Raoul Pal Bullish on Bitcoin, Ethereum, and Solana Amid Tokenization Push

Real Vision founder Raoul Pal remains optimistic about the long-term prospects of cryptocurrencies, suggesting that improved liquidity could boost Bitcoin (BTCUSD), Ethereum (ETHUSD), Solana (SOLUSD), Sui (SUIUSD), and other digital assets. Pal highlights Wall Street’s growing interest in tokenization and AI adoption as key drivers for the sector’s growth.

Pal notes that cryptocurrencies are currently "super oversold" compared to the Nasdaq, gold, and broader liquidity conditions, leaving room for market recovery. However, he emphasizes that the U.S. dollar’s strength is a critical factor. "If the dollar starts weakening, then we get a green light for further movement in crypto," he stated in a CoinTelegraph interview on October 2. Elevated bond yields, a strong dollar, and geopolitical uncertainty are currently limiting liquidity, while AI has been capturing much of the available capital for risk assets.

Beyond Bitcoin, Pal is bullish on Ethereum, Solana, and Sui, viewing them as infrastructure plays for the expansion of blockchain activity. He argues that Ethereum’s "economic density" per user is significantly higher than Solana’s, with estimates of $200,000 in total value locked per active user for Ethereum compared to around $2,500 for Solana. While Solana has more speculative activity, Pal expects both networks to grow.

Pal also remains positive on Zcash (ZECUSD), citing growing demand for privacy as investors seek assets outside traditional finance. However, he cautions that Zcash’s sharp rally makes further upside difficult to gauge. He advises against excessive speculation on meme coins and recommends allocating 80%-90% of a portfolio to higher-quality assets. Pal predicts that tokenized assets and AI agents will drive more activity toward major Layer-1 networks through 2030, stating, "I think everything will be tokenized."