Скачать или смотреть “Bitcoin is the greatest trade the world had ever seen.”

We sat down with global macro investor and @Real Vision CEO @Raoul Pal to break down the single biggest investment thesis of the last decade — and why it’s still playing out.

“I thought: It’s either going to zero, or it’s the foundation of the future financial system. So I ran a gold-based valuation model… and it told me Bitcoin should be worth $1 million.”

That was 2013. Bitcoin was $200.

So Raoul applied a 90% haircut — and still concluded it was worth $100,000.

“It was the best asymmetric trade I’d ever seen. And I didn’t even know about smart contracts yet.”

Now he sees something even bigger:

• Blockchain = the new global financial rails
• Smart contracts = the infrastructure for the next internet
• Ethereum, Solana, and others = the settlement layers of the future

We talked about:
The "biggest macro trade of all time"
The endgame of currency debasement and debt
Why gold is a store of value but not a compounder of wealth 
The macro trends that are driving crypto adoptions
Why the four-year crypto cycle is dead
The most surprising fact about this crypto cycle 
Why NFTs still have value
Which L1s are going to win
Why AI and blockchain will be the solution to our debt spiral

Thank you for coming on the show @Raoul Pal ! 🙌

🎧 Listen to the full episode: https://open.substack.com/pub/51insig...
📺 YouTube:    • Raoul Pal’s 2026 Playbook: Dollar, Debt, a...  

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