The Milk Road Show Raoul Pal: Why You Only Have Until 2030 to Build Wealth
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Jan 27, 2026 
Raoul Pal, macro investor and founder of Real Vision, shares a bold 2030 time frame for building wealth. He discusses liquidity as the dominant market force. He outlines key dates and risks like the 2025 air pocket and October 10th. He covers how gold leads, crypto follows, tokenization’s path to trillions, and simple portfolio rules to navigate a potential macro regime change.
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Liquidity Drives Crypto And Macro Moves
- Global liquidity is the dominant driver of markets and explains ~90% of Bitcoin moves according to Raoul Pal.
- Changes in liquidity (government cash flows, central bank actions) create predictable asset-class leadership and lags.
Banks Will Leverage To Fund Debt
- Banks can be used to finance government debt by changing risk weightings, enabling direct bond absorption and leveraged balance-sheet expansion.
- This mechanism creates liquidity and real economic activity beyond pure central-bank money printing.
What Really Happened On October 10
- Raoul attributes the brutal 10/10 liquidation to exchange technical failures and lack of market-maker prices.
- He suggests exchanges like Binance may have used their balance sheets to stop a full collapse and later had to offload impaired inventory.