The price of bitcoin fell below $44,000 for the first time in three months, alarming investors. There is a lot of nervousness. This means that the asset’s value is in jeopardy. The price of ETH has now dropped to $3.3k, where it is now trading. Recently, altcoins have performed well in the crypto market. In the year 2021, Altcoins embarked on an incredible adventure through space.
What did Raoul Pal say?
“In the next 100 years, I believe this asset class has a fair possibility of increasing to $250 trillion,” stated Raoul Pal.
Raoul Pal, the CEO of Real Vision and a former Goldman Sachs hedge fund manager, believes the crypto industry will have increased 100-fold in value by the end of this decade.
The worldwide crypto sector is worth $2.2 trillion at the time of writing, and Pal told the podcast Bankless Brasil that “there’s a decent chance” that figure will rise to approximately $250 trillion if current crypto network adoption patterns continue.
Pal compared current benchmarks for other markets and asset classes, such as equities, bonds, and real estate, noting that they all have market capitalizations of “$250–$350 trillion.”
The worldwide derivatives business, he believes, is worth $1 quadrillion. In the next 100 years, I believe this asset class has a good possibility of reaching $250 trillion, which would be the largest expansion of any asset class in history in such a short period of time.”
“It’ll blend in with the reality that it’s utilised by 3.5 billion people — it’s just accelerating the network’s growth rates.” So, by 2030, if there are 3.5 billion users, the market capitalization will be more than $250 trillion,” he stated.
One thing is certain: it will not ascend in a straight path to its objective. Due to a significant sell-off in most major assets, the entire crypto market value has dropped 6.8% in the last 24 hours. Litecoin (LTC), Ethereum Classic (ETC) and Chainlink (Link ) have all lost 7.6%, 9%, and 9.1%, respectively, over the same time period.
Pal may have been caught off guard by the current drop. The investor projected that Bitcoin will have a solid start to 2022 during an interview on Dec. 27, believing that a time of institutional sell-offs and end-of-year profit-taking had ended.
“The market has been choppy throughout the previous week,” he said, “which has historically been the last week of everyone squaring their books.”
Pal projected in November that the bull market would not conclude in December, as it had done in the prior cycles of 2015 and 2017, but would instead last until June. Significant institutional inflows in Q1 were a big cause, according to Pal.
In October also, Raoul Pal predicted that the value of bitcoin would reach $1 million by 2025.
However, it is nowhere near its all-time high. The coin was worth more than $46,000 on Wednesday morning. After reaching a new high in November, it began to decline. It has, however, climbed by about 4,700 percent since 2016.
Bitcoin is often referred to as “digital gold” by its users. It doesn’t pay interest or dividends, and its performance isn’t comparable to that of more traditional assets like gold.