Raoul Pal: BTC has outperformed Nasdaq since 2022 liquidity cycle low

Raoul Pal, founder of Real Vision, has pushed back against the narrative that crypto is dead and that capital is flowing exclusively into tech stocks. He argued that while this idea is tempting, market performance since the 2022 liquidity cycle low tells a different story. Pal explained that BTC has surged between 4.1 and 4.3 times from that bottom, outperforming the Nasdaq 100's approximate 2.9-fold increase over the same period.