Former Goldman Sachs manager Raoul Pal expects the world of Blockchaintechnology both matures and opens up new horizons, regardless of whether it’s an extensive one bear market gives.
In an interview with BitBoy Crypto’s YouTube channel, Pal says that web 3.0 will dominate the internet for the next few years and governments will likely dominate their own cryptocurrencies in the form of central bank digital currencies (CBDCs).
“People are writing off the Web2 platforms. As with Facebook Meta, it won’t happen. [Same with] Twitter. Shortened to five years, they will have Web3 integration. All of them. Facebook, you have to understand that, is a four billion person network.
Within five years we will also have introduced central bank digital currencies, whether they are private currencies like Circle or public currencies.
Maybe the [European Central Bank] tries to go public. Either way, this has now given everyone the up and down to get into the digital world. And that will definitely come.
The sovereign wealth funds. These are the great capital pools of wealthy nations. This is different from central bank reserves. This is the wealth of nations. That comes. I know because I talk to them and I know they do.
We also know that all investment banks are now developing all sorts of products in this space. The ability for people to trade options. So that’s all to come.”
Also on Pal’s radar is the influx of venture capital (VC) investments into the crypto space. He says that bear markets are when people should focus on creating, and he predicts the development of new products as well as the resolution of existing concerns like crypto wallet security.
“We know there are a whole host of new investment management products out there. Happens.
But the big thing that just happened was that $32 billion went into VC last year. You see it posted on twitter what you do is build in bear markets. This is when you start building businesses. I’m building two companies in this space and everyone is making stuff.
What will come out on the other side are wallets, security in a way you can’t…
You know, it’s so clunky right now. It’s terrifying to move money from your MetaMask to your ledger and all that stuff. The wallet problem will be solved. Integrations are solved everywhere. It all comes.”
The macro investor also believes the rise of social tokens is imminent, citing the recently launched ApeCoin (APE) as a successful use case.
“I think the really big point that I talk about all the time because I’m also involved in building a business is social tokens. We’ve hardly seen them. I talk about her and people say, ‘I don’t really know what you’re talking about.’
Bored Ape Yacht Club, [for example]. Yuga Labs had an audience of about 40,000 people among their three projects. Those 40,000 people owned a bunch of OG [original] Financial assets. Then they launched the APE token and [it’s] worth 3 billion or $4 billion today.
Okay, where the hell did that come from? Four times the original fortune? That’s because everyone wants to be part of this community, and this is your currency to participate.”
Pal expects other areas of entertainment and culture to jump onto social tokens, both for brand awareness and to allow communities to benefit from their favorite sports team or musician.
“We haven’t started where this is going. Every sports team, every big pop star, every movie, every movie franchise, every fashion brand, it all goes like this.
So the NFT [non-fungible tokens] Push the insanity we have now forward three years and we’ll all be talking, ‘Whose networks are we on? Oh my god I just discovered this pop star! They just had a massive #1 hit single. My token has increased by 300x!’
This is the world we will go to.”
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