Former Goldman Sachs executive Raoul Pal has recently said he is betting on the native token of the XRP Ledger, XRP, and has been holding onto the cryptocurrency for months after spotting the “opportunity of a lifetime.”
In a recent interview with attorney John Deaton Pal, who is now the CEO of Real Vision, revealed he invested in XRP after the U.S. Securities and Exchange Commission (SEC) sued Ripple and two of its executives while claiming XRP was an unregistered security.
Per Pal, the price then ended up being “massively discounted” while “half the people have been shut out of the market,” which created the “opportunity of a lifetime.” He then bought XRP and held onto it ever since.
The SEC announced back in December 2020 that it had “filed an action against Ripple Labs Inc. and two of its executives, who are also significant security holders, alleging that they raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.”
At the time the price of XRP plunged to a low around $0.27 before it started recovering, as it was delisted from various major cryptocurrency exchanges. The cryptocurrency has since been relisted on most, and is now trading at $0.63 per token.
To Pal, once the crisis arrived the “price gets absolutely smashed, but I can see that there is a vibrant community with real use cases of the chain going on.”
As reported, earlier this year Pal revealed he believes the cryptocurrency space could expand to manage an eye-popping $1 quadrillion in value, given the right circumstances.
In an interview, Pal highlighted the potential ramifications of BlackRock’s recent push for a spot Bitcoin exchange-traded fund (ETF), which was followed by several financial behemoths with over $27 trillion in assets under management moving into crypto, saying it could potentially lead to massive amounts of capital moving into blockchain and crypto platforms.
Earlier this year, Pal offered an optimistic outlook on the trajectory of the cryptocurrency markets. He anticipated that the crypto sector would rally out of its current bearish state faster than it did in 2019, expecting considerable growth within the second half of the year.
Featured image via Pixabay.