Raoul Pal: The Journey Man

Jordi Visser, founder and chief strategist at Visser Labs, joins to explore the intersection of AI, macroeconomics, and markets. He predicts that AI's rapid evolution will disrupt labor, possibly catalyzing a $5 trillion energy buildout essential for infrastructure. Discussions include how AI might lower inflation and influence Fed policy, the winners and losers in tech, and how Bitcoin miners could stabilize energy grids. Visser also touches on the role of stablecoins in reshaping global finance and the potential of AI in transforming economies and labor markets.

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.

Emad Mostaque, co-founder of Stability AI and author of 'The Last Economy,' discusses the revolutionary impact of AI on economics. He introduces the concept of an economic singularity, which may lead to a profound deflationary shock and a shift from scarcity to abundance. Emad explains how generative AI can reshape traditional economic models by lowering cognitive labor value and emphasizes the importance of adapting swiftly. The conversation touches on the future of digital assets, the role of personal AIs, and the need for innovative monetary systems.

Raoul Pal dives deep into the recent crypto flash crash, dissecting its causes and market implications. He emphasizes the importance of long-term thinking for investors, urging patience over impulsive trading. Exploring global liquidity, he highlights potential drivers of future market movements and the significance of gold as a cycle indicator. As Bitcoin shows low volatility, Raoul discusses seasonality trends that may favor gains in the coming months. The conversation mixes expert analysis with cultural insights, all while enjoying a glass of Albarino.

Dan Morehead, Founder and CEO of Pantera Capital, is a veteran macro investor and a trailblazer in crypto. In their discussion, Morehead highlights that institutional adoption of crypto is still in its infancy, with many institutions holding no exposure. He explains how monetary policy impacts asset prices, advocating for the potential of gold and Bitcoin amid fiat debasement. The conversation also covers the vital role of stablecoins, the tokenization of diverse assets, and the strategic accumulation of Bitcoin by sovereign nations.

Mike Novogratz, Founder and CEO of Galaxy Digital and a veteran in crypto and digital assets, discusses the potential transformation of Wall Street through tokenization. He highlights the strange macroeconomic conditions and how they set the stage for a risk-asset boom. Mike delves into regulatory challenges and their impact on decentralized finance, while outlining Galaxy's pivot from crypto finance to AI-driven infrastructure. He also shares insights on liquidity dynamics in tokenized markets and the risks and opportunities of asset tokenization.

Andreas Steno, a macro and business-cycle analyst and founder of Steno Research, joins the conversation to explore the evolving landscape of finance. They discuss the shift from central bank liquidity to private credit creation, highlighting its global implications. The duo also dives into how AI and demographics are driving the need for robotics and automation. They dissect the mainstream adoption of the debasement trade across gold and crypto, and forecast an investment cycle extending into 2026 with promising thematic equity opportunities.

Micky Malka, founder of Ribbit Capital and early investor in fintech giants like Coinbase and Robinhood, shares insights from his early days in Venezuela to Silicon Valley's dynamic landscape. He discusses the end of fintech's first wave, predicting a concentration of power among dominant platforms. Micky emphasizes the convergence of crypto and fintech, exploring how tokenization revolutionizes capital formation and blurs traditional investment lines. He also delves into the exciting intersection of digital art, cultural narratives, and the future of ownership in the tokenized economy.

Emmett Hollyer is a product engineer who pioneered Solana Mobile's Web3-first smartphone vision, sharing insights on creating an open crypto ecosystem. Michael Howell, a macro strategist, delves into the liquidity cycle's maturity and its impact on gold, tech, and crypto investments. The discussion touches on the muted business cycle since COVID, the implications of Treasury issuance, and potential market shifts toward high-quality altcoins as Bitcoin trends exhaust. Tune in for a mix of tech innovation and macroeconomic expertise!

In this engaging discussion, Julien Bittel, Head of Macro Research at GMI and co-author of the Everything Code thesis, dives deep into the macroeconomic forces that are set to shape future markets. He and Raoul Pal explore why hyperconcentration in investments is becoming crucial, the implications of rising public debt, and the influence of liquidity on asset prices. They also correlate inflation trends with business cycles and predict continued expansion in the economy. Julien even highlights a fascinating comparison of crypto adoption speeds with the internet!