In a recent discussion, well-respected macro expert and cryptocurrency enthusiast Raoul Pal dug into some key aspects of the crypto world, like Bitcoin ETFs, NFTs, and the role of big investors. He stressed a major hurdle for institutions diving into crypto: regulation.
Pal also explained how unclear rules can slow down crypto adoption and blockchain tech.
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In a conversation with Scott Melkar, Pal highlighted a big development in crypto—the buzz around Bitcoin and Ethereum Spot ETFs. Pal shared his view on how these ETFs could affect the crypto market. He didn’t see them as a one-time event that would quickly boost prices. Instead, he compared their effect to Bitcoin halving, where less supply over time leads to higher prices.
The Bitcoin Spot ETF and Ethereum Spot ETF could bring in more money from big investors. However, their impact might not show up right away. It could take some time for these changes to make crypto prices go up. Pal expected big players like pension funds and big asset managers to get into crypto over time, which would make the market bigger and busier.
He said, “The ETH spot ETF will happen as well; of course, it’ll be later; as soon as the Bitcoin one is done, they’ll front run it by going to the ETH one because they know that’s the next one. The Bitcoin ETF, I don’t think of the as a one-off event. People think of it as this liquidity injection into the crypto economy, and I’m saying it’s a trade agreement. Trade agreements start working when people get a return on their capital in that new economy, and then they pile in.”
Pal also touched on the future of non-fungible tokens (NFTs) and the tokenization of real-world assets. NFTs have been a significant trend in recent years, with various digital collectibles and art pieces selling for substantial sums.
However, Pal expects that the initial hype around NFTs may die down and that the real potential of NFTs may be realized in the future.
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