Raoul Pal, co-founder and CEO of Real Vision, stated on X today, October 16, 2026, that a combination of demographics, debt, and currency debasement dictates market performance. Pal asserted, "Demographics, debt, debasement. Three words that drive everything. It starts with an aging population. Fewer workers means slower growth, so governments borrow to keep the economy moving. The debt keeps growing because the demographics leave them no other option. That debt was never going to be paid back. So it gets managed instead. by debasing the currency. More money created every year, each unit worth a little less than the last. Slowly enough that most people never notice. That is The Everything Code. Debasement sets the real hurdle rate for your money, and over the long run only two assets have cleared it. crypto and technology."
Pal's comments come as digital assets continue to show strength, with Bitcoin recently hitting $87,000, driven by what our reporting described as organic demand and flat funding rates. Recent coverage also highlighted Schwab opening direct Bitcoin and Ethereum trading to 40.1 million retail clients, indicating expanding mainstream access. The Crypto Fear & Greed Index currently stands at 63, signaling 'Greed' in the market.
Pal's view suggests that traditional assets struggle to maintain value against the backdrop of continuous currency debasement, a process he attributes to governments managing insurmountable debt. He implies that investors seeking to preserve or grow wealth in this environment should consider digital assets and technology, as these categories are positioned to outperform the debasement rate.
