1 month ago
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Key Takeaways
- Raoul Pal calls this a mid-cycle, not the end of the crypto cycle.
- He blames crypto’s underperformance on negative excess liquidity flowing to AI.
- He says excess liquidity has now turned positive, reopening the door for crypto.
- He’s personally accumulating layer ones at what he reads as oversold levels.
- These are his views and positions, not neutral analysis.
Pal, the Real Vision CEO who earlier ran European hedge fund sales in equities and equity derivatives at Goldman Sachs from 1997 to 2001, laid out his case, arguing that crypto’s painful stretch is a liquidity problem rather than a broken thesis, and that he’s been buying.
Why Crypto Underperformed: A Liquidity Story
Pal’s core diagnosis is that crypto isn’t broken, it was starved. Excess liquidity, the amount of monetary growth above GDP growth, was negative for an extended period, and when excess
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