Raoul Pal, CEO of Real Vision, maintains a portfolio including Bitcoin, Solana, Sui, and Zcash. Despite holding these assets, he characterizes Ethereum as significantly undervalued. Pal argues that the market fails to account for the systemic impact of a potential Ethereum network outage, which he estimates would erase between $1 trillion and $1.5 trillion in value.
The potential collapse of Ethereum, according to Pal, would disrupt 70% to 76% of stablecoins and a comparable portion of the decentralized finance sector. He notes that Layer-2 networks and real-world assets would also face significant consequences. Pal utilizes a strategy of purchasing assets when they fall two standard deviations below their long-term trend, a method he has employed for two years.
Pal projects that the total cryptocurrency market could reach $10 trillion within 18 to 24 months, with a long-term target of $100 trillion by 2035. He anticipates that stablecoin supply will grow to $1 trillion over the next three to four years. These forecasts are driven by expectations of increased liquidity, institutional adoption of on-chain assets, and AI-related capital spending.
The investor highlights that crypto and technology sectors have lagged behind money-supply growth due to capital allocation toward AI infrastructure. He views the next four years as a critical period for wealth accumulation, citing the potential arrival of AI agents by 2030. Pal maintains that Bitcoin remains undervalued relative to tech stocks, though current liquidity conditions may hinder near-term performance.
