Raoul Pal has built a reputation for identifying macro trades before they become consensus. The former Goldman Sachs hedge fund manager and Real Vision founder is now making the case that the next crypto opportunity is not in the assets currently dominating market attention. It is in the infrastructure layer most retail investors have never seriously considered.

Global Liquidity Case

Pal’s entire investment framework anchors to one variable: global liquidity. He tracks the combined balance sheets of major central banks, G20 money supply and foreign exchange reserves as a single aggregate measure of how much capital is available to flow into risk assets.

His historical analysis shows Bitcoin’s price has tracked this global liquidity…