Raoul Pal Bullish on Crypto Long-Term Growth Driven by Tokenization and AI
Raoul Pal, the founder of Real Vision, maintains a strong long-term outlook on cryptocurrencies, highlighting improved liquidity as a potential catalyst for Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Sui (SUI), and other digital assets. He attributes the sector's growth to Wall Street's push for tokenization and the adoption of AI technologies.
In an interview with CoinTelegraph on October 2, Pal noted that cryptocurrencies are currently "super oversold" compared to the Nasdaq, gold, and broader liquidity conditions, indicating room for market recovery. However, he emphasized that the U.S. dollar's strength is a key factor for the next bullish phase. "If the dollar starts weakening, then we get a green light for further movement in crypto," Pal stated. Elevated bond yields, geopolitical uncertainty, and AI's dominance in capturing risk asset capital are currently limiting crypto's growth.
While Pal did not provide a near-term Bitcoin price target, he affirmed that the $1 million Bitcoin thesis is plausible by around 2032, contingent on continued adoption, ETFs, institutional participation, and BTC's use as collateral. Beyond Bitcoin, he is focused on Ethereum, Solana, and Sui, viewing them as infrastructure plays for blockchain expansion. He acknowledged Solana's speculative activity but highlighted Ethereum's greater economic density per user, with approximately $200,000 in total value locked per active user compared to Solana's $2,500.
Pal also expressed bullishness on Zcash (ZEC), citing growing demand for privacy assets outside traditional finance. However, he cautioned that Zcash's sharp rally makes further upside difficult to predict. He advised against excessive speculation on meme coins, recommending that 80%-90% of a portfolio should consist of higher-quality assets. Pal anticipates that tokenized assets and AI agents will drive more activity toward major Layer-1 networks through 2030, stating, "I think everything will be tokenized."