Raoul Pal, the former executive at Goldman Sachs, has expressed his belief that the finance industry could eventually shift to blockchain technology, creating a use-case for cryptocurrencies with a value of about $1 quadrillion. Pal sees BlackRock’s recent application for a Bitcoin exchange-traded fund (ETF) as a catalyst for a significant amount of money flowing into the crypto space. Given BlackRock’s history of successful ETF applications, their entry into the crypto market could pave the way for other financial institutions to follow suit.
Pal envisions a future where blockchain technology is adopted by the entire finance industry, including derivatives and equities markets. This would create a use-case for cryptocurrencies that would greatly surpass the current state of the industry. With the potential adoption of blockchain by major financial players, Pal believes that cryptocurrencies could experience a surge in value and utility.
The original article, written by Raoul Pal on the Daily Hodl website, discusses the possibility of a substantial influx of funds into the crypto space. Pal presents his perspective and analysis of the potential future use-case for cryptocurrencies, based on his understanding of current events and trends. While the estimated value of $1 quadrillion may sound ambitious, Pal’s background in finance lends credibility to his claims.
This article is approximately 70% editorial and 30% news. It presents Pal’s viewpoint on the potential developments in the finance industry and does not exhibit any noticeable political bias. Based on the content of the article, it is about 70% likely to be factual news based on my current analysis.
