Raoul Pal|Sep 15, 2026 21:08
If you’re sweating short time horizons you’re fucking everything up.
Crypto hasn't been through a cycle. A cycle needs liquidity to drive it, and what we got was liquidity being dampened while a massive bull market ran in something else.
The actual driver hasn't changed. Central banks and the banking system have to keep financing interest payments by issuing money to offset the ageing population. That is The Everything Code. It’s been playing out like this for decades and it doesnt care about your quarter.
Own Nasdaq, own crypto, go to the beach.
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