Macro Guru Raoul Pal Says Coinbase IPO Will Suck Institutional Liquidity From Bitcoin

Macro Guru Raoul Pal Says Coinbase IPO Will Suck Institutional Liquidity From Bitcoin


Macro investor and former Goldman Sachs manager Raoul Pal is raising concerns that Coinbase’s initial public offering (IPO) might have a negative impact on Bitcoin.

In a new tweet, the Bitcoin bull says the IPO of the US-based crypto exchange is going to divert institutional investments away from cryptocurrency markets.

“Does anyone have a handle on when Coinbase IPO is? It’s going to suck a lot of institutional liquidity out of the space as it’s an equity that is easy to buy and will likely cause a short term, significant top.”

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Pal explains that institutional investors will likely choose to invest in a stock that offers exposure to cryptocurrencies rather than buy Bitcoin.

“Let’s say there is a $100 billion of institutional money ready to come into BTC in the next 6 months and XX billion retail. Crypto is impossible to buy for some and hard(ish) for others. Then imagine an equity is launched that is worth $60

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