Raoul Pal: Tech and Bitcoin Aren’t in a Bubble, Global Liquidity Still Rules

TLDR: Raoul Pal sees crypto and tech stocks within one standard deviation, not in bubble territory. He asserts price / earnings shifts reflect fiat debasement rather than irrational bubbles. He notes BTC usually breaks two standard deviations, but still hovers near trend now. Global liquidity, driven by debt and central banks, is the main macro [...]

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