Former Goldman Sachs Exec Foresees a Staggering $1 Quadrillion Future for CryptocurrencySeptember 6, 2023
Former Goldman Sachs executive Raoul Pal has recently revealed he believes the cryptocurrency space could expand to manage an eye-popping $1 quadrillion in value, given the right circumstances.
In a recent interview on Crypto Banter, Pal highlighted the potential ramifications of BlackRock’s recent push for a spot Bitcoin exchange-traded fund (ETF), which was followed by several financial behemoths with over $27 trillion in assets under management moving into crypto, saying it could potentially lead to massive amounts of capital moving into blockchain and crypto platforms.
For Pal, the true significance lies not in the immediate impact on market dynamics but in the more profound message this move broadcasts to the financial behemoths across the globe.
Drawing on his knowledge of the industry’s players, he elaborated that “BlackRock have been involved in crypto for a while now,” as its CEO Larry Fink talked about it last cycle. Now, he says, behemoths like Goldman Sachs and JP Morgan are also moving forward and saying crypto is meaningful, even though they’ve been involved in the space already.
Pal added that these firms are now making it clear they want ot invest in the cryptocurrency space and allow their clients to do so as well, and will help build out the infrastructure to do so.
So if you want the largest applications layer possible, it’s that whole finance industry. There’s like $1 quadrillion of derivatives that can all go on-chain. All the equities markets, everything can go on-chain. So if you want a use case that dwarfs everything, it’s the system of money and finance.
Earlier this year, Pal offered an optimistic outlook on the trajectory of the cryptocurrency markets. He anticipated that the crypto sector would rally out of its current bearish state faster than it did in 2019, expecting considerable growth within the second half of the year.
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