According to Raoul Pal, a former executive at Goldman Sachs, there is a use-case for cryptocurrency that could eventually bring in around $1 quadrillion.
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The macro expert claims that BlackRock’s recent drive for a spot Bitcoin exchange-traded fund (ETF) may have opened the door for large sums of money to flow onto blockchains and cryptocurrency platforms in a new interview on Crypto Banter.
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Says Pal,
“I think it’s very important what BlackRock have done. Not for the ETF, not for the flows, but for the message it sends to the entire financial industry.
Again, I know a lot of these people, BlackRock have been involved in crypto for a while now. Don’t forget, he (Larry Fink) talked about it in the last cycle. Apollo, massive. Goldman, JPMorgan – they’re all there, but what we’re doing is seeing them come to the surface and say, ‘This is a meaningful technology… ‘
They’re now saying, ‘Well we want to invest in it, we want to allow our clients to invest in it, and we will build out on the infrastructure of it.’
So if you want the largest applications layer possible, it’s that whole finance industry. There’s like $1 quadrillion of derivatives that can all go on-chain. All the equities markets, everything can go on-chain. So if you want a use-case that dwarfs everything, it’s the system of money and finance.”
In July, BlackRock submitted an application for a Bitcoin ETF; the company has a nearly 100% approval rate for ETF submissions.
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