Leading financial analyst Raoul Pal gave a bold prediction for the future of the cryptocurrency market. He predicted that the cryptocurrency market would boom in the coming years leading to a market cap worth trillions.
During an analysis in ‘The Everything Code’, Pal gave out a bold forecast explaining that the cryptocurrency market will gain a market cap of $100 trillion.
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The analyst explained the macroeconomic trends that shaped the global financial sector after the 2008 crisis. According to Pal, every downward cycle propels technology stocks first as they are instrumental in shaping the future of the markets. He cited that cryptocurrencies are technology-based and the next downturn will propel them to new heights post-recovery.
Cryptocurrency Market Cap of $100 Trillion Possible, Predicts Expert
Pal underpinned observations that the technology sector gains the most after a market crash. He explained that the cryptocurrency market is the first in line to benefit from a downturn as its technology is new and unexplored.
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The expert predicted that if the cryptocurrency market gains a market cap of $2.5 trillion, the next stop is $100 trillion. Pal backed his prediction using Metcalfe’s Law which fuels unprecedented levels of adoption.
According to him, the market will experience massive adoption after the next downturn which will propel it to new highs. Even Chris Burniske, the former head of ARK Invest agreed to Raoul Pal’s bold and bullish forecast. Burniske said that he will not rule out Pal’s observations as a $100 trillion market cap for cryptocurrency is possible.
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ARK Invest’s Cathie Wood also firmly believes that Bitcoin could reach $1 million in the coming years. If that happens, the overall cryptocurrency market will boom leading to several altcoins touching new highs in the charts. In conclusion, top industry insiders believe that the stage for the market to surge is being set.