Can Crypto Overtake Banking? $1 Quadrillion Market Cap Possible: Former Goldman Sachs Exec

Former Goldman Sachs GS executive Raoul Pal has highlighted a potential use case for cryptocurrencies that could see a staggering $1 quadrillion flow into the digital asset space.

Pal's comments come at a time when major financial institutions are increasingly recognizing the transformative potential of blockchain technology and cryptocurrency.

For those intrigued by Pal's insights and eager to delve deeper into such transformative discussions, the upcoming Benzinga Future of Digital Assets (FODA) Conference on Nov. 14 is the place to be. It promises to be a melting pot of similar groundbreaking revelations, discussions, and forward-thinking visions.

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Financial giants are not just silently observing the crypto sector, Pal says. They are actively participating.

"BlackRock BLK has been involved in crypto for a while now. Don’t forget, he (Larry Fink) talked about it in the last cycle. Apollo APO, is massive. Goldman, JPMorgan JPM — they’re all there," Pal noted. "What we’re doing is seeing them come to the surface and say, ‘This is a meaningful technology…’"

The former executive further elaborated on the growing interest of these institutions in the crypto domain.

"They’re now saying, ‘Well we want to invest in it, we want to allow our clients to invest in it, and we will build out on the infrastructure of it.’"

Highlighting the vast potential of the crypto space, Pal pointed out the possibility of integrating the entire finance industry into the blockchain.

"So if you want the largest applications layer possible, it’s that whole finance industry. There’s like $1 quadrillion of derivatives that can all go on-chain. All the equities markets, everything can go on-chain."

He concluded by emphasizing that if there's a use case that could overshadow all others, it's the integration of the entire monetary and financial system into the blockchain.

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