Real Vision co-founder and CEO Raoul Pal says the crypto bull market remains intact despite months of sideways price action.
Rising global liquidity, AI-driven infrastructure demand and accelerating blockchain adoption are setting up the “perfect storm” for crypto assets.
According to Pal, “The worst is over for crypto, liquidity is flowing again.”
Why Pal Thinks Crypto Still Has Massive Upside
In a May 28 podcast with “When Shift Happens”, Pal noted investors are underestimating how much capital will flow into blockchain infrastructure as AI agents, stablecoins and tokenized finance scale globally.
He said crypto’s long-term thesis has fundamentally strengthened over the past year.
“We’ve got an infinite total addressable market now,” Pal quoted, referring to AI agents becoming economic actors that use blockchain rails for payments, treasury management and decentralized finance.
Why Bitcoin And Altcoins Have Lagged
Pal warned crypto’s recent weakness largely came from liquidity tightening and capital rotating aggressively into AI stocks and semiconductor companies.
He described the AI race as “the biggest race in human history,” with governments and corporations funneling enormous capital into compute infrastructure.
Still, he believes crypto offers superior long-term upside versus many traditional tech trades.
“Crypto is as cheap as it has been in its long-term uptrend versus the NASDAQ,” Pal said.
‘Just Own The Layer Ones’
Pal repeatedly emphasized that smart contract blockchains remain the clearest long-term investment opportunity in crypto which will will drive value toward major layer-1 ecosystems.
For Pal, the dominant infrastructure trade centers around Ethereum (CRYPTO: ETH), Solana (CRYPTO: SOL) and Sui (CRYPTO: SUI).
He also revealed he recently added exposure to Zcash (CRYPTO: ZEC), calling it “Bitcoin with privacy.”
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