Raoul Pal Defies Crypto Doom Narrative with Data-Driven Argument

Raoul Pal, a prominent figure in the financial world, has challenged the notion that crypto is on its last legs. His argument centers around the performance of Bitcoin's price compared to technology stocks since the 2022 liquidity-cycle low.

According to Pal's data, Bitcoin has surged by approximately 318% from its low point near $15,700 in November 2022, trading at around $65,800 as of Wednesday. In contrast, the Nasdaq 100 has risen roughly 187% over the same period, reaching near $30,660.

Pal's framework suggests that liquidity cycles, rather than market narratives, drive prices. He has been making this case since launching Global Macro Investor in 2005 and views the current weakness as a mid-cycle correction.