Raoul Pal Rejects 'Crypto is Dead' Narrative, Says Data Shows Crypto Outperforming Tech Stocks
Raoul Pal, former Goldman Sachs executive and Real Vision founder, has refuted claims that capital is fleeing crypto for technology stocks. He argues that data from the liquidity cycle low in 2022 shows Bitcoin has gained approximately 318% compared to the Nasdaq 100's 187% rise over the same period. Pal emphasizes that liquidity cycles, not narratives, drive prices, and views the current weakness as a mid-cycle correction. His comments came as US equities slipped amid hawkish Federal Reserve fears and stalled Iran-US talks. Bitcoin traded near $65,800, down 2.7% in 24 hours, far below its record high of $126,080. Despite the recent pullback, Pal maintains that Bitcoin trades at a discount to liquidity conditions and expects higher targets once financial conditions ease. Critics argue he picked the exact low and that AI has altered capital flows.
Key facts
- Bitcoin gained 318% vs Nasdaq 100's 187% from the 2022 liquidity low.
- Pal rejects 'crypto is dead' narrative, calling it a mid-cycle correction.
- Bitcoin traded near $65,800 on June 3, down 2.7% in 24 hours.
- US equities lost over $500 billion at open amid Fed and Iran fears.
- Pal's model suggests Bitcoin discount to liquidity conditions.