Raoul's Annual State of the Crypto Union Address
Raoul Pal: Real Vision
00:00
The Cycle Is What Causes All of the Pain
The cycle is what causes all of the pain. And I've been in this space since 2013. The first time I bought Bitcoin was at 200, it went up to 1000, then back down 85%, languish for a year or two and then went up 10X from my entry price where I sold out. Then it came back down again after getting up another 10X, then it came backdown again. It's the debt refi cycle, because there's so much debt in the global economy. So the only way of running an economy now is allowing for the increase in debt but what services the debt is the cash flows.
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