During an interview on Thursday, August 18th, former Goldman Sachs executive Raoul Pal discussed his expectations for the short- and long-term performance of $ETH.
The Ethereum network will switch from proof-of-work (PoW) to proof-of-stake (PoS) on September 15/16, when the “Merge” protocol update is scheduled to take effect (PoS).
The Ethereum Foundation describes the Merge, which is anticipated to occur around September 15 as follows:
“Let’s think about an analogy. Consider Ethereum to be a spacecraft that is not yet prepared for interplanetary travel. With the aid of the Beacon Chain, the community has constructed a new engine and a reinforced hull. After extensive testing, it will soon be ready to replace the old engine with the new one mid-flight. This will integrate the new, more efficient engine into the current spacecraft, making it ready to conquer the cosmos in lightyears.”
Prior to establishing the macroeconomic and investment strategy research business Global Macro Investor (GMI) in 2005, Pal co-managed the GLG Global Macro Fund in London for the global asset management firm GLG Partners (now “Man GLG”). Previously, Pal co-managed the European hedge fund sales division in Equities and Equity Derivatives at Goldman Sachs. 2014 co-founder of the financial and business video channel Real Vision, where he now serves as CEO.
Pal outlined in the April 2020 edition of the GMI newsletter why he thinks Bitcoin, which he referred to as “the future,” might one day be valued at $10 trillion. In that issue, Pal said that a price of $10 trillion for Bitcoin is not that absurd.
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