Former Goldman Sachs executive and Real Vision co-founder Raoul Pal has revealed he believes the total market capitalization of bitcoin and all other cryptocurrencies will grow to surpass $100 trillion, up from its current $1.7 trillion.
In a tweetstorm, Pal told his over 400,000 followers that most traditional investors fail to see the potential in cryptocurrencies because they believe assets often revert back to their mean on their mean over time, and “therefore everything looks like a bubble or a misallocation of capital.”
Pall added that while a lot of projects in the nascent cryptocurrency space will eventually die off, those that survive will attract users and create a network effect, allowing the entire ecosystem to grow.
The former Goldman Sachs executive added that people, in general, fear change “so push back but over time the change gains trust and acceptance.” Per his words, the internet of value and trust is “going to destroy more large old business models than maybe the internet itself.”
Pal added that the total addressable market of the transfer, storage, and accretion of value is the “largest and most valuable on Earth,” and that works as an incentive for digital assets to innovate in “ways we yet can’t imagine.”
It’s worth noting Raoul Pal is well-known for being bullish on bitcoin and other cryptocurrencies. In late November, he revealed his liquid net worth was almost fully invested in crypto. Pal has in the past said he believes Bitcoin is “the future” and could have a market cap of $100 trillion.
The executive has predicted Ethereum’s ether, the second-largest cryptocurrency by market capitalization, could go to $20,000 “this cycle,” based on Metcalfe’s Law.
Featured image via Pexels.