Macro analyst and former Goldman Sachs executive Raoul Pal says he’s expanding his portfolio beyond Bitcoin and Ethereum.
In a new interview on Real Vision, Pal says he’s gravitating toward social platforms with strong network effects.
Pal also says he’s devoting some of his net worth to the crypto sports entertainment project Chiliz (CHZ).
Chiliz, which has a market cap of just over $1 billion, is the crypto asset that fuels the fan token app Socios. Socios allows users to purchase Chiliz, exchange it for their favorite team’s tokens, and use the tokens to vote in polls and receive various incentives.
Pal argues that as blockchain develops and the world becomes more digitally focused, crypto will power a new ecosystem of virtual communities and business structures.
I’m a huge believer that community is the future of all business models and that tokenization is going to be the predominant way that we organize these large, complex groups – now whether that’s sports fans, or whether it’s around music artists, or even businesses themselves.”
Bitcoin did the same thing, argues Pal, unleashing a whole new network of value and connecting a novel community.
“I’ve thought of this as an entirely different value layer that sits above equity that didn’t exist before, because for, let’s say, sports teams to access their fans, they had to pay social media. They had to go onto different platforms, and they had to lease their audiences back from Facebook and everybody else. And this way, it aligns the benefits…
Facebook is a classic example of a network effect business – and they have this structure where the shareholders get all the economic value and the network users get the network benefit, but they don’t get the monetary value. Then Bitcoin comes along and changes everything, because the network user gets the value, the token. And that unlocks this whole community thing or fandom, because then, now suddenly, above equity is this whole other thing that is potentially larger than the equity itself.”
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