Raoul Pal: The Journey Man October 2025: Raoul Pal The Journey Man's Monthly Recap
38 snips
Nov 2, 2025 
In this insightful discussion, Dan Morehead, founder of Pantera Capital and a savvy macro/crypto investor, shares his sharp critiques on monetary policy and rising fiscal deficits. He warns of the long-term risks of currency debasement and inflation, emphasizing how these factors can influence asset prices. Morehead also explores the challenges posed by aging populations on productivity and manufacturing. His perspectives on private liquidity creation's rise and Japan's economic shifts further illuminate the complexities of today's financial landscape.
AI Snips
Chapters
Transcript
Episode notes
Layer-1s Are Networks, Not 'Crypto' Niche
- Layer-1 blockchains are becoming networks rather than a separate 'crypto' asset class.
- Token pricing will converge with network valuation as stocks and assets get tokenized and trade 24/7.
Meme Coins As Capital Speed Tests
- Meme coins act as a speed test for instant global capital formation and attention.
- This mechanism threatens traditional VC by enabling founders to raise massive capital in seconds.
Private Sector Now Drives Global Liquidity
- Global liquidity creation shifted from central bank balance sheets to the private sector since 2023.
- Treasury deficits and bank lending now drive most money creation, so watch all three dollar-creation channels.