used to pay fees. Each of these properties alone makes it a fascinating asset from an investment standpoint but combined they make it unlike anything else in the market. The implied P/E multiple based on current transaction fees is about 79, and for something where underlying usage is growing 25x (total value in DeFi) — 100x (DEX’s) year over year, that feels incredibly low compared to assets in the equities markets.