ETF Approval For Bitcoin Predicted By Former Goldman Sachs Employee Author: Ali Raza Last Updated: 21 September 2020 Raoul Pal has started to touch once more on discussions that were forgotten, more or less, to this point: The approval of exchange-traded funds (ETFs) built on Bitcoin. Pal stands as a hedge fund manager and former employee of Goldman Sachs, and had done an interview with Jerry Hall on the “1-on-1” show. Pal held the prediction that Bitcoin-based ETFs is all but a certainty, and subsequently urged the audience of the program not to miss this opportunity, one he considered a once-in-a-lifetime chance. As Bullish For Crypto Innovation As Ever He highlighted how anyone is capable of front-running within Bitcoin, and he promised to give the biggest tip he ever could: That ETF will come to Bitcoin. Should this happen, Pal stated that billions of USD in value would pour into the space. Jerry hall explained that Pal himself was highly involved with the crypto market and its development, and the former Goldman Sachs employee showed extreme optimism when it comes to the performance of Bitcoin. As such, Pal vehemently promoted the various benefits cryptocurrency holds when compared to fiat funding, and has done so over the past few months. Always An Agenda As for predicting this new ETF development for Bitcoin, Pal highlighted that every pension plan out there would seek to allocate money within it. This will stretch to every family office as well, he claimed. As the price of Bitcoin inevitably goes up, Pal stated that they would allocate more funding, depending on the size of Bitcoin’s market cap. He highlighted this as an opportunity for retail investors to front-run institutions for once, and not allow the institutions, such as Goldman Sachs, to front-run the retail investors. The former Goldman Sachs employee stands convinced that the traditional finance sector, as well as institutions, are currently in the process of trying to understand Bitcoin. This, Pal said, is why the Comptroller of the Currency (OCC) within the US had allowed for banks to act as custodians for cryptocurrencies. Pal highlighted this was a way to explore into the sector, thus gaining more understanding of it. Visions Of Universal Usage Pal explained that everything from endowment, to pension plans, to registered investment advisors and family offices are trying to understand Bitcoin. Alongside this, Pal highlighted how there isn’t a product to trade with, as of yet. With the OCC giving banks access to custody offerings, prime broking is open for hedge funds. As such, Pal stated that hedge funds would be the first significant institutions dipping their fingers into the space. Bitcoin ETFs has always been a prime target of investors for several years, now, due to the aforementioned benefits. The problem, however, comes with regulations, as crypto as a whole has been rejected by various authorities until recently. The SEC had been rejecting proposals for a Bitcoin ETF for quite some time, with many experts not even bothering to count on it being approved this year.