- Former Goldman Sachs executive Raoul Pal believes the crypto market cap could increase 200X in the next decade.
- Pal asserts he could be wrong by 90%, but crypto is still the “best bet in the world.”
- He also added that he is bullish on Ethereum.
Former Goldman Sachs executive Raoul Pal recently spoke with cryptocurrency analyst Scott Melker, predicting a 200x increase in the market capitalization of cryptocurrencies over the next decade.
According to the macroguru, the next ten years could see unprecedented wealth accumulation. Pal.
In his latest appearance, the former Goldman Sachs executive claims that cryptocurrency’s market cap could increase from its current $1 trillion valuation to as much as $200 trillion over the next decade, taking into account factors such as the current rate of cryptocurrency adoption and the number of cryptocurrency users, which he believes will reach somewhere between 4-5 billion over the next decade.
He believes the mass adoption of cryptocurrencies would be facillitate by the emergence of digital currency products like Central Bank Digital Currencies (CBDCs).
“This would be the shortest period of time of the largest accumulation of wealth ever seen,” Pal stated.
Even though Pal has been incredibly optimistic about the future of cryptocurrency, he acknowledges the possibility that he could be wrong by the amounts of tens of trillions. Nonetheless, he believes the growth would still be immense.
“Even if I’m wrong, let’s say I’m a total moron and I’m wrong by 90%, well $20 trillion [from] $1 trillion, I’ll still take that bet because it’s still the best bet in the world, and that’s by me being wrong by 90%.”
However, that’s not all that Pal had to say regarding Crypto. He also expressed his bullishness regarding the popular cryptocurrency Etherum, adding that the crypto hedge funds that experienced enormous losses amid the chaos of the crypto market are now under the pressure of ETH.
He predicted that this would cause the Ethereum market to soar. Adding that some may think the market would bottom out, but he remains hopeful, regardless.
He continued that, at present, the market is overbought. He found it intriguing that some people are currently buying ETH and selling futures. Pal explained that traders are doing this to hedge against the possible negative outcomes of the Ethereum Merge, and the respective hedge is to be lifted off by somebody at some time.
On this note, Pal stated that he is “very bullish right now,” on Ethereum.
He anticipated that this would cause the Ethereum market to soar. However, he did note that while skeptics would expect the price to fall back to its previous low, he himself is optimistic about the market.
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