Raoul Pal Sees AI Stock Pause as a Second-Best Scenario for Crypto

Real Vision co-founder Raoul Pal sees a pause in artificial intelligence stocks as his second-best scenario for crypto, because investors could shift capital between market themes. He said a weaker U.S. dollar would also support that possibility, though he was not convinced the conditions were in place.

“If they can engineer the dollar lower, then we get a green light for further movement in crypto,” Pal said.

A sharp decline in AI stocks could have the opposite effect if it signaled that liquidity was leaving markets broadly. “Things don’t go bust if liquidity is plentiful,” he said.

The 10-year Treasury daily par yield was 5.29% on Sept. 30, 2026. The rate provides context for U.S. borrowing costs as investors assess market conditions.

Pal also expects AI agents to use smart contract networks to transact, potentially increasing activity on Ethereum and Solana. “My guess is they’ll get more adoption over time as AI uses them,” he said.