$ETH: Former Goldman Exec Explains Why He Expects ‘2024 To Be an Extremely Good Year’

$ETH: Former Goldman Exec Explains Why He Expects ‘2024 To Be an Extremely Good Year’

Last Friday (16 December 2022), Raoul Pal, a former Goldman Sachs executive, explained why he is “expecting 2023 to be a decently good year and 2024 to be an extremely good year.”

Prior to founding macro economic and investment strategy research service Global Macro Investor (GMI) in 2005, Pal co-managed the GLG Global Macro Fund in London for global asset management firm GLG Partners (which is now called “Man GLG”). Before that, Pal worked at Goldman Sachs, where he co-managed the European hedge fund sales business in Equities and Equity Derivatives. Currently, he is the CEO of finance and business video channel Real Vision, which he co-founded in 2014.

In the April 2020 issue of the GMI newsletter, Pal explained why he believes that Bitcoin, which he called “the future”, could one day have a $10 trillion valuation. In that issue, Pal said that the idea of a $10 trillion valuation for Bitcoin is not so crazy:

After all, it isn’t just a currency or even a store of value. It is an entire trusted, verified, secure financial and accounting system of digital value that can never be created outside of the cryptographic algorithm… It is nothing short of the future of our entire medium of exchange system, and of money itself and the platform on which it operates.

According to a report by The Daily Hodl, while speaking as part of a panel on crypto influencer Scott Melker’s podcast, the Real Vision CEO said:

“What’s fascinating about the adoption trend this time around, particularity in ETH, is the volumes have remained reasonably high. The number of active users has remained high. The total value transacted, which is the other part of the Metcalfe’s Law equation, has actually come down as the price of NFTs [non-fungible tokens] have come down, but the other measures look like it’s robust...

[In] 2018, we saw a much higher fall in daily active users because it was earlier in the network adoption phase, but this time around we get to build on top of what we built on from the last cycle, so that makes me very constructive overall...

So here we are on the long-term adoption cycle where Metcalfe’s Law kicks in, and this is the thing that drives the exponential gains. Every time we get to this situation, we get new highs within about 18 months, maximum two years… So I’m expecting 2023 to be a decently good year and 2024 to be an extremely good year.

Around two weeks ago, during an interview on “Altcoin Daily”, crypto analyst Benjamin had this to say about Ethereum:

The worst case scenario would be dependent on how bad this potential recession ends up being. It’s hard to know exactly how that’s going to affect crypto, but I would say for Ethereum, the main levels I’m watching are the $400-$600 range... I don’t know if it’s going to go all the way down to $400, but I do think a $600 ETH is potentially in the cards mainly because I think there’s a lot of evidence to suggest that it’s about one cycle behind Bitcoin in terms of volatility.

[ETH’s] first cycle [was] a solid 95% bear market and Bitcoin’s first bear market was 94%. Bitcoin’s second bear market was around 87% so if Ethereum goes down 87% from its all-time high this time, or even 88%, that’s gonna put it at just below $600, so I think there’s a case to be made that Ethereum could have this final capitulation down into the $400-$600 range.

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Featured Image via Pixabay

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