Macro guru Raoul Pal confirms there’s still some reasons why the entire crypto markets is currently stagnant.
So, Macro Guru Raoul Pal explains elaborately during an interview with journalist Maggie Lake.
“Something feels news new… It’s been choppier basically since March to May…”
“when Bitcoin topped first, then Ethereum. They really haven’t broken out again…”
“So they’ve been in this big kind of sloppy range that goes up and down a lot…”
“I’ve been thinking about that, because normally at this point in the crypto cycle,..”
“you would have seen mass retail participation and this explosive run…”
“I was expecting it, as was many. It hasn’t materialized. Why?”
Then, Macro Guru Raoul Pal explains further.
“Is there a structural change in the market, or is it because crypto is discretionary spending…”
“or a discretionary investment? If you raise prices on people,…”
“they have less money – retail participation – to put into crypto.”
More so, Macro Guru Raoul Pal continues.
“We have not seen the kind of number of new wallets and all of the other metrics follow…”
“when we had the recent high, and it makes me think that people don’t have money to put in.”
Furthermore, Macro Guru Raoul Pal notes that most people consider crypto as more of a long-term hedge against currency inflation.
Additionally, Macro Guru Raoul Pal explains.
“They do not see it as a risk asset because the narrative is like, this is a long-term inflation hedge…”
“It’s not traditional inflation. It’s actually about central bank debasement…”
So, Macro Guru Raoul Pal adds.
“In the end, we’re talking about inflation that’s running at 6% to 7% a year,..”
“but Bitcoin is up by 100% and Ethereum’s up 500%…”
Lastly, Macro Guru Raoul Pal continues.
“What it is is a long-term method for side-stepping the devaluation of the fiat…”
“currency along with, more importantly, a call option on the future technology and…”
“web3 and all the new things that have been built.”
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