Raoul Pal Believes BlackRock’s Bitcoin ETF Filing Can Spark Fresh Capital Inflows

Real Vision’s creator and well-known macro expert Raoul Pal thinks that BlackRock’s recent application for a Bitcoin exchange-traded fund (ETF) might serve as a trigger to draw new investment into the cryptocurrency markets. The largest asset manager in the world, BlackRock, registered the iShares Bitcoin Trust earlier this month with the goal of giving investors exposure to BTC without actually buying it.

Pal highlighted his confidence about the filing in an interview with Crypto Banter, noting its potential to increase liquidity and spur new investments in the digital asset industry. He stressed the need for more macroassurance and said that the filing may inject new money into a sluggish market.

Pal stated, “I think capital is soon to come. I think the BlackRock ETF is another way of bringing fresh capital into the space. It’s a dead market right now, and it’s just us lot moving money around until you bring in new people.”

A “Secret Nod” from the SEC and Gensler’s Political Move

Pal asserts that Gary Gensler, the head of the U.S. Securities and Exchange Commission (SEC), and the regulatory body itself have taken a favorable posture as a result of the registration of the BlackRock Bitcoin ETF. Pal thinks that a small number of institutions have received a “secret nod” from Gensler, giving them priority access to the developing crypto industry.

Pal contends that Gensler’s strategy has a political motivation, showing that the SEC is receptive to the innovation that cryptocurrencies provide. Gensler wants to demonstrate that the SEC is not wholly opposed to the incorporation of crypto assets by metaphorically offering a “bone” to BlackRock CEO Larry Fink and other Wall Street companies.

“[Gensler’s] politically trying to cover his a**. I think there’s been a secret nod, which is ‘Larry, if you want to do this, we support it,’ and I’m guessing a few others have been given the nod. And it’s very difficult then not to allow the other Bitcoin ETFs. So net-net, it’s a positive thing,” stated Pal.