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The last quarter of 2021 is going to be a blast for cryptocurrency. This according to former Goldman Sachs executive Raoul Pal who is expecting a big run-up by the end of the year.
Speaking to 549,000 subscribers of his own channel, Pal discussed Bitcoin in a new Real Vision Finance YouTube video that aired on September 10.
“Generally speaking, the last quarter of the year is when all the buses come. Everybody’s job is to be on the lookout for those buses. Becaus you don’t want to be run over by the bus, and you want to catch the right bus. My bet is that the crypto bus is a rocket ship and not a bus. And this last quarter will be extraordinary.”
Pal had previously described central banks’ loose monetary policies and the sound quality of crypto as the “perfect setup” for new all-time highs towards the end of the year. Noting that you don’t often see such favorable circumstances, he believes that changes in the global financial landscape will serve as a catalyst in the upcoming months. Prices of growth stocks and tech-related assets will soar, according to the economist.
“I think in the macro market also, the buses start to come in. Which is the slowdown in growth, i.e. change in the macro narrative. That’s all we need; positive or negative change in the macro narrative drives opportunity. And that opportunity is coming.
I think it’s in the realm of weaker bond yields, probably weaker markets for a period of time, then more stimulus, and that ignites the growth stocks. That whole exponential age thesis again, and shifts what people are focused on in markets.
It shifts away from commodities back to technology. The whole year is usually made between September and December.”
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Author: Peter Siu