$1 Quadrillion Crypto Forecast from Pal

Raoul Pal, the former manager of Goldman Sach, one of the largest investment banks in the world, made a remarkable claim that there is a use case for cryptocurrencies worth about 1 quadrillion dollars that will eventually flow to the market.

In an interview with Crypto Banter, Raoul Pal said that BlackRock’s filing with the US Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF) paved the way for potentially large amounts of money to flow into blockchains and cryptocurrency platforms:

I think what BlackRock is doing is very important. Not for the ETF, not for the flows, but for the message it sends to the entire financial industry. Again, I know many of these people, BlackRock has been into cryptocurrencies for a while. Remember, Larry Fink (CEO of BlackRock) talked about this last cycle. There’s Apollo and he’s huge. Goldman Sach, JPMorgan they all exist, and now we see them coming to the surface and saying, ‘This is meaningful technology…’ And now they’re saying, ‘We want to invest in this, we want to let our customers invest in it, and we want to build on the infrastructure of it.’ So if you want the largest application layer possible, it’s the entire financial industry. It has $1 quadrillion of derivatives that it can all run on-chain. All stock markets, anything can run on-chain. In other words, if a usage area that overshadows everything is desired, it is the money and financial system.

BlackRock, one of the largest wealth management companies in the world, is a US-based company founded in 1988 and operates in the field of financial services. The company is headquartered in New York and has offices in many countries around the world. BlackRock manages billions of dollars in assets, providing wealth management services for millions of investors around the world. It has become a major influencer of global financial markets, especially as a major player for institutional investors. It is also a company that seeks to lead on important financial and social issues such as sustainable investment and climate change. BlackRock, which has a near 100 percent success rate in approving its ETF applications, filed with the SEC for a spot Bitcoin ETF in July, and experts say there is a 100% chance that the US federal regulator will greenlight a spot Bitcoin ETF by the end of the year. They don’t believe it’s around 75.