Crypto Adoption to Eclipse the Internet, Says Raoul Pal

Former hedge fund manager Raoul Pal now sees the same story playing out with crypto — only faster, and with far greater consequences for global finance.

Billions of Users on the Horizon

Pal argues that digital assets are on track to reach four billion users by the end of this decade. He bases this on historical comparisons: when the internet had just passed the five-million-user mark, adoption grew steadily to 187 million by the year 2000. Crypto, however, has already leapt far beyond that pace. By late 2024, there were more than 650 million people using cryptocurrencies, a figure that has grown at more than double the internet’s early growth rate.

Market Cap the Size of Wall Street

If user adoption keeps climbing, Pal says the asset class could swell to a staggering $100 trillion valuation by 2032 — rivaling the combined capitalization of global equities today. He sees two forces behind this projection: the erosion of fiat currencies through ongoing debasement, and the unstoppable momentum of network adoption. Together, these factors could, in his words, “rewrite the financial system.”

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A Divided Reaction

Not everyone is buying into the optimism. Detractors point out that measuring crypto wallets is misleading since one person can easily create many. Some even argue that project founders inflate their communities by scattering coins across thousands of addresses. Pal brushed off these criticisms by noting that internet adoption also relied on imperfect proxies like IP addresses, yet the trend line proved accurate over time.

Other Estimates Paint a Mixed Picture

While Pal sees billions joining the ecosystem, more cautious industry research offers different scales. Triple-A suggested there were around 560 million crypto users at the end of 2024, while Andreessen Horowitz put the number of consistent monthly users between 30 and 60 million. Still, both studies confirm that the user base is expanding rapidly.

The Bigger Question

Whether Pal’s numbers prove right or not, the underlying message is clear: crypto adoption is accelerating faster than almost any technology before it. If his $100 trillion scenario materializes, it would mark one of the largest shifts in economic history — and change the definition of money for nearly half the world’s population.

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The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.

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