Raoul Pal Projects Digital Asset Market Reaching $10 Trillion in Two Years

Real Vision CEO Raoul Pal stated that the aggregate cryptocurrency market cap could expand to $10 trillion over the coming 18 to 24 months, with the potential to reach $100 trillion by 2035. Speaking in Singapore, Pal pointed to long-term macro tailwinds including expanding global liquidity, artificial intelligence expansion, stablecoins, and tokenized real-world assets.

Pal argued that Bitcoin remains below its historical trajectory and looks undervalued relative to technology equities, though he noted that broader financial indicators have not confirmed a lasting trend reversal. He highlighted oil prices, long-term yields, and the US dollar as key catalysts, observing that an enduring rally would require liquidity growth alongside dollar softness. The commentary followed over $1 billion in leveraged crypto positions being liquidated across October 8–9.

Addressing fears of an artificial intelligence spending bubble, Pal dismissed projections that infrastructure investment will create a widespread debt emergency, highlighting that leading technology companies carry low leverage relative to cash flows. He compared the current buildout to the 1990s telecommunications boom, arguing that failed firms would see their hardware absorbed by peers while rising computing productivity supports broader economic expansion.