In brief

  • Real Vision founder and CEO Raoul Pal remains a strong proponent of Bitcoin.
  • In a lengthy newsletter, he called it the "best reserve and collateral asset ever."
  • Pal explained that BTC beats gold, which today is “suboptimal for society’s needs.”

Tens of thousands of subscribers pay at least $20 per month to gain the insight of Real Vision, a video-centric service described by The New York Times as “HGTV for hedge fund hopefuls.” And its founder and CEO, Raoul Pal, is a big fan of Bitcoin.

Pal has spoken strongly of Bitcoin in the past, including back in March around the stock market crash, when he tweeted, “I can not express how bullish I am on Bitcoin.” That wasn’t a random missive, it seems, as Pal has now written extensively about the upside he sees in Bitcoin.

On Twitter yesterday, Pal shared a couple of key pages of a 150-page newsletter he wrote for his Global Macro Investor firm. In sharing the pages, Pal said the key focus was on cryptocurrency, adding, “I think it's the world's best trade and of which I'm irresponsibly long.”


“Bitcoin offers lots of other incredible potential opportunities, but its core value is that it is the hardest form of money ever invented,” he wrote in the shared pages. “And that makes it priceless.”

Pal pointed to the fixed supply curve of Bitcoin, not to mention the fact that there are more than 10,000 nodes keeping the immutable ledger intact.

“Something that has a finite fixed supply and is incredibly secure has true value,” he wrote. “The fact that it is divisible, portable, transferable, and exchangeable makes it have potentially more value than any other store of wealth, or any other form of money.”

The debate over whether crypto or gold is the better store of value rages on, but for Pal, it’s a done deal in the modern day.

“The honest truth is that [Bitcoin] beats gold on every single measure, except it just doesn’t have 10,000 years of history,” he wrote. Later, he added: “Gold was the traditional solution, but its lack of ease of use in the digital age and lack of ease of transportability makes it suboptimal for society’s needs.”


Pal says that what will ultimately help Bitcoin become the “collateral” of the future is a yield curve, which he says the current decentralized finance (DeFi) boom is facilitating.

Pal’s writing is all very positive about Bitcoin, but what’s potentially even more intriguing about the sentiment itself is the enormous influence that he has—not only with an ever-growing audience of paying subscribers who put his words into action, but also the nearly 240,000 people who follow him on Twitter.

“In my opinion, Bitcoin is the best reserve asset and best collateral asset ever seen,” he surmised.

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