Liquidity is stuck. Rates are higher. Most people read that as the end of the #crypto cycle. @RaoulGMI reads it completely differently: "This is not a cycle. This is a mid-cycle…
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Liquidity is stuck. Rates are higher. Most people read that as the end of the #crypto cycle. @RaoulGMI reads it completely differently: "This is not a cycle. This is a mid-cycle correction. And it'…
Liquidity is stuck. Rates are higher. Most people read that as the end of the #crypto cycle. @RaoulGMI reads it completely differently: "This is not a cycle. This is a mid-cycle correction. And it's like an elongated version of what happened in 2020." His reasoning: the last rally never even got to one standard deviation overbought versus the trend, and we never had a real down cycle in liquidity. It just went flat for a while. Raoul is the founder and CEO of Global Macro Investor and @RealVision, and his new book The Everything Code is out now. Third time on the show, first time in person, recorded live in Singapore. In his view the adoption story is already obvious: stablecoins, tokenization, AI agents. What's missing is fuel: "So all you need is the kindling. You need to throw the gasoline on the fire and the gasoline always and every time is liquidity." Thanks to @OKX for being today's sponsor of the show. We cover: - Why liquidity is stuck, and why higher rates are not bearish this time - The deflationary nuclear bomb: what AI does to wages, advice and the value of money - How Raoul rebuilt his entire business with AI without writing a line of code - AI agents, liability, and why identity is the layer everyone overlooks - #Bitcoin oversold versus Nasdaq, and the case for a mid-cycle correction - Which Layer 1s win, and how to value a network with the "lights off" test - How Raoul invests himself: two trades this year Timestamps: 00:50 - Third Time, Live In Singapore 04:22 - Why Liquidity Is Stuck 05:49 - Why Higher Rates Are Not Bearish 11:09 - Escaping The Rat Race 18:42 - The Deflationary Nuclear Bomb 24:48 - Building Everything With AI 32:17 - AI Agents, Liability And Risk 42:46 - Is Crypto Breaking Out? 45:57 - A Mid-Cycle Correction 51:37 - What Everyone Overlooks: Identity 54:36 - Which Layer 1s Win 1:01:12 - How Raoul Invests
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