Raoul Pal believes that Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) might still receive approval by the end of this year. He thinks that the delays in approving these ETFs are because many of them lack a crucial component related to the Chicago Mercantile Exchange (CME). Additionally, Pal predicts that institutional investors could become very active in the next cycle of the cryptocurrency market.
Raoul Pal, the co-founder and CEO of Real Vision, thinks that Bitcoin (BTC) and Ethereum (ETH) Spot ETFs might get approval by the end of this year, possibly in Q4. In an interview with Coin Bureau Clips, he also said that the global economy is currently slowing down and may continue to do so for the next 2 quarters.
Pal explained that the recent rejections of Spot ETF applications aren’t because Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC), has a personal issue with cryptocurrencies. Instead, he believes most of these applications are missing a crucial regulatory component related to the CME.
However, Pal hasn’t ruled out the chance of cryptocurrency-related ETFs getting approved by the end of this year. He’s more confident, though, that they might get approval around the middle of 2024 or the start of 2025, a time when he thinks the next bull market might be in full swing.
Economy in Recession: Raoul Pal, CEO of Real Vision, believes that the economy has been in a recession recently. He thinks that the cryptocurrency market has been cautious during this time because it had already factored in this economic downturn.
Entering a Recovery Phase: Pal predicts that the market might now be transitioning into a recovery phase. He expects that macroeconomic data could confirm that the global economy is in, or heading into, a recession. Despite this, he anticipates that institutional traders and funds might start treating the markets as if they are moving into a recovery phase.
More Liquidity for Cryptos: This shift could bring more money into the cryptocurrency market, as people become more willing to invest in riskier assets like cryptocurrencies. Pal also predicts a significant increase in institutional involvement in the cryptocurrency space in the next cycle, which could drive cryptocurrency prices to new all-time highs.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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