Raoul Pal: The Journey Man

Raoul Pal welcomes back Jordi Visser for a wide-ranging conversation on AI, Bitcoin, tokenization, bonds, productivity, and the future of markets. The guys explore why the panic around bond yields may be overdone, and how AI-driven productivity is already showing up in corporate profits. Then they break down how tokenization could disrupt asset management, why 24/7 markets may favor bots over humans, and why the next phase of crypto may be about far more than just price.

Today's episode is supported by Pyth Network, the fastest-growing name in market data, and probably the only one you can check out for free. They’ve developed a new model for financial data distribution and they’ve already partnered with Fidelity, Revolut, Kalshi, Jane Street, Coinbase, and the U.S. Department of Commerce. Three thousand-plus instruments across equities, commodities, FX, rates and crypto, plus the largest set of 24/7 financial indices out there. When modern markets require modern data solutions, Pyth Network is quickly becoming the answer. Head over to pyth.network to take advantage of their free trial.

TOKEN2049 Singapore, the world's largest crypto event, returns to Marina Bay Sands on 7–8 October. 25,000 attendees, 500 exhibitors, 300 speakers and 1,000 side events take over the city during TOKEN2049 Week. On stage: Raoul Pal (Real Vision), Jeff Yan (Hyperliquid) and Shayne Coplan (Polymarket).

The Real Vision community gets 10% off tickets, claim yours.
URL: https://checkout.token2049.com/events/asia?promo=realvision10&utm_source=newsletter&utm_medium=email&utm_campaign=realvision&utm_id=realvision=

🔥 *Download Raoul Pal's 4-year investing roadmap for free:* https://rvtv.io/41fVHWF

Timestamps:
00:00 - AI Is Creating Infinite Demand
02:51 - Why the Bond Market Panic Is Overblown
05:05 - Bessent, the Dollar, and the Yield Curve
08:14 - AI Productivity Is Transforming the Economy
13:35 - AI Agents and the Explosion in Compute Demand
15:20 - Why Tokenization Could Transform Global Markets
17:06 - How AI Will Disrupt Asset Management
22:17 - Why Everything Is Going On-Chain
27:20 - AI, Humanoid Robots, and the Compute Bottleneck
32:29 - The Energy Bottleneck and AI Supercycle
35:30 - Bitcoin, Tokenization, and the Future of Crypto
38:22 - What Tokenization Means for the U.S. Dollar
43:14 - How AI Is Collapsing the Cost of Building Businesses
53:17 - Bitcoin, Ethereum, and the Tokenization Boom
56:48 - Raoul Pal’s Simple Crypto Portfolio Strategy
59:04 - Why Investors Make Investing Too Complicated
01:05:54 - Could Digital Assets Reach $100 Trillion?

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Get those bud lights ready and those Doritos bags open, because it's time for another episode of Drink with Raoul. Raoul Pal cuts through the chaos with an urgent update on what’s really driving the market selloff. He’ll walk you through the broader macro picture, where we are in the business cycle, and what the extended cycle theory tells us about what’s next. This is about zooming out, understanding the structure beneath the surface, and staying focused while others lose their heads. Expect alpha, clarity, and yes... some snobby snacks and wine talk to take the edge off. If you need perspective, you’ll find it here.

Today's episode is brought to you by TOKEN2049. TOKEN2049 Singapore, the world's largest crypto event, returns to Marina Bay Sands on 7–8 October. 25,000 attendees, 500 exhibitors, 300 speakers and 1,000 side events take over the city during TOKEN2049 Week. On stage: Raoul Pal (Real Vision), Jeff Yan (Hyperliquid) and Shayne Coplan (Polymarket). The Real Vision community gets 10% off tickets, claim yours.

https://checkout.token2049.com/events/asia?promo=realvision10&utm_source=newsletter&utm_medium=email&utm_campaign=realvision&utm_id=realvision

🔥 *Download Raoul Pal's 4-year investing roadmap for free:* https://rvtv.io/41fVHWF

Timestamps:
00:00 - Drinks With Raoul: Napa Valley Edition
02:18 - The Everything Code Is Coming
15:14 - Meet Raoul Pal AI
18:02 - What Happened to the Banana Zone?
21:09 - The Everything Code Framework
24:51 - Demographics, Debt, and the Liquidity Machine
28:09 - Why AI Could Trigger a Productivity Boom
31:39 - Financial Conditions and the 2027 Business Cycle
33:40 - Why Raoul Expects the Dollar and Rates to Fall
36:44 - Excess Liquidity: The Key Signal for Bitcoin
39:26 - Why Bitcoin Could Be Ready to Catch Up
42:00 - Bitcoin, Ethereum, Solana, and Zcash
46:32 - Raoul’s Sui Thesis
48:30 - Tesla, Circle, SpaceX, and Robinhood
51:26 - The Yen, Dollar, Bonds, and Gold
57:16 - Why Raoul Thinks the Crypto Cycle Isn’t Over
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Raoul and Andreas Steno break down how Treasury policy, a weaker dollar, and improving liquidity could extend the business cycle and support risk assets like Bitcoin into 2027. They also explore why the AI and CapEx boom may still be in its early stages, with productivity gains and surging demand for compute reshaping the economy. Recorded August 25, 2026.

TOKEN2049 Singapore, the world's largest crypto event, returns to Marina Bay Sands on 7–8 October. 25,000 attendees, 500 exhibitors, 300 speakers and 1,000 side events take over the city during TOKEN2049 Week.
On stage: Raoul Pal (Real Vision), Jeff Yan (Hyperliquid) and Shayne Coplan (Polymarket). The Real Vision community gets 10% off tickets; claim yours. -- https://checkout.token2049.com/events/asia?promo=realvision10&utm_source=newsletter&utm_medium=email&utm_campaign=realvision&utm_id=realvision

🔥 *Download Raoul Pal's 4-year investing roadmap for free:* https://rvtv.io/41fVHWF

Timestamps:
00:00 - Why Bessent’s Treasury Strategy Could Change Everything
03:17 - Scott Bessent’s Plan to Reshape the Treasury Market
04:26 - How Hedge Funds Became the Biggest Buyers of U.S. Treasuries
07:36 - Why the Repo Market Is Too Big to Fail
10:46 - Treasury Buybacks, Bank Liquidity, and the U.S. Debt Problem
13:27 - The Yield Curve Strategy That Could Extend the Bull Market
16:08 - Why Bessent Wants a Weaker U.S. Dollar
17:43 - Bitcoin, Gold, and the Short Dollar Trade
20:27 - Why Liquidity Is Rotating Back Into Bitcoin and Risk Assets
23:16 - Strait of Hormuz, Oil, and the Inflation Outlook
27:39 - AI, Robotics, and the Productivity Boom
34:09 - Is AI Growth Missing From GDP Data?
37:22 - Why the Business Cycle Could Run Into 2027
38:54 - The AI CapEx Boom Is Far From Over
41:16 - OpenAI vs Anthropic: The Race for AI Compute
45:18 - Why Markets Could Rally Into 2027

#raoulpal #andreassteno #macro #bessent #bitcoin #crypto #liquidity #bullmarket #businesscycle #ai #capex #productivity #markets #investing #realvision #thejourneyman
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🔥 *Download Raoul Pal's 4-year investing roadmap for free:* https://rvtv.io/41fVHWF

Could investing in humanoids be like finding Bitcoin in 2014? Andrew Kang, co-founder and CEO of RoboStrategy, sits down with Raoul on the latest "Journey Man" to talk about what he sees as a multi-trillion-dollar opportunity he sees in a world filled with robots capable of smarter, stronger, and cheaper labor than humans.
Recorded on August 17, 2026.

Timestamps:
00:00 Humanoid Robots: The Next Trillion-Dollar Opportunity
01:53 Andrew Kang’s Journey From Crypto to Robotics
03:20 Why Figure AI Could Be the Next Breakout Company
07:12 How Big Is the Humanoid Robot Market?
10:38 Why Humanoid Robots Could Be Worth Trillions
13:35 Robots, Labor Shortages, and the Demographic Crisis
15:57 What Happened to Boston Dynamics?
17:26 U.S. vs China: The Global Robotics Race
20:04 The Biggest Bottlenecks Facing Humanoid Robots
23:01 How AI Is Accelerating the Robotics Revolution
25:03 Are Robots Becoming a New Species?
26:15 Will Robots Replace Jobs and Force Universal Basic Income?
31:38 Elon Musk’s Huge Advantage: Tesla, Optimus & Starlink
33:39 How Andrew Kang Is Investing in the Robotics Boom
39:06 How to Value Private Robotics Investments
47:24 Building a Long-Term Robotics Investment Strategy
49:39 How to Pick the Winners in Humanoid Robotics
54:36 Raoul Pal’s Take on the Robot Revolution
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Raoul Pal welcomes Blue Macellari, head of digital assets at T. Rowe Price, to explore why crypto has struggled despite improving fundamentals, and how AI, stablecoins, tokenization, and institutional adoption could reshape the financial system. They also discuss the risks around AI, crypto infrastructure, and what needs to change for on-chain finance to reach mainstream adoption. Recorded August 10, 2026.

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Timestamps:
00:00 - Why Institutional Crypto Adoption Is Accelerating
02:20 - Blue Macellari’s Journey From Wall Street to Crypto
05:09 - Building a Crypto Fund Through Market Neutral Trading
07:07 - Building T. Rowe Price’s Digital Assets Business
11:35 - What Traditional Finance Learned From the Crypto Crisis
14:35 - Why Crypto Markets Have Struggled Despite Better Fundamentals
18:10 - AI vs Crypto: Where Is the Capital Going?
21:05 - Tokenization, Stablecoins, and the Future of On-Chain Finance
23:36 - Crypto’s Biggest Barrier to Mainstream Adoption
27:26 - Why Blockchain Identity Matters in the Age of AI
30:16 - The Risks of AI, AGI, and the Intelligence Explosion
39:51 - Where Blue Sees Opportunity in Crypto Now
43:15 - Hyperliquid, Perps, and TradFi’s Growing Interest in Crypto
46:40 - How Tokenization Could Transform Asset Management
49:32 - The Hidden Risks of Tokenizing Illiquid Assets
54:07 - Why Institutions Are Finally Embracing Tokenization
56:05 - Stablecoins and the Future of Global Payments
01:01:22 - Will Liquidity Finally Return to Crypto?

🔥 *Download Raoul Pal's 4-year investing roadmap for free:* https://rvtv.io/41fVHWF
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