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Former Goldman Sachs Executive Sees Parallels Between Solana and Ethereum's Early Days

Former Goldman Sachs exec, Raoul Pal, likens Solana to Ethereum's early phase, anticipating growth. Citing developer engagement and innovation, Pal sees crypto as a unique opportunity.

August 13, 2023 by Illustrious

In the dynamic and ever-evolving world of cryptocurrencies, parallels are often drawn between newer entrants and older, established giants. Recently, Raoul Pal, a former executive at Goldman Sachs, compared the trajectory of Solana (SOL) to that of Ethereum (ETH) in its earlier years.

During a recent interview, Pal, who is the founder of Real Vision, disclosed that Solana occupies a significant portion of his crypto portfolio, ranking as his second-largest holding. Drawing similarities between Solana and Ethereum during the latter's 2018-2019 bear market phase, Pal expressed optimism about Solana's potential growth.

“It reminds me of ETH in 2018-2019,” said Pal. He continued, “I think there’s a huge amount of activity. I believe [Solana founder Anatoly Yakovenko] has positioned himself as one of the leading thinkers in the crypto sphere, akin to Ethereum's Vitalik Buterin. With strong developer engagement, impressive on-chain activity, and consistent innovation, Solana has the ingredients for success. There’s a strong probability that it will perform well.”

While Pal's comparisons shed light on the potential growth trajectory for Solana, they also underscore the broader belief in the promise and potential of cryptocurrencies. He emphasized the magnitude of the current moment in the financial world, believing that crypto stands at the intersection of an unprecedented macro setup.

According to him, the confluence of rapid technological advancements and the debasement of traditional fiat currencies will lead to an explosive growth phase for cryptocurrencies. “I’ve observed what might be the most monumental macro setup in history, marked by the amalgamation of the exponential age, the rise of cryptocurrencies, and the effects of quantitative easing," Pal remarked. He envisions this trend to persist over the coming years and wants to be a part of this potentially once-in-a-lifetime opportunity.

Pal's optimistic view on Solana and the broader crypto market offers an interesting perspective, particularly considering his background with a traditional finance giant like Goldman Sachs. As cryptocurrencies continue to mature and develop, such insights from seasoned financial experts could be instrumental in shaping perceptions and understanding of this burgeoning asset class.

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