Business Former Goldman Sachs Employee Predicts Bitcoin ETF Approval

Former Goldman Sachs Employee Predicts Bitcoin ETF Approval

  • Approval of a Bitcoin ETF will add trillions to BTC’s market capitalization and new wave of adoption, says Raoul Pal.
  • Bitcoin custodian approval for banks has been an important step for a Bitcoin ETF.

Raoul Pal has brought back a discussion that seemed forgotten, the possible approval of a Bitcoin Exchange Traded Fund (ETF). In a 1 on 1 interview with Jerry Hall, a hedge fund director and former Goldman Sachs employee predicted that a Bitcoin ETF is imminent. Therefore, he advised traders and the show’s audience not to miss out on the “opportunity of a lifetime” (freely translated):

You are allowed to make a frontal attack on Bitcoin, and I am going to give you the biggest opportunity to take the initiative of your life: they will get an ETF to cross the line. There will be billions of dollars pouring into it.

As Jerry Hall established, Pal has been very involved with the development of the crypto market. The former Goldman Sachs employee is especially optimistic on the performance of Bitcoin and has been in charge of promoting the benefits of the cryptocurrency over the fiat money. Forecasting a new era of adoption by the approval of a Bitcoin ETF, Pal stated (freely translated):

Each pension plan will allocate some money to you. Each family office will allocate some money to you. And the higher the price goes up, the more it will be allocated because the higher the market capitalization of Bitcoin …

This is an opportunity for retail to run the institutions for once instead of Goldman Sachs running us.

Bullish case of Bitcoin (BTC)

The former Goldman Sachs employee believes that institutions and the traditional financial sector are in a phase of “getting Bitcoin.” That is why the Office of the Comptroller of the Currency (OCC) in the United States has approved the custodian of Bitcoin, as a way to continue exploring the sector. Pal stated the following (freely translated):

Just understand: the pension plan, the endowment, the family office, the (registered investment advisers), so far are trying to get their heads turned around Bitcoin, and they don’t have a product to market yet. So they passed custody regulations in the US, so now banks can custody. That means top-notch brokers are coming for hedge funds. Hedge funds will be the first to enter space, that’s clear …

A Bitcoin ETF has been one of the targets investors have been pursuing for years, for the benefits Pal has mentioned. However, the approval of said product has faced rejection by the authorities. The Securities and Exchange Commission (SEC) has rejected ETF proposals from major companies like Wilshire Phoenix. One of the staunch opponents has been SEC Commissioner Jay Clayton. Therefore, experts have stated that they would not bet “on the approval of an ETF in 2020”.

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