Apps versus infrastructure value capture

This week, Raoul Pal joins the show to discuss the current state of markets. As crypto & equities face their first significant sell off since the April lows, we deep dive into what's next for markets. Raoul discusses why he believes there's a wave of liquidity coming in 2026, how to trade crypto cycles, valuing crypto networks, has the DAT bubble burst, Raoul's AI thesis & more. Enjoy!

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This Empire episode is brought to you by VanEck. Learn more about the VanEck Onchain Economy ETF (NODE): http://vaneck.com/EmpireNODE

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(00:00) Intro

(01:25) Where Are We In The Macro Cycle?

(10:11) How To Value Crypto Networks?

(20:58) Ads (Zcash, Katana)

(22:14) The K-Shaped Economy

(25:31) Has The DAT Bubble Burst?

(28:24) Why Liquidity Drives Markets

(38:19) Ads (Zcash, Katana)

(39:35) How To Trade Crypto Cycles

(49:57) Ads (VanEck, Uniswap)

(51:39) Raoul's AI Thesis

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Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.