Raoul Pal said that the current macroeconomic situation is favorable for investments in cryptocurrencies

​​​Former CEO of Goldman Sachs urges buying BTC “right now”

22.06.2023 - 13:20


2 min

The material is not an investment recommendation and is published for information purposes only.

What’s new? Raoul Pal, a former executive of the investment bank Goldman Sachs and Real Vision TV CEO, said that the current macroeconomic situation is favorable to start buying bitcoin and other cryptocurrencies. He believes that the arrival of the era, which he calls exponential, will lead to the rapid growth of stocks of innovative technology companies, such as artificial intelligence and digital assets. Pal added that the best time to enter the crypto market is now.

What else did Pal state? The businessman believes that the US Federal Reserve System (Fed) will need to start injecting more liquidity into the markets to revive the economy after rapidly raising interest rates to combat inflation. According to him, liquidity inflows have historically led to higher prices for cryptocurrencies. Pal stressed that with banks printing more and more money, assets such as cryptocurrencies and technologies work best.

Earlier, crypto analyst Michaël van de Poppe said that a new bull cycle has begun in the market and called for buying bitcoin at $28 500. According to him, this is a great point to enter a long position on the asset.

In March, Pal called bitcoin “shockingly strong” amid a loss of confidence in banks. In April, he predicted the number of crypto users would rise from 300 million to 1 billion as part of a new bull cycle. Pal suggested that the sector is expecting a massive influx of capital that will lead to innovation.

In the past few days, four major investment companies at once have applied to register spot bitcoin exchange-traded funds in the United States: Valkyrie, WisdomTree, Invesco, and Bitwise. There have also been rumors of similar plans from Fidelity and BlackRock, the latter being the largest investment firm in the world. Even though the US regulator has not previously approved any such product, bitcoin rose by 20,8% over the week (according to CoinGecko) on the back of this news and is trading at $30 130 on Binance as of June 22, at 13:00 UTC.

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