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Raoul Pal Claims Crypto Follows Macro Trends, Not Bitcoin Halvings

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Raoul Pal said crypto trends are driven by macro forces like interest rates, debt, and liquidity, not Bitcoin halvings. Speaking at Solana Breakpoint 2025 in Abu Dhabi, he tied current cycles to post-2008 debt rollovers and forecast a crypto market peak in late 2026. He pointed to debt timelines and demographics as key drivers. Pal stressed that rising interest costs fuel liquidity expansion, keeping the crypto market aligned with global financial conditions.
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