John Gillen speaks with Raoul Pal about the Clarity Act, the Fed and the liquidity constraints weighing on crypto. Pal argues that regulatory clarity would help institutions deploy capital, but the larger market catalyst is a renewed expansion in global liquidity as AI investment competes for funding.
Pal lays out the thesis behind The Everything Code: aging demographics and debt refinancing drive currency debasement, while technology and crypto offer exposure to accelerating productivity. He views blockchains as infrastructure for a machine economy, enabling agent identity, permissions, payments and ownership at machine speed.
The discussion also covers Pal’s focus on layer-one networks, including Ethereum, Solana and Sui, and why he favors patient portfolio construction over chasing short-lived narratives. His framework emphasizes quality assets, long time horizons and buying when markets are deeply oversold, while accepting that newer networks carry greater volatility.
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