A new kind of future-oriented economy? – Bitcoin, Ethereum… Tokens in shambles, unknown words and strange technologies… Difficult to see clearly in this new crypto world. However, beyond appearances, it could be much simpler than we think. It is Raoul Pal’s thesis, former manager at Goldman Sachs, which we are going to detail for you. And not later than immediately.
Bitcoin and Ethereum, two distinct economies
Not content to have worked for the European branch of Goldman SachRaoul Pal also directed the GLG Global Macro Fund in London. He also founded a research service in macroeconomics and strategic investments called Global Macro Investor (GMI). Currently CEO of Real Visiona finance and business video channel, we can say that Raoul Pal seems know a little about finance. And he has a vision particular to the crypto world. Explanations.
“I want you to think of the bitcoins and ethers of this world not as assets, but as savings. Once this is done, everything will become clearer, and this ecosystem will suddenly be much easier to understand. »
First bitcoin. Its economy is based on one rhetoric: governments have destroyed the value of our currencies and Bitcoin is the ultimate solution against these abuses. Technological purity like the catholic church deep in the dark ages.
” [Avec cette vision] there can only be one god, only one active. In the case of this “Bitcoin economy”, the only asset that exists is [bien évidemment] Bitcoin. So if you choose to allocate capital in this economy, your only option is to HODL Bitcoin. »
Ethereum, the American economy, but better
That being said, let’s move on to studying a completely different option, a very different economy: Ethereum. For Raoul Pal, the“Ethereum economy” is very similar ultimately to the US economy. Only in this one it is possible to buy ETH the quantity of which will decrease over time. This deflationary economy is forcing the ” central bank ”, represented by staking, to adopt a responsible and controlled monetary policy from the outset, responsible for ensuring the preservation of the value of this ETH currency over time.
“That alone is a damn good reason to hold ETH, but that’s not all…”
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Ethereum, a responsible economy built for the future?
Because this currency, in addition to being deflationary, offers a return. We can think of this pattern as that of US Treasuries. Central bank staking currently offers approximately 5% return. And if this staking doesn’t appeal to you, no problem. Other more efficient, but also more risky returns are possible via the private sector: the Challenge Or Decentralized Finance.
” To sum up [avec ETH] we have a hard currency, a government bond market and a corporate or banking sector bond market. »
But that’s not all. There are still many levers, according to Raoul Pal, on this Ethereum economy. And these reside for example in the NFT marketthat of dApps, second-layer networks like Polygon or ZK rollups… Some of them, far from all of them, are assets that are likely to outperform ETH in the next few years. As Microsoft has outperformed the US dollar for the past decades.
“We are still very early in the development of this economy ETH, and that’s why it still offers so many amazing opportunities. It is the fastest growing economy in the world. »
For Raoul Pal, Ethereum is a reflection of traditional economies. While being equipped with an economic mechanism specifically reinvented to accommodate the future. In fact, according to him, the Ethereum economy will become much larger than that of Bitcoin. So, according to you, between these two value propositions, will we soon have the famous pinball ?
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