Macro guru Raoul Pal says that crypto assets are set for a new bull market as traditional finance firms begin to move into the nascent sector.
In a new thread, the former Goldman Sachs executive tells his one million followers on the social media platform X that the crypto sphere is set for a massive expansion as traditional financial firms start to plant their flags in the digital asset industry.
[adinserter block="1"]“We are also seeing many of the biggest firms in fiat land eye the crypto world with envy and are beginning to visit and build offices there. Think of all the banks and asset managers beginning to build on blockchain tech such as Franklin Templeton, Fidelity, Apollo, JPM, Goldman, etc.”
According to the Real Vision CEO, the crypto world is a new territory, one that is separate from the traditional financial system which he calls the fiat land.
Pal notes that the entire point of crypto and Bitcoin (BTC) is to build a parallel economy that can help everyday people flee the currency debasement witnessed in fiat land.
“The very reason Bitcoin exists is to circumnavigate the traditional banking system and lay the foundation of building a new financial system in parallel – crypto world.
Such a new world over time attracts new migrants [from fiat land] into it after each subsequent bout of debasement or Fiat-Land issues – such as war or expropriation of wealth, for example, both of which cause migration [from fiat land] en masse.”
Pal goes on to say that upcoming Bitcoin exchange-traded funds (ETFs) will serve as a bridge between the crypto world and fiat land.
“The big news outside of the banking problems (which will affect migration into the crypto world) is the coming BTC ETF. The correct way to think about this is that it is a ‘trade agreement’ between fiat land and crypto world.
This agreement allows for FDI (foreign direct investment) to flow into the new world. For FDI to flow, fiat residents need to see superior rates of returns. With the SPX (S&P 500) up 7% and BTC up 100%, the new world looks rather attractive.”
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