The latest crypto downturn has done little to shake Raoul Pal’s conviction. Instead, the Real Vision founder says the recent volatility only reinforces his long-term thesis, that the global economy is undergoing an irreversible shift toward digital finance.
In a post on X, Pal urged investors to look past the daily turbulence and focus on the structural trends shaping the decade ahead. “All of this is noise if you don’t use leverage,” he wrote, arguing that short-term market panic obscures the far larger story of economic transformation.
All of this is noise if you don't use leverage.
There are only 2 questions you need to ask as a long term holder:
Will tomorrow be more digital than today?
Has the liquidity cycle and business cycle topped or is it still rising to finance the $10trn that needs to roll in the…
— Raoul Pal (@RaoulGMI) October 11, 2025
Pal outlined two key questions long-term investors should ask: Will tomorrow be more digital than today? And has the liquidity cycle peaked, or is it still expanding to support trillions in refinancing over the next year? His view, that both answers remain “yes”, forms the foundation of his bullish stance on Bitcoin and digital assets.
According to Pal, global liquidity continues to rise as governments and corporations roll over massive debt loads, creating a favorable environment for risk assets. This, he said, ensures that capital will keep flowing into technologies positioned at the intersection of finance and innovation, from Bitcoin to Ethereum and beyond.
For Pal, short-term selloffs are a necessary part of a market in transition. He described them as “the cost of participating in history’s biggest financial evolution,” urging followers to zoom out and think in five- to ten-year horizons.
His closing words captured his trademark tone: “BTFD and don’t mess this up.” To Pal, the message is clear, the noise fades, but the digital future remains unstoppable.