Crypto Updates

Ex-Goldman Executive Predicts Crypto Hits $10,000,000,000,000 Valuation After Family Offices and Institutions Arrive

Most Dogecoin Holders Are in Profit While Majority of Shiba Inu Owners Remain Underwater: IntoTheBlock

Former Goldman Sachs executive Raoul Pal is predicting that the total market capitalization for cryptocurrencies will soon soar to $10 trillion as institutions pour into the digital assets space.

In a new interview with Binance’s sales manager Michela Silvestri, the macro expert says financial institutions are likely to follow family offices, which typically take on higher than average risk, into cryptocurrency investing.

“I think in this next phase, the next bull market or the next business cycle, we’ll see a mass onboarding of institutions. I’ve seen this space before, usually, it’s the family offices that are first to take risks. And we’ve all seen that in this space.

Many family offices were the first to invest because they’re freer to do what they wanted with their own capital. As I said, most of the institutions have done work including the investment banks. And so now they just need price confirmation, and then they’ll be in. So I think we’ll see a lot of that.”

Pal believes that institutional investment in crypto will be large enough to drive the total market cap of digital assets to more than $10 trillion, more than triple its $3 trillion market cap peak in 2021.

“The asset class at peak was $3 trillion in 2021. It’s almost impossible for retail investors to continue the pace of adoption. It needs institutional capital as well, which drives out the ongoing adoption curve. So, my view is still by the end of this cycle, this space is probably $10 trillion-plus and that happens because of the institutions coming into the space, offering more products to their clients.

So, institutions coming into the space tends to mean that BlackRock offers a product to their network of advisors so it allows more money to come into the space via different mechanisms, i.e. aggregated mechanisms of funds, as opposed to individual accounts being opened on Binance, for example.”

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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…

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