Raoul Pal Says Bitcoin Beats Gold as the Real Debasement Hedge

Real Vision co‑founder Raoul Pal argued that Bitcoin (BTC) is a superior long‑term hedge against currency debasement compared with gold. In a September interview on the Wolf Financial Show, Pal explained his view that Bitcoin’s early adoption stage gives it more upside potential.

Debasement and Its Impact

Pal described debasement as the gradual loss of purchasing power in fiat currencies caused by central banks expanding the money supply. He estimated that this process reduces the global value of fiat currencies by roughly 8% per year, while wages typically grow about 3% annually. The gap, he said, contributes to the growing unaffordability of homes and other scarce assets.

Why Bitcoin Over Gold?

According to Pal, gold functions as a base‑money store of value that cannot compound beyond the broader economy’s performance. Bitcoin, by contrast, offers the same scarcity with a much earlier adoption curve, which he summed up as “digital gold, but Bitcoin’s earlier in its adoption.”

Performance Compared to Other Assets

• Nasdaq technology stocks have delivered roughly 19% annual returns over the past 15 years.
• Cryptocurrencies have compounded between 45% and 110% annually, according to Pal.
• Gold, real estate, and other traditional assets tend to track the debasement rate rather than exceed it.

Current Market Context

At the time of reporting, Bitcoin was trading near $75,900, down about 2% over the previous day.

Outlook

Pal’s comments reflect a broader macro‑investment narrative linking Bitcoin’s price dynamics to gold as a debasement hedge. The sustainability of Bitcoin’s adoption curve and gold’s renewed strength remain key factors for investors through 2026.