Macro guru Raoul Pal says that the entire cryptocurrency market is about to explode to double its current size.
In new a tweet, the former Goldman Sachs executive says that the digital asset space breaking the $1.8 trillion market cap level signifies the beginning of a new surge that will catapult the crypto markets to greater heights in the subsequent months.
The market cap of the entire digital asset space feels like the break of $1.8trn is kind of a big deal. The chart pattern suggests acceleration lies ahead on that break. My guess is the whole space doubles in next 2 to 3 months. Let see! pic.twitter.com/125lTVAkNH
— Raoul Pal (@RaoulGMI) March 30, 2021
In an episode of What Bitcoin Did with Peter McCormack, Pal said that a wall of money is coming in once Bitcoin (BTC) hits the $1 trillion market cap.
“What we’re seeing is frontrunning the size of the market cap because at $1 trillion comes a serious asset. At $10 trillion, it’s gold in terms of asset size, so that deepens and makes a broader market and allows more participants into it.”
He also shares what a larger crypto market means for investors.
“For institutions, it is what is the adoption, what is the regulation, what is the market cap, so the more it goes up, the more the market cap makes it available for them to purchase, so that is a much bigger deal than price.
Price is a function of that growing market cap, but if you’re Blackrock, you would not have looked at it until it got to this, you know, near trillion-dollar market cap, and that’s the thing.”
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