From Coinpedia · By Zafar Naik
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.