Raoul Pal expects the cryptocurrency market to reach $10 trillion within the next 18 to 24 months and potentially $100 trillion by 2035. The Real Vision CEO believes rising global liquidity, AI investment, stablecoins and tokenized assets will support long-term crypto growth.
Speaking at Suie Base Camp in Singapore on October 7, Pal said crypto prices remain below their long-term trend but warned that financial conditions have not yet signaled a sustained recovery.
The outlook comes after more than $1 billion in leveraged crypto positions were liquidated over 24 hours on October 8–9, with most losses affecting traders who had bet on rising prices.
Bitcoin Is Undervalued
Pal said Bitcoin is trading below its long-term trend and remains undervalued compared with technology stocks. However, he does not expect an immediate rally because global liquidity conditions remain weak.
He identified long-term interest rates, oil prices and the US dollar as key factors affecting financial markets. A weaker dollar and improving liquidity would provide a stronger signal for crypto prices.
“Crypto is far too cheap where it should be anyway,” Pal said, adding that investors should consider the long-term trend rather than focus only on short-term price movements.
Pal also advised investors who cannot tolerate sharp market declines to reduce their exposure and keep funds available for potential buying opportunities.
AI Investment Could Extend the Crypto Cycle
Pal rejected the view that rising AI investment will necessarily lead to a major debt crisis. He argued that large technology companies have relatively low debt compared with their market valuations and cash-generating capacity.
He acknowledged that some AI infrastructure companies could face financial problems if revenues fail to meet expectations. However, he believes a failure involving a company such as OpenAI would not automatically end the broader AI investment cycle, as other companies could acquire its computing infrastructure.
Pal compared the current AI investment boom with the telecommunications expansion of the late 1990s. Although several telecom companies collapsed after investing heavily in internet infrastructure, their networks later supported wider internet adoption.
He also expects AI to increase productivity by reducing the cost of computing and generating intelligence. In his view, stronger productivity growth could help economies expand without requiring debt to rise at the same rate.
Pal said investors should not assume Bitcoin’s traditional four-year cycle will determine the timing of the next market peak, as broader economic and technology trends could extend the cycle.
Stablecoins and Tokenized Stocks Could Drive Crypto Growth
Pal identified stablecoins and tokenized real-world assets as important sources of future demand for blockchain networks.
Stablecoins can support payments and trading, while tokenization allows traditional financial assets such as stocks, bonds and investment funds to be represented on blockchains.
He expects financial institutions to bring more assets on-chain, increasing the use of blockchain infrastructure beyond cryptocurrency trading. Pal also sees potential demand from AI agents that use digital financial services.
Discussing the scale of this opportunity, Pal said, “We’ll get to a trillion dollars of stable coins in by in the next four years, three years.”
His estimate reflects his expectation of continued stablecoin adoption rather than a guaranteed market outcome.
Raoul Pal’s $10 Trillion and $100 Trillion Crypto Market Targets
Pal expects the total cryptocurrency market to reach approximately $10 trillion within 18 to 24 months and potentially $100 trillion by 2035.
These are market-wide projections, not specific price targets for Bitcoin or Ethereum. Pal did not provide individual coin prices in the cited remarks.
Reaching these valuations would depend on continued crypto adoption, improving liquidity and increased use of blockchain networks for financial transactions. The results would also depend on how market value is distributed across Bitcoin, Ethereum and other digital assets.
Pal said the financial system is beginning to move toward blockchain-based infrastructure, with stablecoins and tokenized securities among the developments he expects to support growth.
What Could Affect Crypto Prices Next?
Pal said the market still lacks a clear signal for a sustained recovery. Investors should watch global liquidity, US dollar movements, oil prices and interest rates to assess whether financial conditions are improving.
Stablecoin supply is another indicator to monitor because it provides a measure of the dollar-linked assets available within crypto markets.
Although Pal remains bullish over the long term, further tightening in financial conditions could prolong market volatility. His projections depend on liquidity improving and adoption continuing; neither outcome guarantees that crypto prices will rise on a particular timeline.
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