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FollowingRaoul Pal: Stop staring at price charts and look at what's being built underneath.
Raoul Pal wants investors to stop focusing on price charts and focus on what's actually being built behind the charts. The Real Vision CEO and macro investor posted on X, providing the most comprehensive discussion to date, explaining why the true meaning of cryptocurrencies has nothing to do with the rise and fall of token prices, but is entirely about the infrastructure built for the machine-driven economy that has not yet fully arrived.
"Most people still believe that cryptocurrencies are just the ups and downs of tokens. Not really. Or at least this is the smallest part of what is happening." Pal wrote in the post.
Funds flowing at silicon-based speeds
Pal's core argument revolves around "speed." The human financial system-banks, clearing houses, payment networks-all operate at human speeds. What is built on the blockchain track runs at the speed of a machine. "Money is about to start flowing at silicon-based speeds. Billions of agents trade, negotiate, settle with each other, and run complete business processes at speeds unmatched by human systems." He wrote.
The impact is far-reaching. As AI agents start to conduct business activities autonomously-paying computing fees, settling contracts, running supply chains-they will need financial infrastructure that does not require human approval at every step. In Pal's view, the on-chain track is the only system built for this rhythm.
Regulation has fallen behind
Pal is blunt about the current regulatory situation. "Politics will not keep pace. Regulation is like trying to catch butterflies with nets..."he further wrote. He argued that once the machine economy operates in the background with its own trajectory, funds and transaction logic, the human supervisory framework cannot structurally keep pace with it.
Owns an operating system
Previously, Pal had argued that cryptocurrencies could create more value than the combined wealth of the world's top billionaires, characterizing it as participating in basic technological change rather than speculation. Wednesday's post further reinforced that argument. "The track on the chain is the only thing built for this rhythm. So owning part of it is like owning the operating system that the next economy will run on." He wrote.
For Pal, the token price is only the most insignificant part of the story. The infrastructure underneath them is what really matters.
