• Raoul Pal said on Friday crypto’s recent drawdown was a “mid-cycle fall,” not the end of a full cycle.

• He said a leverage flush still has to come before the market can really move higher.

• He said the “economic singularity” arrives around 2030, when AI agents become a productive population.

Global Macro Investor founder Raoul Pal said on Friday that crypto’s drawdown was a “mid-cycle fall and not a full cycle,” and that the market’s biggest move would come later this decade, when AI agents push the economy into an “economic singularity” around 2030.

In an interview on the Crypto Insider podcast, Pal explained that the current setup resembled 2019 and 2020, when Bitcoin traded flat for…