Former Goldman Sachs executive and Real Vision CEO Raoul Pal is explaining his bullish stance on crypto assets.
In a new Ask Me Anything (AMA) session on YouTube, the macro guru says blockchain gives users and investors a chance to own and operate pieces of a network, as opposed to other systems where most people can only own shares that represent a portion of the network by buying the stocks of associated companies.
“Crypto is just a technology. It is a distributed database, which is [a] blockchain, of which you can use a token to represent value on that chain. So unlike other networks, let’s say a telco network, you can’t own a share of the telco network, while [in crypto], you can with a token, which gives you a share of the network itself.”
In an increasingly digital world, Pal says blockchain enables scarcity when anything could otherwise be theoretically inflated to infinity. According to the macro investor, crypto’s market cycles can be “much bigger” than the tech stocks that they often correlate with.
“In an increasingly digital world, we need to transfer, record, [and] store value, and value is increasingly becoming digital. And [in the] digital world, we can make anything to infinite abundance, and so everything digitally goes to zero [in terms of] value, and blockchain allows you to create scarcity in a digital world…
[Crypto is] a technology you can participate in directly. Artificial Intelligence (AI), you have to buy Nvidia, that’s the only bloody thing you can do, a bit of Microsoft, a bit of other stuff, [but] you’re buying trillion-dollar companies. How much money are you going to make? 2x, 3x, maybe? Can Tesla go up 5x, 6x, 8x? Yeah, sure.
Crypto cycles can be much, much bigger because you’re actually owning the network itself. [It would be like] if you owned a share of the Nvidia, all of the AI networks themselves and the monetization of that entire ecosystem, so that’s why it’s so powerful [and] it tends to outperform the other technology stuff.”
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