Macro Guru Raoul Pal Says Crypto Markets Still Fundamentally Bullish Despite Peak Negative Sentiment

Macro expert and former Goldman Sachs executive Raoul Pal says that while negative sentiment around the crypto industry is at an all-time high, its fundamentals remain strong.

In a new interview with Impact Theory co-founder and host Tom Bilyeu, Pal says investor negativity is higher than he’s ever seen, including during the Great Recession and the Dot.com bubble burst.

“What we have is the highest freakout, because the earthquake happened and everyone is hypersensitive. Never in my career have I seen such sentiment, both in crypto and in the stock market. Twitter is so bad. I put up a relatively bullish chart, just marginally bullish, to say that maybe the NASDAQ has priced in a major recession. I must have had 100 comments of anger, as I dare to suggest [that]?

There is anger, resentment, fear in this moment of scale that was not in 2008, was not in 2001. I’ve never seen anything like it.”

But Pal says the crypto space is bullish with growing adoption by institutional investors, noting that big tech is increasingly entwined with the crypto industry.

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“Has something changed in the crypto market? Isn’t it something? Is the technology being used? Solana just agreed to use their blockchain with Meta for NFTs (non-fungible tokens)? Yes. Is Google working with Solana? Yes. Has DeFi (decentralized finance) failed? No. Does the idea of ​​the decentralized financial system work? Yes. Are cryptocurrencies being exchanged in a value system on the Internet? Yes. Is the number of people growing in that ecosystem? Not much, because it is stabilized.

But if you look at the past cycle, so the peak of 2017 to the low in 2019, we lost about 80% of active wallet addresses. When I look at it now, we’ve lost about 30% because adoption continues to increase.”

Pal says investors should take a long-term approach to crypto investing, buying during panic dips and holding onto their assets to see future gains.

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“So it’s really a psychological game. And it’s a long game. We are not involved because we can make money over a year or two. We’re saying, listen, the bet here is if you hold and if you add to the bottom of the panic cycle and keep holding and don’t leverage and be sensible about what you’re doing and not doing. keep checking the market every day, the probability [is] of you came at the end of the decade and that you showed your future self in a way that could probably be quite unexpected.”

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