Former Goldman Sachs executive Raoul Pal says there’s a use-case for crypto worth about $1 quadrillion that will eventually flow into the space.
In a new interview on Crypto Banter, the macro guru says that BlackRock’s recent push for a spot Bitcoin exchange-traded fund (ETF) has potentially paved the way for massive amounts of money to move onto blockchains and crypto platforms.
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.”
BlackRock, which has a near 100% success rate in getting their ETF applications approved, applied for a Bitcoin ETF in July.
I
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Ex-Goldman Banker Says $1 Quadrillion Crypto Use-Case That ‘Dwarfs Everything’ Could Come to Industry appeared first on The Daily Hodl.