Capital starting to rotate back to crypto from AI: Raoul Pal

A weakening US dollar could give crypto the “green light” and help extend the industry’s rally, says Real Vision founder Raoul Pal.

He tells Cointelegraph on the latest episode of Trade Secrets that higher bond yields and the strong dollar are keeping liquidity from flowing freely.

“If they can engineer the dollar lower, then we get a green light for further movement in crypto,” he says. “I don’t want to get overly excited, so I haven’t got a full green light on everything.”

However he believes Bitcoin will miss out of much of the crypto economic activity generated by AI agents, which is likely to flow to smart contract platforms like Ethereum and Solana.

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Pal is among the most experienced high profile crypto analysts, having worked in hedge fund sales at Goldman Sachs in Europe and co-managed a global macro fund at GLG Partners. He launched the research platform Global Macro Investor in 2005 and co-founded financial media Real Vision in 2014.

Pal says he first bought Bitcoin in 2013, after applying a gold-based valuation framework to the cryptocurrency.