Impact Theory co-founder Tom Bilyeu posted a video of his interview with Raoul Pal on his YouTube channel on November 22. During the interview, the macro expert, who is a former Goldman Sachs executive, talked about the trend in the crypto market. According to Pal, crypto markets are in good shape, contrary to what investors seem to think.
Crypto Adoption “continues to rise”
During his interview, Raoul Pal said that things are changing in the crypto market. He explained that the idea of a decentralized financial system works quite well. ” Has anything changed in the crypto market? Nothing at all ? Is the technology used? Did Solana just agree to use its blockchain with Meta for NFTs? Yessaid Pal.
The macro expert highlighted the growing number of partnerships forming in the crypto space. He spoke in particular about Google, which collaborates with Solana. He also pointed out that DeFi is far from failing. Additionally, he asserted:“Cryptos are traded in a system of value on the internet“.
However, Raoul Pal acknowledges that the number of people in the crypto space has not increased. He explains that this is due to the fact that there is currently a certain stabilization. The macro guru says the situation is, however, more positive than a few years ago.
To this effect, he said:If you look at the past cycle, so from the peak of 2017 to the trough of 2019, we lost about 80% of active wallet addresses. When I look now, we’ve lost about 30% because adoption continues to increase“.
The problem is investor negativity
According to Raoul Pal the current problem of crypto, which remains fundamentally solid, is investor panic. The macro expert lamented that investor negativity is currently at an extremely high level.
“What we have is a spike in panic, because the earthquake happened and everyone is hypersensitive. In my entire career, I have never seen such sentiment, whether in crypto or the stock market.“, underlined the expert.
Raoul Pal maintains that there is “anger, resentment, fear right now, on a scale that didn’t exist in 2008”, on the crypto market. The expert urges investors to put things into perspective and adopt a long-term approach.
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