🔥 *Join Real Vision for FREE to access the Q&A part of the show:* https://rvtv.io/3Y4t5Pw. Buckle up for Banana Zone Phase 2...

📣 Today’s sponsor is Plus500 US. Take your trading to the next level with cross-market contracts, from precious metals to key indices, and more. Whether you’re a seasoned trader in the Futures arena or brand new, Plus500’s user-friendly trading platform offers you the advanced tools, market insights, and quick execution you’ve been looking for.

👉 Get started with Plus500 for as little as $100 at https://us.plus500.com. Trading in futures involves the risk of loss.

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Enjoy this exclusive chat from Token2049. Binance co-founder and former CEO Changpeng "CZ" Zhao sits down with Raoul Pal to discuss his pivot to philanthropy and blockchain advocacy, advising governments on crypto adoption, the future of decentralized systems, and what it takes to build meaningful, scalable applications in the evolving digital economy. Recorded at Token2049 on May 1, 2025.

📣 Today’s sponsor is Plus500 US. Take your trading to the next level with cross-market contracts, from precious metals to key indices, and more. Whether you’re a seasoned trader in the Futures arena or brand new, Plus500’s user-friendly trading platform offers you the advanced tools, market insights, and quick execution you’ve been looking for.

👉 Get started with Plus500 for as little as $100 at https://us.plus500.com. Trading in futures involves the risk of loss.

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We’re only 3% into what I believe could be a $100 trillion crypto revolution—and in this episode of Kevin Follonier’s When Shift Happens podcast, recorded in Dubai, I’m breaking down exactly how I’m navigating it. I’ll walk you through how to build real wealth in crypto without getting wrecked, what I’ve learned from painful mistakes like Luna, and why I’m now massively overweight Sui. We’ll also dive into NFTs, the risks of chasing DeFi yield, and what I think about ETH, Solana, and the rise of AI. If you’re serious about this space—whether you’re just starting or deep in the game—this is for you.

📣 Today’s sponsor is Plus500 US. Take your trading to the next level with cross-market contracts, from precious metals to key indices, and more. Whether you’re a seasoned trader in the Futures arena or brand new, Plus500’s user-friendly trading platform offers you the advanced tools, market insights, and quick execution you’ve been looking for.

👉 Get started with Plus500 for as little as $100 at https://us.plus500.com. Trading in futures involves the risk of loss.

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🔥 *Get free access to Real Vision and get the tools, alpha, and community you need to superpower your financial future:* https://rvtv.io/3Y4t5Pw. Robinhood co-founder and CEO Vlad Tenev joins Raoul Pal to discuss his journey as a Wall Street disruptor, the explosive rise of crypto and AI, how Robinhood has empowered a new generation of traders, market cycles, and his vision for the future of finance. Recorded on May 9, 2025.

Connect with Vlad:

X: https://x.com/vladtenev

Robinhood: https://robinhood.com

📣 This episode is brought to you by Figure Markets—the platform to Earn and Borrow. Need liquidity without selling your crypto? Figure Markets offers Crypto-Backed Loans, allowing you to borrow against your Bitcoin or Ethereum with no credit checks, 3-month terms, and no prepayment penalties. With rates starting at 12.5%, you can access instant cash while keeping your crypto secure and growing. Others use that cash to buy more Bitcoin or use it for purchases in their lives without triggering a tax event.

📣 *This episode comes to you thanks to Arch Public:* It’s a hedge fund in your pocket. Built for retail traders, designed to outperform Wall Street. *Download our FREE Bitcoin Algorithm right now at* https://realvision.com/arch

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🔥 *Get free access to Real Vision and get the tools, alpha, and community you need to superpower your financial future:* https://rvtv.io/3Y4t5Pw.

In this exclusive talk from Sui Basecamp 2025, Real Vision co-founder and CEO Raoul Pal presents his big-picture macro thesis on global liquidity cycles, debt debasement, and demographic shifts. As Raoul puts it, it's time for us all to "not f*ck this up."

Learn more about Sui - Deliver the Benefits of Web3 with the Ease of Web2:

📣 *This episode is brought to you by Bitwise Asset Management*. Bitwise has been all-in on crypto since 2017 and has more than 20 crypto-based products to help investors get the access they need. Bitwise manages the world’s largest crypto index fund, one of the top Bitcoin ETFs, and one of the largest institutional Ethereum staking solutions. Bitwise has over $10 billion in assets under management and over 100 people in the US and Europe to help manage everything from ETFs to private alpha strategies to SMAs for large investors.

📣 *This episode comes to you thanks to Arch Public:* It’s a hedge fund in your pocket. Built for retail traders, designed to outperform Wall Street. *Download our FREE Bitcoin Algorithm right now at* https://realvision.com/arch

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🔥 Get free access to Real Vision and get the tools, alpha, and community you need to superpower your financial future: https://rvtv.io/3YOZZUe.

Raoul Pal sits down with Ryan Ferris, founder of S.A.N., to explore a fundamental question: "Are we alone in the universe?" From ghosts to aliens to UAPs, Raoul and Ryan discuss the nature of consciousness and the realms in which it can exist. Recorded on April 21, 2025.

📣 Today’s sponsor is Plus500 US. Take your trading to the next level with cross-market contracts, from precious metals to key indices, and more. Whether you’re a seasoned trader in the Futures arena or brand new, Plus500’s user-friendly trading platform offers you the advanced tools, market insights, and quick execution you’ve been looking for.

👉 Get started with Plus500 for as little as $100 at https://us.plus500.com. Trading in futures involves the risk of loss.

📣 *This episode is brought to you by Bitwise Asset Management*. Bitwise has been all-in on crypto since 2017 and has more than 20 crypto-based products to help investors get the access they need. Bitwise manages the world’s largest crypto index fund, one of the top Bitcoin ETFs, and one of the largest institutional Ethereum staking solutions. Bitwise has over $10 billion in assets under management and over 100 people in the US and Europe to help manage everything from ETFs to private alpha strategies to SMAs for large investors.

👉 *Check out Bitwise at https://bitwiseinvestments.com and let them know that Real Vision mentioned them*. Carefully consider the extreme risks associated with crypto before investing

📣 *This episode comes to you thanks to Arch Public:* It’s a hedge fund in your pocket. Built for retail traders, designed to outperform Wall Street.

👉 *Download our FREE Bitcoin Algorithm right now at* https://realvision.com/arch

Learn more about your ad choices. Visit podcastchoices.com/adchoices

🔥 Get FREE access to Real Vision https://rvtv.io/4cG9k5m

Raoul Pal welcomes Alex Gurevich, founder and CIO of HonTe Investments and a long-time friend of RV, to discuss strategies for navigating this shifting macro landscape.

They cover key market cycles, fiscal dominance, and liquidity trends, offering actionable insights on bonds, currencies, and commodities. Then, Raoul and Alex examine AI’s rapid acceleration toward singularity and the looming energy constraints that could shape the future of computation and global growth. Recorded on April 22, 2025.

📣 *This episode is brought to you by Bitwise Asset Management*. Bitwise has been all-in on crypto since 2017 and has more than 20 crypto-based products to help investors get the access they need. Bitwise manages the world’s largest crypto index fund, one of the top Bitcoin ETFs, and one of the largest institutional Ethereum staking solutions. Bitwise has over $10 billion in assets under management and over 100 people in the US and Europe to help manage everything from ETFs to private alpha strategies to SMAs for large investors.

👉 *Check out Bitwise at https://bitwiseinvestments.com and let them know that Real Vision mentioned them*. Carefully consider the extreme risks associated with crypto before investing.

📣 Today’s sponsor is Plus500 US. Take your trading to the next level with cross-market contracts, from precious metals to key indices, and more. Whether you’re a seasoned trader in the Futures arena or brand new, Plus500’s user-friendly trading platform offers you the advanced tools, market insights, and quick execution you’ve been looking for.

👉 Get started with Plus500 for as little as $100 at https://us.plus500.com. Trading in futures involves the risk of loss.

📣 *This episode comes to you thanks to Arch Public:* It’s a hedge fund in your pocket. Built for retail traders, designed to outperform Wall Street.

👉 *Download our FREE Bitcoin Algorithm right now at* https://realvision.com/arch

Unlock the potential to showcase your brand to our global audience. Contact us at [email protected] for advertising inquiries.

🍌 Get your Banana Zone swag at the Real Vision merch store: https://shop.realvision.com

Connect with me:

Twitter (X): https://twitter.com/RaoulGMI

Instagram: https://www.instagram.com/raoulgmi/

LinkedIn: https://www.linkedin.com/in/raoul-pal-real-vision/

My other work:

Real Vision: https://rvtv.io/3LHYIaH

Global Macro Investor: https://globalmacroinvestor.com

The Exponentialist: https://realvision.com/thefuture

EXPAAM: https://expaam.com

Connect with Real Vision™:

Twitter: https://rvtv.io/twitter

Instagram: https://rvtv.io/instagram

Get a FREE membership: https://rvtv.io/3Y4t5Pw

Disclaimer: https://media.realvision.com/wp/20231004185303/Disclaimer-1.pdf

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🔥 *Get free access to Real Vision* https://rvtv.io/3Y4t5Pw. DCG founder and CEO Barry Silbert joins Raoul Pal to recount his journey from early bitcoin investor to building DCG and its subsidiaries like Grayscale and Foundry through bull and bear markets, including the 2022 crypto crash. Silbert is now focused on his next big bet: Bittensor. He shares more about his role as the Founder and CEO of Yuma, and how Bittensor could become a decentralized intelligence network layer even more transformative than Bitcoin. Recorded on April 9, 2025.

Connect with Barry and his work:

Barry’s X: https://x.com/BarrySilbert

DCG Website: https://dcg.co/

Yuma Website: https://yumaai.com/

📣 Today’s sponsor is Plus500 US. Take your trading to the next level with cross-market contracts, from precious metals to key indices, and more. Whether you’re a seasoned trader in the Futures arena or brand new, Plus500’s user-friendly trading platform offers you the advanced tools, market insights, and quick execution you’ve been looking for.

👉 Get started with Plus500 for as little as $100 at https://us.plus500.com. Trading in futures involves the risk of loss.

📣 *This episode is sponsored by SuperAI*. Join over 7,000 attendees and 1,000 companies on 18-19 June at SuperAI Singapore. East will meet West as we bring together the global AI ecosystem for Asia's Largest AI Event. Industry leaders will converge for 2 unparalleled days, stepping into the future to explore the exponential AI age. Expect an immersive experience that will unveil the latest developments from the frontiers of LLMs, the intersection of AI and crypto, robotics, drones, SpaceTech, the societal and economic impact of generative AI, and much more.

👉 *Grab your tickets at https://superai.com with promo code REALVISION for an exclusive 20% off—only while tickets last*.

📣 *This episode comes to you thanks to Arch Public:* It’s a hedge fund in your pocket. Built for retail traders, designed to outperform Wall Street.

👉 *Download our FREE Bitcoin Algorithm right now at* https://realvision.com/arch

Unlock the potential to showcase your brand to our global audience. Contact us at [email protected] for advertising inquiries.

Connect with me:

Twitter (X): https://twitter.com/RaoulGMI

Instagram: https://www.instagram.com/raoulgmi/

LinkedIn: https://www.linkedin.com/in/raoul-pal-real-vision/

My other work:

Real Vision: https://rvtv.io/3LHYIaH

Global Macro Investor: https://globalmacroinvestor.com

The Exponentialist: https://realvision.com/thefuture

EXPAAM: https://expaam.com

Disclaimer: https://media.realvision.com/wp/20231004185303/Disclaimer-1.pdf

Learn more about your ad choices. Visit podcastchoices.com/adchoices

🔥 *Get FREE ACCESS to Real Vision* https://rvtv.io/3Y4t5Pw.

Steno Research founder and CEO Andreas Steno Larsen joins Raoul Pal to explore how central banks and governments are now openly coordinating to manage debt and engineer economic cycles, why this effectively removes left-tail risk from markets, and how investors can position themselves to profit from the long-term macro implications.

From inflation, crypto, and AI-driven deflation to the inevitability of currency debasement, Raoul and Andreas lay out a blueprint of what markets could look like in the future. Recorded on April 8, 2025.

📣 *This episode is sponsored by SuperAI*. Join over 7,000 attendees and 1,000 companies on 18-19 June at SuperAI Singapore. East will meet West as we bring together the global AI ecosystem for Asia's Largest AI Event. Industry leaders will converge for 2 unparalleled days, stepping into the future to explore the exponential AI age. Expect an immersive experience that will unveil the latest developments from the frontiers of LLMs, the intersection of AI and crypto, robotics, drones, SpaceTech, the societal and economic impact of generative AI, and much more.

👉 *Grab your tickets at https://superai.com with promo code REALVISION for an exclusive 20% off—only while tickets last*.

📣 *This episode comes to you thanks to Arch Public:* It’s a hedge fund in your pocket. Built for retail traders, designed to outperform Wall Street.

👉 *Download our FREE Bitcoin Algorithm right now at* https://realvision.com/arch

Timestamps:

00:00 SuperAI Singapore 2025

01:17 Intro

02:58 Andreas Steno’s career path

04:49 FX as macro playground

07:02 Macro lessons from QE

08:48 QE vs bond yields

10:27 Central banks and asset impact

11:39 Launching Steno Research

12:54 Governments + central banks = one

14:12 SVB proves full backstop

16:04 Fed needs lower yields

18:36 Forcing banks to buy bonds

20:19 Fed delay on QE

21:38 Everyone wants debasement

22:55 Hedge funds fund the deficit

24:14 QT is basically over

25:34 China dumping Treasuries?

26:48 U.S. follows Japan’s path

28:32 GDP vs debt trap

29:51 AI boosts productivity

31:41 Human value vs AI

32:51 How to tax AI?

34:11 Tariffs are permanent

36:07 Consumption tax over income tax

37:31 Inflation fears overstated

38:57 AI makes services cheaper

40:13 Tariffs didn’t cause CPI spike

42:08 Q1 slowdown is optical

44:01 Tariffs distort the cycle

45:51 No return of factory jobs

47:03 Robots + UBI future

49:00 Tariffs tax the middle class

50:26 No EU decoupling

52:18 European tech opportunity

53:39 Will EU stimulate?

55:31 China’s tariff strategy

57:18 No yuan deval, no selling

59:07 Bonds up, commodities down

1:00:57 Crypto = macro asset

1:03:33 SVB changed the game

1:06:06 Trading fund vs personal

1:08:43 System vs conviction

1:10:33 Market bottom window

1:12:18 Final thoughts + stock picks

Unlock the potential to showcase your brand to our global audience. Contact us at [email protected] for advertising inquiries.

🍌 Get your Banana Zone swag at the Real Vision merch store: https://shop.realvision.com

Connect with me:

Twitter (X): https://twitter.com/RaoulGMI

Instagram: https://www.instagram.com/raoulgmi/

LinkedIn: https://www.linkedin.com/in/raoul-pal-real-vision/

My other work:

Real Vision: https://rvtv.io/3LHYIaH

Global Macro Investor: https://globalmacroinvestor.com

The Exponentialist: https://realvision.com/thefuture

EXPAAM: https://expaam.com

Connect with Real Vision™:

Twitter: https://rvtv.io/twitter

Instagram: https://rvtv.io/instagram

Get a FREE membership: https://rvtv.io/3Y4t5Pw

Disclaimer: https://media.realvision.com/wp/20231004185303/Disclaimer-1.pdf

Learn more about your ad choices. Visit podcastchoices.com/adchoices

🔥 *Get my FREE PDF report to Unf*ck Your Future:* https://rvtv.io/3YOZZUe. Join us for this URGENT Update— markets are crashing, and Julien Bittel and I want to explain the big picture and help you navigate this with confidence.

In this special update, Raoul Pal and Julien Bittel are here LIVE to share their analysis of what transpired last week, the new reality of global trade wars, and where markets could move next. Then, they'll take questions directly from RV Plus and Pro members.

📣 This episode comes to you thanks to Arch Public. It’s a hedge fund in your pocket. Built for retail traders, designed to outperform Wall Street. Try it for free at https://realvision.com/arch

📣 Today’s sponsor is Plus500 US. Take your trading to the next level with cross-market contracts, from precious metals to key indices, and more. Whether you’re a seasoned trader in the Futures arena or brand new, Plus500’s user-friendly trading platform offers you the advanced tools, market insights, and quick execution you’ve been looking for.

👉 Get started with Plus500 for as little as $100 at https://us.plus500.com. Trading in futures involves the risk of loss.

📣 *This episode is sponsored by SuperAI*. Join over 7,000 attendees and 1,000 companies on 18-19 June at SuperAI Singapore. East will meet West as we bring together the global AI ecosystem for Asia's Largest AI Event. Industry leaders will converge for 2 unparalleled days, stepping into the future to explore the exponential AI age. Expect an immersive experience that will unveil the latest developments from the frontiers of LLMs, the intersection of AI and crypto, robotics, drones, SpaceTech, the societal and economic impact of generative AI, and much more.

👉 *Grab your tickets at https://superai.com with promo code REALVISION for an exclusive 20% off—only while tickets last*.

Unlock the potential to showcase your brand to our global audience. Contact us at [email protected] for advertising inquiries.

Connect with Julien Bittel:

Twitter (X): https://x.com/BittelJulien

LinkedIn: https://www.linkedin.com/in/julien-bittel-cfa-57658037/

Connect with me:

Twitter (X): https://twitter.com/RaoulGMI

Instagram: https://www.instagram.com/raoulgmi/

LinkedIn: https://www.linkedin.com/in/raoul-pal-real-vision/

My other work:

Real Vision: https://rvtv.io/3LHYIaH

Global Macro Investor: https://globalmacroinvestor.com

EXPAAM: https://expaam.com

Disclaimer: https://media.realvision.com/wp/20231004185303/Disclaimer-1.pdf

Learn more about your ad choices. Visit podcastchoices.com/adchoices