After reaching $ 68,000 in November, the bitcoin rate began to gradually decline and now BTC is trading at $ 48,000. Raul Pal believes that this is due to profit taking by institutional investors.
V interview With Stakeborg DAO, former Goldman Sachs hedge fund manager and Real Vision TV CEO Raoul Pal said Bitcoin’s decline was driven by profit-taking by institutional investors. However, the process has already been completed and there should be no further large-scale drop in the exchange rate.
“It looks like they finished. Last week the market was quite volatile, as it always happens when the reporting period ends and everyone knocks out their balance sheets, ”Pal said.
He believes that although sales in Asia can still continue, the beginning of 2022 should be marked by a fairly large-scale growth in the cryptocurrency market. This will be facilitated by capital from institutional investors, which will again flow into digital assets.
Pal also expects that interest in cryptocurrencies from institutional investors will continue to grow in the coming year, as the adoption of digital assets continues to increase. Noelle Acheson of Genesis Trading supported a colleague, noting significant involvement of institutional investors in the cryptocurrency industry:
“The growth in interest from institutions over the past year has been impressive and we see strong signs that the trend will continue and even increase in the next year. They will invest both directly and in infrastructure companies in the cryptocurrency market. ”
In October, Raul Pal said that the cryptocurrency industry will see massive growth and that this will generate new wealth, millionaires and billionaires.
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