The world is changing faster than ever before. This comes with life-changing opportunities but also unprecedented challenges. In The Journeyman, I talk to the greatest minds at the nexus of macro, crypto, and technology to figure out exactly what the Exponential Age means for us all. I uncover the big trends, potential investment opportunities, and economic risks and rewards, and ask the big questions on how this impacts us, our businesses, and our societies. Brought to you by Real Vision.
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Raoul welcomes back Ran Neuner, co-founder of OnChain Capital, to discuss why Ran believes crypto is entering its first real bull market, driven by genuine product-market fit, growing protocol revenues, tokenization, and an altcoin-led cycle. Ran argues the much bigger opportunity is the convergence of AI agents and blockchain, with potentially billions of agents using crypto rails for always-on transactions. Recorded September 23, 2026.
Today's episode is supported by Pyth Network, the fastest-growing name in market data, packed with over three thousand instruments covering equities, commodities, FX, rates, and crypto, plus the largest set of 24/7 financial indices out there. Pyth has already partnered with Fidelity, Revolut, Kalshi, Jane Street, Coinbase, and the U.S. Department of Commerce, and has recently developed a new model for financial data distribution. When modern markets require modern data solutions, Pyth Network is quickly becoming the answer. And it’s probably the only name in market data you can check out for free. Head over to pyth.network to take advantage of their free trial.
TOKEN2049 Singapore, the world's largest crypto event, returns to Marina Bay Sands on 7–8 October. 25,000 attendees, 500 exhibitors, 300 speakers and 1,000 side events take over the city during TOKEN2049 Week. On stage: Raoul Pal (Real Vision), Jeff Yan (Hyperliquid) and Shayne Coplan (Polymarket). The Real Vision community gets 10% off tickets, claim yours. https://checkout.token2049.com/events/asia?promo=realvision10&utm_source=newsletter&utm_medium=email&utm_campaign=realvision&utm_id=realvision
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Solana, Tokenized Stocks, and Backpack w/ Armani Ferrante | Raoul Pal The Journey Man
Thursday, September 24, 2026 • Duration 55:58
Raoul Pal welcomes Armani Ferrante, founder of Backpack and Mad Lads, for a conversation on Solana, tokenized stocks, prediction markets, AI agents, and the future of global finance. Armani explains how Backpack is working to bring regulated financial markets onchain, why tokenized equities could open access to U.S. stocks around the world, and how crypto rails may become the global API for finance.
Today's episode is supported by Pyth Network, the fastest-growing name in market data, packed with over three thousand instruments covering equities, commodities, FX, rates, and crypto, plus the largest set of 24/7 financial indices out there. Pyth has already partnered with Fidelity, Revolut, Kalshi, Jane Street, Coinbase, and the U.S. Department of Commerce, and has recently developed a new model for financial data distribution. When modern markets require modern data solutions, Pyth Network is quickly becoming the answer. And it’s probably the only name in market data you can check out for free. Head over to pyth.network to take advantage of their free trial.
TOKEN2049 Singapore, the world's largest crypto event, returns to Marina Bay Sands on 7–8 October. 25,000 attendees, 500 exhibitors, 300 speakers and 1,000 side events take over the city during TOKEN2049 Week. On stage: Raoul Pal (Real Vision), Jeff Yan (Hyperliquid) and Shayne Coplan (Polymarket). The Real Vision community gets 10% off tickets, claim yours.
URL: https://checkout.token2049.com/events/asia?promo=realvision10&utm_source=newsletter&utm_medium=email&utm_campaign=realvision&utm_id=realvision
🔥 *Download Raoul Pal's 4-year investing roadmap for free:* https://rvtv.io/41fVHWF
Timestamps:
00:00 - The Future of Crypto: Bringing the Global Economy On-Chain
02:49 - Armani Ferrante’s Journey Into Crypto and Solana
06:26 - Surviving FTX and Betting on Solana’s Comeback
10:10 - How Backpack Plans to Build the Future of Finance
11:51 - Why Crypto’s Next 100x Will Come From Mainstream Adoption
16:03 - Regulation, Tokenized Stocks, and Bringing Finance On-Chain
20:59 - Why Tokenized Stocks Could Change Global Markets
23:39 - Pre-IPO Tokens and the Future of Capital Formation
25:29 - Why Finance Is Becoming a Global API
28:33 - AI Agents Are Coming to Financial Markets
33:00 - The AI Agent Economy and Tokenized Data
35:00 - What Happens When AI Agents Get Bank Accounts?
40:22 - Backpack’s Plan to Bring the Entire Stock Market to Solana
44:28 - Solving Liquidity for 24/7 Tokenized Stocks
47:06 - Prediction Markets Are Bigger Than Gambling
49:51 - Markets as Intelligence: The Future of Price Discovery
51:47 - Why Crypto Keeps Reinventing Finance
#raoulpal #crypto #armaniferrante #realvision #solana #backpack #madlads #tokenization #tokenizedstocks #stocks #stablecoins
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Why Crypto Could Be Near A Major Turning Point w/ Richard Galvin
Thursday, September 17, 2026 • Duration 54:25
Raoul Pal welcomes back Richard Galvin, Co-Founder of Digital Asset Capital Management to break down why crypto may be nearing the end of its long, frustrating reset. They discuss why DeFi volumes, tokenization, AI agents, trading bots, stablecoins, and 24/7 markets could dramatically expand crypto’s addressable market. They also explore Bitcoin, Zcash, Hyperliquid, Robinhood’s rapid growth, crypto VC, and why the application layer may be one of the most mispriced areas of the market.Today's episode is supported by Pyth Network, the fastest-growing name in market data, packed with over three thousand instruments covering equities, commodities, FX, rates, and crypto, plus the largest set of 24/7 financial indices out there. Pyth has already partnered with Fidelity, Revolut, Kalshi, Jane Street, Coinbase, and the U.S. Department of Commerce, and has recently developed a new model for financial data distribution. When modern markets require modern data solutions, Pyth Network is quickly becoming the answer. And it’s probably the only name in market data you can check out for free. Head over to pyth.network to take advantage of their free trial.TOKEN2049 Singapore, the world's largest crypto event, returns to Marina Bay Sands on 7–8 October. 25,000 attendees, 500 exhibitors, 300 speakers and 1,000 side events take over the city during TOKEN2049 Week. On stage: Raoul Pal (Real Vision), Jeff Yan (Hyperliquid) and Shayne Coplan (Polymarket). The Real Vision community gets 10% off tickets, claim yours.URL: https://checkout.token2049.com/events/asia?promo=realvision10&utm_source=newsletter&utm_medium=email&utm_campaign=realvision&utm_id=realvision
🔥 *Download Raoul Pal's 4-year investing roadmap for free:* https://rvtv.io/41fVHWF
Timestamps:
00:00 - Is the Crypto Bottom Finally In?
01:52 - Richard Galvin on the State of Crypto Markets
03:21 - Why Crypto Trading Volumes Signal a Cycle Bottom
05:15 - The Biggest Edge in Crypto: Patience
06:07 - Why Wall Street Is Moving On-Chain
08:22 - Tokenized Stocks Could Transform Global Markets
10:28 - AI Agents Could Explode Crypto Trading Volumes
13:37 - Why AI and Crypto Are a Perfect Match
15:14 - The “Easy Bet” in Crypto Right Now
17:14 - Where the Biggest Crypto Opportunities Are
19:01 - Bessent, Liquidity, and the Macro Setup for Bitcoin
21:31 - Why Crypto Could Outperform Tech Stocks
25:10 - Zcash, Privacy Coins, and the New Crypto Narrative
31:50 - Hyperliquid and the Rise of Decentralized Trading
35:20 - Why DeFi Yields Remain So Attractive
37:46 - Robinhood and the Next Wave of Crypto Adoption
40:02 - Why Crypto Tokenomics Still Need to Change
42:50 - Crypto VC: Where the Opportunities Are Now
47:47 - How Much Time Is Left to Buy Crypto?
49:40 - Why DeFi Could Be Massively Undervalued
#raoulpal #richardgalvin #crypto #bitcoin #defi #tokenization #zcash #hyperliquid #ai #stablecoins #digitalassets #onchainfinance #trading #investing #realvision #thejourneyman
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The Best Trade Is Still Ahead with Jordi Visser | Raoul Pal The Jounry Man
Thursday, September 10, 2026 • Duration 01:12:37
Raoul Pal welcomes back Jordi Visser for a wide-ranging conversation on AI, Bitcoin, tokenization, bonds, productivity, and the future of markets. The guys explore why the panic around bond yields may be overdone, and how AI-driven productivity is already showing up in corporate profits. Then they break down how tokenization could disrupt asset management, why 24/7 markets may favor bots over humans, and why the next phase of crypto may be about far more than just price.
Today's episode is supported by Pyth Network, the fastest-growing name in market data, and probably the only one you can check out for free. They’ve developed a new model for financial data distribution and they’ve already partnered with Fidelity, Revolut, Kalshi, Jane Street, Coinbase, and the U.S. Department of Commerce. Three thousand-plus instruments across equities, commodities, FX, rates and crypto, plus the largest set of 24/7 financial indices out there. When modern markets require modern data solutions, Pyth Network is quickly becoming the answer. Head over to pyth.network to take advantage of their free trial.
TOKEN2049 Singapore, the world's largest crypto event, returns to Marina Bay Sands on 7–8 October. 25,000 attendees, 500 exhibitors, 300 speakers and 1,000 side events take over the city during TOKEN2049 Week. On stage: Raoul Pal (Real Vision), Jeff Yan (Hyperliquid) and Shayne Coplan (Polymarket).
The Real Vision community gets 10% off tickets, claim yours.
URL: https://checkout.token2049.com/events/asia?promo=realvision10&utm_source=newsletter&utm_medium=email&utm_campaign=realvision&utm_id=realvision=
🔥 *Download Raoul Pal's 4-year investing roadmap for free:* https://rvtv.io/41fVHWF
Timestamps:
00:00 - AI Is Creating Infinite Demand
02:51 - Why the Bond Market Panic Is Overblown
05:05 - Bessent, the Dollar, and the Yield Curve
08:14 - AI Productivity Is Transforming the Economy
13:35 - AI Agents and the Explosion in Compute Demand
15:20 - Why Tokenization Could Transform Global Markets
17:06 - How AI Will Disrupt Asset Management
22:17 - Why Everything Is Going On-Chain
27:20 - AI, Humanoid Robots, and the Compute Bottleneck
32:29 - The Energy Bottleneck and AI Supercycle
35:30 - Bitcoin, Tokenization, and the Future of Crypto
38:22 - What Tokenization Means for the U.S. Dollar
43:14 - How AI Is Collapsing the Cost of Building Businesses
53:17 - Bitcoin, Ethereum, and the Tokenization Boom
56:48 - Raoul Pal’s Simple Crypto Portfolio Strategy
59:04 - Why Investors Make Investing Too Complicated
01:05:54 - Could Digital Assets Reach $100 Trillion?
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Crypto, Stocks, and Liquidity: The Truth They Won't Tell You | Drinks With Raoul Pal - September 3, 2026
Friday, September 4, 2026 • Duration 01:02:51
Get those bud lights ready and those Doritos bags open, because it's time for another episode of Drink with Raoul. Raoul Pal cuts through the chaos with an urgent update on what’s really driving the market selloff. He’ll walk you through the broader macro picture, where we are in the business cycle, and what the extended cycle theory tells us about what’s next. This is about zooming out, understanding the structure beneath the surface, and staying focused while others lose their heads. Expect alpha, clarity, and yes... some snobby snacks and wine talk to take the edge off. If you need perspective, you’ll find it here.
Today's episode is brought to you by TOKEN2049. TOKEN2049 Singapore, the world's largest crypto event, returns to Marina Bay Sands on 7–8 October. 25,000 attendees, 500 exhibitors, 300 speakers and 1,000 side events take over the city during TOKEN2049 Week. On stage: Raoul Pal (Real Vision), Jeff Yan (Hyperliquid) and Shayne Coplan (Polymarket). The Real Vision community gets 10% off tickets, claim yours.
https://checkout.token2049.com/events/asia?promo=realvision10&utm_source=newsletter&utm_medium=email&utm_campaign=realvision&utm_id=realvision
🔥 *Download Raoul Pal's 4-year investing roadmap for free:* https://rvtv.io/41fVHWF
Timestamps:
00:00 - Drinks With Raoul: Napa Valley Edition
02:18 - The Everything Code Is Coming
15:14 - Meet Raoul Pal AI
18:02 - What Happened to the Banana Zone?
21:09 - The Everything Code Framework
24:51 - Demographics, Debt, and the Liquidity Machine
28:09 - Why AI Could Trigger a Productivity Boom
31:39 - Financial Conditions and the 2027 Business Cycle
33:40 - Why Raoul Expects the Dollar and Rates to Fall
36:44 - Excess Liquidity: The Key Signal for Bitcoin
39:26 - Why Bitcoin Could Be Ready to Catch Up
42:00 - Bitcoin, Ethereum, Solana, and Zcash
46:32 - Raoul’s Sui Thesis
48:30 - Tesla, Circle, SpaceX, and Robinhood
51:26 - The Yen, Dollar, Bonds, and Gold
57:16 - Why Raoul Thinks the Crypto Cycle Isn’t Over
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Scott Bessent Could Change Everything w/ Andreas Steno
Thursday, August 27, 2026 • Duration 48:01
Raoul and Andreas Steno break down how Treasury policy, a weaker dollar, and improving liquidity could extend the business cycle and support risk assets like Bitcoin into 2027. They also explore why the AI and CapEx boom may still be in its early stages, with productivity gains and surging demand for compute reshaping the economy. Recorded August 25, 2026.
TOKEN2049 Singapore, the world's largest crypto event, returns to Marina Bay Sands on 7–8 October. 25,000 attendees, 500 exhibitors, 300 speakers and 1,000 side events take over the city during TOKEN2049 Week.
On stage: Raoul Pal (Real Vision), Jeff Yan (Hyperliquid) and Shayne Coplan (Polymarket). The Real Vision community gets 10% off tickets; claim yours. -- https://checkout.token2049.com/events/asia?promo=realvision10&utm_source=newsletter&utm_medium=email&utm_campaign=realvision&utm_id=realvision
🔥 *Download Raoul Pal's 4-year investing roadmap for free:* https://rvtv.io/41fVHWF
Timestamps:
00:00 - Why Bessent’s Treasury Strategy Could Change Everything
03:17 - Scott Bessent’s Plan to Reshape the Treasury Market
04:26 - How Hedge Funds Became the Biggest Buyers of U.S. Treasuries
07:36 - Why the Repo Market Is Too Big to Fail
10:46 - Treasury Buybacks, Bank Liquidity, and the U.S. Debt Problem
13:27 - The Yield Curve Strategy That Could Extend the Bull Market
16:08 - Why Bessent Wants a Weaker U.S. Dollar
17:43 - Bitcoin, Gold, and the Short Dollar Trade
20:27 - Why Liquidity Is Rotating Back Into Bitcoin and Risk Assets
23:16 - Strait of Hormuz, Oil, and the Inflation Outlook
27:39 - AI, Robotics, and the Productivity Boom
34:09 - Is AI Growth Missing From GDP Data?
37:22 - Why the Business Cycle Could Run Into 2027
38:54 - The AI CapEx Boom Is Far From Over
41:16 - OpenAI vs Anthropic: The Race for AI Compute
45:18 - Why Markets Could Rally Into 2027
#raoulpal #andreassteno #macro #bessent #bitcoin #crypto #liquidity #bullmarket #businesscycle #ai #capex #productivity #markets #investing #realvision #thejourneyman
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Are You Ready for Robots Smarter Than You…Everywhere? with Andrew Kang
Thursday, August 20, 2026 • Duration 56:48
🔥 *Download Raoul Pal's 4-year investing roadmap for free:* https://rvtv.io/41fVHWF
Could investing in humanoids be like finding Bitcoin in 2014? Andrew Kang, co-founder and CEO of RoboStrategy, sits down with Raoul on the latest "Journey Man" to talk about what he sees as a multi-trillion-dollar opportunity he sees in a world filled with robots capable of smarter, stronger, and cheaper labor than humans.
Recorded on August 17, 2026.
Timestamps:
00:00 Humanoid Robots: The Next Trillion-Dollar Opportunity
01:53 Andrew Kang’s Journey From Crypto to Robotics
03:20 Why Figure AI Could Be the Next Breakout Company
07:12 How Big Is the Humanoid Robot Market?
10:38 Why Humanoid Robots Could Be Worth Trillions
13:35 Robots, Labor Shortages, and the Demographic Crisis
15:57 What Happened to Boston Dynamics?
17:26 U.S. vs China: The Global Robotics Race
20:04 The Biggest Bottlenecks Facing Humanoid Robots
23:01 How AI Is Accelerating the Robotics Revolution
25:03 Are Robots Becoming a New Species?
26:15 Will Robots Replace Jobs and Force Universal Basic Income?
31:38 Elon Musk’s Huge Advantage: Tesla, Optimus & Starlink
33:39 How Andrew Kang Is Investing in the Robotics Boom
39:06 How to Value Private Robotics Investments
47:24 Building a Long-Term Robotics Investment Strategy
49:39 How to Pick the Winners in Humanoid Robotics
54:36 Raoul Pal’s Take on the Robot Revolution
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Why The Next Phase of Crypto Is Bigger Than You Think w/ Blue Macellari
Thursday, August 13, 2026 • Duration 01:04:16
Raoul Pal welcomes Blue Macellari, head of digital assets at T. Rowe Price, to explore why crypto has struggled despite improving fundamentals, and how AI, stablecoins, tokenization, and institutional adoption could reshape the financial system. They also discuss the risks around AI, crypto infrastructure, and what needs to change for on-chain finance to reach mainstream adoption. Recorded August 10, 2026.
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.
Timestamps:
00:00 - Why Institutional Crypto Adoption Is Accelerating
02:20 - Blue Macellari’s Journey From Wall Street to Crypto
05:09 - Building a Crypto Fund Through Market Neutral Trading
07:07 - Building T. Rowe Price’s Digital Assets Business
11:35 - What Traditional Finance Learned From the Crypto Crisis
14:35 - Why Crypto Markets Have Struggled Despite Better Fundamentals
18:10 - AI vs Crypto: Where Is the Capital Going?
21:05 - Tokenization, Stablecoins, and the Future of On-Chain Finance
23:36 - Crypto’s Biggest Barrier to Mainstream Adoption
27:26 - Why Blockchain Identity Matters in the Age of AI
30:16 - The Risks of AI, AGI, and the Intelligence Explosion
39:51 - Where Blue Sees Opportunity in Crypto Now
43:15 - Hyperliquid, Perps, and TradFi’s Growing Interest in Crypto
46:40 - How Tokenization Could Transform Asset Management
49:32 - The Hidden Risks of Tokenizing Illiquid Assets
54:07 - Why Institutions Are Finally Embracing Tokenization
56:05 - Stablecoins and the Future of Global Payments
01:01:22 - Will Liquidity Finally Return to Crypto?
🔥 *Download Raoul Pal's 4-year investing roadmap for free:* https://rvtv.io/41fVHWF
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Why Markets Could Be Ready To Move | With Julien Bittel
Thursday, August 6, 2026 • Duration 37:22
Raoul Pal and GMI Head of Macro Research Julien Bittel are back with another unlocked episode of Shooting the Shit. In this conversation, Raoul and Julien break down where we are in the business cycle, why the yield curve may be the key macro signal to watch, and how liquidity, the dollar, gold, oil, and crypto are shaping the path forward. They also discuss why markets feel stuck in a choppy accumulation phase, what their indicators are suggesting about the second half of the year, and where they’re starting to spot new opportunities across crypto, technology, AI, space, and emerging markets. Recorded on July 27, 2026
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.
🔥 *Download Raoul Pal's 4-year investing roadmap for free:* https://rvtv.io/41fVHWF
Timestamps:
00:00 - Welcome to Raoul Pal The Journey Man
02:17 - Gold, the Yield Curve, and Why H2 Could Change Everything
06:04 - The Bull Steepener That Could Unlock the Next Rally
08:46 - Why Inflation Is No Longer the Fed's Biggest Problem
11:04 - Bitcoin's Technical Setup Looks Increasingly Bullish
13:03 - Solana, Stablecoins, and Crypto's Quiet Strength
16:25 - Liquidity, the Nasdaq, and What's Holding Markets Back
19:13 - Why Crypto Is Waiting for the Next Liquidity Wave
22:08 - Iran, Oil, and the Biggest Macro Risk Right Now
26:18 - The Dollar, Gold, and the Signals That Matter Most
30:49 - Trump, AI, and Why the Business Cycle Keeps Extending
33:15 - Where Raoul and Julien Are Looking to Add Risk
34:38 - Final Thoughts: What We're Watching Next
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The Universal Code
Thursday, July 30, 2026 • Duration 39:34
In this special episode of The Journey Man, Raoul has decided to unlock his Exponentialist presentation on The Universal Code. Raoul walks through his thought process step by step and unveils how everything, including ourselves, is governed by one code. Recorded April 3, 2026.
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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