Raoul Pal Says Bitcoin Has Outperformed Nasdaq 100 Since 2022 Liquidity Low

Raoul Pal, founder of Real Vision, pushed back against claims that cryptocurrencies have underperformed technology stocks, arguing that Bitcoin has delivered stronger returns than the Nasdaq 100. The debate over fund flows into digital assets has intensified in recent weeks.

In a post on X on June 3, Pal wrote that the argument that “crypto is dead” and that all capital is moving into technology stocks may sound plausible.

But actual performance since the 2022 liquidity-cycle low tells a different story. Bitcoin has risen about 4.1 to 4.3 times, exceeding the roughly 2.9-fold gain in the Nasdaq 100 over the same period.

Pal added that market performance since the 2022 liquidity-cycle trough makes that clear.

Recent gains in AI-related technology stocks have fueled arguments that cryptocurrencies have lost some of their relative appeal. Even so, some market participants say Bitcoin continues to post higher long-term returns than traditional assets, supported by the launch of spot exchange-traded funds and institutional inflows.

Market watchers say liquidity conditions, interest-rate policy and changes in institutional demand will be key factors in shaping the relative performance of Bitcoin and technology stocks going forward.