Macro Guru Raoul Pal Says Crypto Bull Run Could Depend on Real-World Blockchain Use Cases
Former Goldman Sachs executive Raoul Pal believes that the strength of the crypto market’s bull run could be influenced by one crucial factor. In a recent interview with Anthony Pompliano, the founder of Pomp Investments, Pal suggests that an increase in real-world blockchain use cases could lead to a soaring crypto market this cycle. He also mentions that the re-engagement of past digital asset holders could contribute to the bullishness of cryptocurrencies.
Pal emphasizes the potential impact of the millennial crowd, who got financialized in 2020. With approximately 110 million Coinbase accounts, only nine million were active when he last checked. However, if those who participated previously show interest and overcome any lingering fears from past experiences, there is still a significant amount of money that could enter the market.
Furthermore, Pal predicts that the applications layer of blockchain technology will bring forth numerous use cases during this cycle. He envisions a scenario where NFTs, smart contracts, and other blockchain features are utilized for various purposes such as ticketing and real-world assets. The progress made in this area will determine the trajectory of the market.
Hot Take: Real-World Adoption and Re-engagement Hold Key to Crypto Market’s Bull Run
Raoul Pal, a former Goldman Sachs executive, believes that the success of the ongoing crypto bull run hinges on real-world blockchain adoption and re-engagement from past digital asset holders. As more use cases for blockchain technology emerge in various sectors, such as ticketing and real-world assets, the crypto market is poised for significant growth. Additionally, with millions of inactive Coinbase accounts belonging to millennials who participated in cryptocurrency investments last year, their return to the market could inject substantial capital. The outcome of this cycle will depend on the progress made in implementing blockchain applications and the re-entry of previous investors.
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