Raoul Pal: Bitcoin Bull Run Will Be Much Bigger Than Anyone Expects

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On April 20th, 2020, a barrel of oil was worth minus $37.63, and Raoul Pal saw it coming. The co-founder of Real Vision, who has written Global Macro Investor for more than 20 years, explains the one engine he says drives the price of your house, your stocks and your Bitcoin: liquidity, or the debasement of money. He walks through the demographic trap, the debt that can never be repaid, the calls that proved his framework, including the miss he admits, and the only way out.

✅ The engine behind every asset, and the 8% a year you need just to keep up

✅ Why only technology and crypto have beaten the money printer

✅ The “banana zone” call that failed, and why he calls it a hiatus

✅ The demographic trap: fewer workers, record-low birth rates, rising debt

✅ The $1 trillion interest bill and the $70 trillion that must be refinanced every year

✅ The calls that proved it: the 2008 banks, the dollar, and negative oil

✅ Why technology is the only way out of the debt trap