Former Goldman Sachs executive and CEO of Real Vision Raoul Pal explains his bullish stance on crypto assets.
In a new Ask Me Anything (AMA) session on YouTube, the macro guru say Blockchain gives users and investors the chance to own and operate parts of a network, unlike other systems where most people can only own shares representing part of the network by purchasing the shares of associated companies.
“Crypto is just a technology. It is a distributed database, ie [a] blockchain, of which you can use a token to represent value in that chain. Unlike other networks, for example a telecom network, you cannot own part of the telecom network while [in crypto]You can do that with a token, which gives you part of the network itself.”
In an increasingly digital world, says Pal, blockchain enables scarcity, when everything else could theoretically be blown up to infinity. According to the macro investor, crypto market cycles can be “much bigger” than the technology stocks they often correlate with.
“In an increasingly digital world, we need to transfer data, record, [and] retail value, and value is becoming increasingly digital. And [in the] In the digital world, we can make anything in an infinite abundance, and so everything goes digital to zero [in terms of] value, and with blockchain you can create scarcity in a digital world…
[Crypto is] a technology that you can directly participate in. Artificial intelligence (AI) you have to buy Nvidia that’s all you can do a little bit of Microsoft a little bit of other stuff, [but] You buy billion dollar companies. How much money will you make? 2x, 3x maybe? Can Tesla rise 5x, 6x, 8x? Yeah right.
Crypto cycles can be much, much bigger since you actually own the network itself. [It would be like] if you owned part of Nvidia all of the AI networks themselves and the monetization of that entire ecosystem so that’s why it’s so powerful [and] it tends to outperform the other tech stuff.
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