Uploaded October 2025 | Updated September 2026, 3 weeks ago
🔥 *The future of finance is here... Join the waitlist:* rvtv.io/3IQ5Bs6
Raoul Pal sits down with long-time fan favorite Mike Novogratz, CEO of Galaxy Digital, to discuss the strange macro backdrop of strong growth, rising debt, and political chaos as the U.S. moves toward easier monetary policy — creating what he sees as the setup for a major risk-asset melt-up. He also reveals how Galaxy Digital is evolving from crypto finance into AI-driven infrastructure and tokenization, arguing that regulation, DeFi, and institutional adoption will unleash the next phase of the digital-asset revolution. Recorded on October 7, 2025.
• 🔄 Breaking the 4-Year Cycle?
Traditionally, investors lighten up by Christmas, but this time could be different. Why? Major shifts are underway that may accelerate adoption rather than cool things off. ⚠️💹
• 🏛️ Regulation Meets Innovation
A new market structure bill could clarify what’s a commodity vs. a security — removing long-standing barriers for institutional and consumer crypto adoption. Expect tech giants like Apple to integrate stablecoins natively.
• 🏠 Tokenized Future & Fed Politics
Tokenized equities and mortgages are closer than ever, pushing narratives for layer 1 chains. Meanwhile, Fed independence is being tested — but Powell might be the last man standing. 🧱🏦💥
#RaoulPal #JourneyMan #CryptoRegulation #Tokenization #Stablecoins #FedIndependence #MacroInsights #DigitalAssets #CryptoNarrative #FinanceShorts #MarketCycle #BlockchainFuture
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Global Macro Investor: globalmacroinvestor.com
The Exponentialist: realvision.com/thefuture
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#raoulpal #crypto #macro #macroeconomics #cryptocurrency #cryptonews #blockchain #web3 #nft #nfts #btc #eth #btcnews #bitcoin #bitcoinnews #bitcointoday #cryptotrading #cryptoinsights #cryptotips #cryptoinsights #macroinsights #realvision #solana #sol #solanasol #altcoins #bitcoinnews #btctoday #btcnews #sui #suicrypto #ethnews
🔥 *The future of finance is here... Join the waitlist:* rvtv.io/3IQ5Bs6
Raoul Pal sits down with long-time fan favorite Mike Novogratz, CEO of Galaxy Digital, to discuss the strange macro backdrop of strong growth, rising debt, and political chaos as the U.S. moves toward easier monetary policy — creating what he sees as the setup for a major risk-asset melt-up. He also reveals how Galaxy Digital is evolving from crypto finance into AI-driven infrastructure and tokenization, arguing that regulation, DeFi, and institutional adoption will unleash the next phase of the digital-asset revolution. Recorded on October 7, 2025.
• 🔄 Breaking the 4-Year Cycle?
Traditionally, investors lighten up by Christmas, but this time could be different. Why? Major shifts are underway that may accelerate adoption rather than cool things off. ⚠️💹
• 🏛️ Regulation Meets Innovation
A new market structure bill could clarify what’s a commodity vs. a security — removing long-standing barriers for institutional and consumer crypto adoption. Expect tech giants like Apple to integrate stablecoins natively.
• 🏠 Tokenized Future & Fed Politics
Tokenized equities and mortgages are closer than ever, pushing narratives for layer 1 chains. Meanwhile, Fed independence is being tested — but Powell might be the last man standing. 🧱🏦💥
#RaoulPal #JourneyMan #CryptoRegulation #Tokenization #Stablecoins #FedIndependence #MacroInsights #DigitalAssets #CryptoNarrative #FinanceShorts #MarketCycle #BlockchainFuture
Unlock the potential to showcase your brand to our global audience. Contact us at partnerships@realvision.com for advertising inquiries.
🍌 Get your Banana Zone swag at the Real Vision merch store: shop.realvision.com
Connect with me:
Twitter (X): twitter.com/RaoulGMI
Instagram: instagram.com/raoulgmi
LinkedIn: linkedin.com/in/raoul-pal-real-vision
My other work:
Real Vision: rvtv.io/3LHYIaH
Global Macro Investor: globalmacroinvestor.com
The Exponentialist: realvision.com/thefuture
EXPAAM: expaam.com
Connect with Real Vision™:
Twitter: rvtv.io/twitter
Instagram: rvtv.io/instagram
Get a FREE membership: rvtv.io/3Y4t5Pw
Disclaimer: media.realvision.com/wp/20231004185303/Disclaimer-1.pdf
#raoulpal #crypto #macro #macroeconomics #cryptocurrency #cryptonews #blockchain #web3 #nft #nfts #btc #eth #btcnews #bitcoin #bitcoinnews #bitcointoday #cryptotrading #cryptoinsights #cryptotips #cryptoinsights #macroinsights #realvision #solana #sol #solanasol #altcoins #bitcoinnews #btctoday #btcnews #sui #suicrypto #ethnews







![Inside the Next Phase of Crypto: Liquidity, Tokens & Institutions | Raoul Pal the Journey Man
Raoul welcomes back Tom Farley, CEO of Bullish, to break down how his journey from running the NYSE to leading Bullish shaped his conviction that crypto’s next phase is institutional, driven by regulation, liquidity, and market structure. Tom argues that tokenization and blockchain-based finance will transform global markets by improving efficiency, access, and capital formation, despite regulatory hurdles and slow adoption. Recorded April 6, 2026.
Todays Episode is brought to you by Figure Markets. (https://figuremarkets.co/realvision )
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Unlock your crypto’s potential today at Figure and claim your $50! https://figuremarkets.co/realvision
Disclosures
Figure Lending LLC dba Figure. Equal Opportunity Lender.
NMLS 1717824. Terms and conditions apply.
This May 5–7, join Real Vision CEO Raoul Pal at Consensus Miami with 20,000+ decision-makers from the White House, Wall Street, and Web3. From crypto at scale to institutional integration and agentic commerce, the conversations shaping what’s next happen here. Save 20% with code RAOUL at https://consensus.coindesk.com/register/?promo=RAOUL&utm_campaign=RealVision_Newsletter&utm_content=c26&utm_medium=marketing&utm_source=RealVision&utm_term=paid&utm_id=c26
Abra provides custody, trading, yield and BTC-backed loan products for digital assets for HNW and corporate clients. Abra provides full service treasury management for digital asset treasuries and corporations. Buy and hold digital assets in segregated accounts with multi-sig security. Abra is hosting a webinar on April 9. Sign up here [www.realvision.com/abrawebinar]
🔥 *Download Raoul Pals 4-year investing roadmap for free:* https://rvtv.io/41fVHW
Timestamps:
00:00 - Coming Up on Raoul Pal, The Journey Man
00:50 - Abra Sponsor Read
01:52 - Roul Pal Introduction to Tom Farley, CEO of Bullish
02:42 - Concensus Sponsor
03:24 - Figure Sponsor
04:20 - Raoul Pal, The Journey Man Sting
04:40 - Why This Market Cycle Feels Different
07:05 - The AI Boom and Capital Spending Explosion
11:00 - How AI Is Driving Productivity and Growth
15:10 - Earnings Expansion vs Liquidity Cycles
19:05 - Interest Rates, Inflation, and Policy Risks
23:00 - Market Leadership and Sector Rotation
27:10 - Where Investors Are Positioned Wrong
31:20 - The Biggest Risks to the AI Narrative
35:40 - Valuations, Multiples, and Market Expectations
40:10 - Crypto, AI, and Network Effects Colliding
45:00 - Portfolio Strategy for the Next Cycle
50:30 - Final Outlook: What Happens Next in Markets
Unlock the potential to showcase your brand to our global audience. Contact us at partnerships@realvision.com 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
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
#raoulpal #crypto #macro #macroeconomics #cryptocurrency #cryptonews #blockchain #web3 #nft #nfts #btc #eth #btcnews #bitcoin #bitcoinnews #bitcointoday #cryptotrading #cryptoinsights #cryptotips #cryptoinsights #macroinsights #realvision #solana #sol #solanasol #altcoins #bitcoinnews #btctoday #btcnews #sui #suicrypto #ethnews Inside the Next Phase of Crypto: Liquidity, Tokens & Institutions | Raoul Pal the Journey Man](https://i.ytimg.com/vi/R1mOwqpQAb0/mqdefault.jpg)


