Raoul Pal dropping nuclear takes on $ETH:
If Ethereum dies tomorrow, you lose:
• 75% of all stablecoins
• 75% of DeFi TVL
• Entire RWA market
• Every L2 (Arbitrum, Base, Optimism - gone)
• NFT/digital art infrastructure
That's $1-2T in economic activity wiped in 5 years.
Yet $ETH trades like a dying chain.
Market's pricing in zero probability Ethereum remains the settlement layer for crypto. Either the market's right or this is generational mispricing.
Raoul's betting on the latter.
If Ethereum dies tomorrow, you lose:
• 75% of all stablecoins
• 75% of DeFi TVL
• Entire RWA market
• Every L2 (Arbitrum, Base, Optimism - gone)
• NFT/digital art infrastructure
That's $1-2T in economic activity wiped in 5 years.
Yet $ETH trades like a dying chain.
Market's pricing in zero probability Ethereum remains the settlement layer for crypto. Either the market's right or this is generational mispricing.
Raoul's betting on the latter.