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Former Goldman Sachs executive Raoul Pal says there’s a use-case for crypto worth about $1 quadrillion that will eventually flow into the space.
In a new interview on Crypto Banter, the macro guru says that BlackRock’s recent push for a spot Bitcoin exchange-traded fund (ETF) has potentially paved the way for massive amounts of money to move onto blockchains and crypto platforms.
Says Pal,
“I think it’s very important what BlackRock have done. Not for the ETF, not for the flows, but for the message it sends to the entire financial industry.
Again, I know a lot of these people, BlackRock have been involved in crypto for a while now. Don’t forget, he (Larry Fink) talked about it in the last cycle. Apollo, massive. Goldman, JPMorgan – they’re all there, but what we’re doing is seeing them come to the surface and say, ‘This is a meaningful technology… ‘
They’re now saying, ‘Well we want to invest in it, we want to allow our clients to invest in it, and we will build out on the infrastructure of it.’
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.”
BlackRock, which has a near 100% success rate in getting their ETF applications approved, applied for a Bitcoin ETF in July.
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