How Raoul Pal Built His Crypto Portfolio: BTC, ETH, SOL and 1 Surprise Coin

Real Vision founder Raoul Pal remains bullish on crypto’s long-term trajectory, arguing that improving liquidity could lift Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), Solana (CRYPTO: SOL), Sui (CRYPTO: SUI) and other digital assets. Pal argues Wall Street’s tokenization push and AI adoption strengthen the sector’s underlying growth story. Bitcoin Awaits Dollar ‘Green Light‘ Crytocurrencies remain "super oversold" relative to the Nasdaq, gold and broader liquidity conditions, leaving room for the market to catch up, Pal said in a CoinTelegraph interview on Oct. 2. But the key signal for the next leg higher is the U.S. dollar. "If the dollar starts weakening, then we get a green light for further movement in crypto," according to Pal. For now, elevated bond yields, a strong dollar and geopolitical uncertainty are limiting liquidity. AI has captured much of the capital available to risk assets, with crypto tending to rally when the AI trade pauses. Pal declined to provide a near-term Bitcoin price target but said the widely discussed $1 million Bitcoin thesis is plausible if adoption, ETFs, institutional participation and BTC’s use as collateral continue expanding. Pal stated he would have "no issue" with Bitcoin reaching that level by around 2032. Which Tokens Offer Different Risk-Reward Bets Beyond Bitcoin, Pal is particularly focused on Ethereum, Solana and Sui, viewing major Layer-1 networks as infrastructure plays on the continued expansion of blockchain activity. He pushed back against the idea that Solana is already positioned to overtake Ethereum, pointing to Ethereum’s significantly greater "economic density" per user. Pal estimated Ethereum has roughly $200,000 in total value locked per active user versus around $2,500 for Solana. He argued Ethereum remains deeply embedded across stablecoins, DeFi, tokenization, real-world assets and digital art. Solana, meanwhile, has significantly more speculative activity and smaller transaction sizes, but Pal still expects both networks to grow. Bigger Crypto Investment Thesis Pal remains bullish on Zcash (CRYPTO: ZEC), arguing privacy demand could grow as investors seek assets outside TradFi infrastructure. However, he cautioned its sharp rally makes further upside difficult to gauge. While meme coins can drive crypto adoption, Pal warns against excessive speculation and favors 80%-90% of a portfolio in higher-quality assets. With Wall Street increasingly adopting blockchain infrastructure, Pal expects tokenized assets and AI agents to drive more activity toward major Layer-1 networks through 2030. "I think everything will be tokenized," he said. Image: Shutterstock Read Also: Are Rising Yields Bearish for Bitcoin? Don't Jump to Conclusions, Mark Moss Says