Raoul Pal says capital may be rotating back to crypto from AI

Real Vision founder Raoul Pal says a softer US dollar and a pause in the AI rally could help draw capital back into crypto. He argued that tight liquidity, higher bond yields, and dollar strength have limited risk appetite, but that any easing in those conditions could support digital assets. Pal said Bitcoin may benefit if AI stocks stop absorbing so much market attention, though he believes much of the activity tied to AI agents is more likely to favor smart contract networks such as Ethereum and Solana. He pointed to growing use of stablecoins and payment tools for AI software as a potential driver of blockchain activity. He also cautioned against strong claims about Solana overtaking Ethereum, noting that Ethereum still attracts far more capital even if Solana shows higher user activity. Pal said he no longer gives public price targets, though he still sees longterm adoption as a key factor for Bitcoin and other crypto assets.