Raoul Pal Predicts $8 Trillion Liquidity Wave Boosting Bitcoin in 2026
Raoul Pal Photo by:
Macro investor and Real Vision CEO Raoul Pal has predicted a sweeping wave of global liquidity, potentially reaching $8 trillion by 2026, which he believes will power the next major Bitcoin rally. Speaking on a recent episode of The Wolf of All Streets podcast, Pal reiterated his view that Bitcoin’s performance is driven more by macroeconomic conditions than by fixed narratives around the halving cycle.
Pal, a former Goldman Sachs executive, describes Bitcoin as a “liquidity beta asset” one that responds strongly to expansions or contractions in monetary and fiscal stimulus. “It’s not just about halvings,” he said. “It’s about when central banks flood the system with capital.”
The $8 trillion figure stems from his projection that, as global debt loads increase and economic slowdowns persist, central banks will be forced to reintroduce aggressive monetary easing, including balance sheet expansion and possibly yield curve control. He sees 2026 as a likely inflection point based on debt servicing constraints, demographic pressures, and the political cycle.
Pal’s thesis, which he calls the “Everything Code”, links asset prices across equities, crypto, and real estate to global M2 money supply and central bank liquidity. In this framework, Bitcoin’s rally from 2020 to 2021 coincided with record liquidity injections, and its 2022–2023 stagnation followed monetary tightening.
He cautions, however, that investors should not expect immediate upside. Liquidity remains constrained, and he believes Bitcoin will remain volatile in the short term. But as liquidity begins to turn upward, particularly in the run-up to 2026, he expects Bitcoin to reprice significantly higher.
“Watch the liquidity cycle, not the clock,” he advised.
If correct, Pal’s forecast presents a strong macro case for long-term Bitcoin allocation not purely as a hedge against inflation, but as a beneficiary of future monetary expansion.
Watch the full episode here:
