Raoul Pal: The Journey Man Bitcoin, Liquidity, and the Next Crypto Cycle
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Apr 30, 2026 
Jamie Coutts, Chief Crypto Analyst at Real Vision, brings macro-informed crypto research and L1 tokenomics expertise. He discusses liquidity cycles and how AI drew capital away from crypto. They explore valuing layer-ones by network density, blockchains as infrastructure for agentic economies, on-chain signs of capitulation, privacy chains’ surprising fee growth, and geopolitical risks reshaping markets.
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Liquidity Is Growing But Diffuse This Cycle
- Global liquidity is growing but slower and more diffuse than prior cycles, making early-cycle gains harder to capture.
- Jamie notes competing channels (AI, China, FX, treasury QE) and that liquidity type (central bank vs treasury QE) changes how capital flows into crypto.
Chains Are Becoming The Coordination Layer For Agents
- Blockchains are evolving from speculative assets to productive infrastructure underpinning an agentic digital economy.
- Raoul says payments and AI agents are turning L1s into coordination layers that institutional allocators will eventually recognize.
Payment Giants Will Pipe Dollars On Chain
- Stripe and Circle will funnel real-world dollars into crypto via white-labeled stablecoins and FX rails.
- Jamie highlights USDC's chain-agnostic utility and Circle's plan to pursue FX partnerships with 50–100 partners.