In a recent interview, former Goldman Sachs executive Raoul Pal said that a “promised land” is being created through cryptoassets and digital finance.
Prior to founding macro economic and investment strategy research service Global Macro Investor (GMI) in 2005, Pal co-managed the GLG Global Macro Fund in London for global asset management firm GLG Partners (which is now called “Man GLG”). Before that, Pal worked at Goldman Sachs, where he co-managed the European hedge fund sales business in Equities and Equity Derivatives. Currently, he is the CEO of finance and business video channel Real Vision, which he co-founded in 2014.
Speaking in a new podcast interview with Natalie Brunell, Pal said that cryptoassets were creating the foundation for a new digital economy. Pal said “the new digital architecture of the world” was being built , causing people to migrate to a new “parallel financial system” at an “unbelievable speed.”
As reported by The Daily Hodl, Pal said:
What is happening is a parallel financial system – and even more than a financial system, it’s the new digital architecture of the world – is being built. There’s a new promised land and people are migrating across at unbelievable speed.
The Real Vision CEO said his former clients and friends from the macro economics world have been transitioning to the digital financial system because “the returns are so big.”
He continued, explaining the opportunities being afford through cryptoassets:
The opportunities – the ability to be optimistic and not pessimistic, while keeping one eye on the kind of burning city of the old, which is the old financial system, but going to this new beautiful world – it’s the discovering of the Americas all over again.
Pal said the remodeling of the financial world would lead to the “largest redistribution of wealth in all recorded history.” The chief executive also mentioned that crypto provided plenty of investment opportunities and that it has massive potential. He called the upside to the digital financial system “unlimited,” and said it was an “interesting” period of time for investors.
Pal predicted the crypto markets would continue trading sideways in the short term before taking off on another rally before the end of the year.