Raoul Pal, co-founder and CEO of Real Vision, made bold predictions regarding the potential approval of Bitcoin (BTC) and Ethereum (ETH) Spot exchange-traded funds (ETFs). According to Pal, these ETFs will be approved as early as the 4th quarter of this year. He looks at the issue in a recent interview with Coin Bureau Clips. He also discusses the global economic slowdown and its potential impact on the next two quarters.
Bitcoin ETF approval delays
Pal looks at the recent rejection of Spot ETF applications. Accordingly, he explained that it was not due to personal prejudices of US Securities and Exchange Commission (SEC) Chairman Gary Gensler against the cryptocurrency market. Instead, he attributes the delays to the absence of a critical regulatory component regarding the Chicago Mercantile Exchange (CME). Pal, on the other hand, is hopeful about Bitcoin ETFs.
Pal remains cautiously optimistic about potential Bitcoin ETF approvals by the end of this year. He also expresses greater confidence in approvals occurring between mid-2024 and early 2025. This timeframe is in line with speculation that the next bull cycle could be in full swing during this period.
Economic recession and recovery
Pal shared his belief that the global economy has been in recession for the past few months. He states that the Bitcoin and cryptocurrency market remains alert during this period. He also emphasizes that market participants are already taking the economic downturn into account. However, he predicts that the economy may enter a recovery phase.
In this scenario, Pal expects macroeconomic data to potentially confirm a global recession or its onset. Despite the economic challenges, he predicts that institutional investors and funds will adopt a market stance resembling the recovery phase. This shift will result in increased liquidity flowing into the cryptocurrency market as investors allocate more capital to riskier asset classes, including Bitcoin and cryptocurrencies.
Corporate participation and price predictions
Pal’s perspective extends to the next cryptocurrency market cycle, where he expects significant participation from institutional entities. This increased institutional participation has the potential to push cryptocurrency prices to all-time highs. As the cryptocurrency market continues to evolve, institutions will play an increasingly important role. It will also shape the course of the market for Bitcoin in the coming years.
Looking at Kriptokoin.com, Raoul Pal’s views look at the evolving landscape of Bitcoin ETFs. It also sheds light on the global economic situation and the potential impact of institutional players on cryptocurrency prices. Uncertainties continue. But Pal’s perspectives offer valuable insight into the dynamics of the crypto market.
