Raoul Pal: Bitcoin Oversold vs Nasdaq; Crypto to Outperform Long-Term

Pal's observation is a relative-value call, not a directional one: the signal is about Bitcoin's stretch against a benchmark it has broadly tracked, rather than about crypto's standalone merits. That distinction matters for readers who treat macro commentary as a timing input, since mean reversion against Nasdaq and long-term outperformance are separate claims with separate evidence. The open question is whether that divergence closes through Bitcoin catching up or through Nasdaq cooling off — and whether Pal's longer-horizon thesis survives if the correlation itself keeps breaking down.