TL;DR

Explosive growth: Pal forecasts four billion crypto users and a $100T market cap by 2032, outpacing the internet’s early adoption.
Key drivers: Fiat currency debasement and accelerating network effects could reshape global finance and redefine money.
Debate remains: Critics question user metrics, but industry estimates still show rapid, unprecedented adoption across digital assets.

Raoul Pal, a former hedge fund manager, is convinced that the adoption of cryptocurrency is set to surpass the initial growth of the internet, which could lead to significant changes in global finance. Drawing parallels to the web’s rise in the 1990s, Pal argues that digital assets are scaling faster, with billions of users and trillions in value potentially on the horizon.

Crypto is still being adopted at twice the speed on the internet from 5m IP addresses vs 5m wallets (very like for like). 1/ pic.twitter.com/5v2rmdab8d

— Raoul Pal (@RaoulGMI) August 31, 2025

Billions of Users Within a Decade

Pal projects that by the end of this decade, four billion people could be using cryptocurrencies. He notes that when the internet surpassed five million users, it took years to reach 187 million by 2000. In contrast, crypto had already reached over 650 million users by late 2024, growing at more than twice the internet’s early adoption rate. If this trajectory holds, Pal envisions the asset class swelling to a $100 trillion valuation by 2032, rivaling global equities.

Drivers of the $100 Trillion Vision

Two key factors support Pal’s prediction: the continuous devaluation of fiat currencies and the rapid increase in network adoption momentum. He believes these dynamics could “rewrite the financial system,” positioning crypto as a foundational layer of future global markets. The combination of macroeconomic pressures and technological scalability, he argues, makes this shift inevitable.

Skepticism and Counterpoints

Critics question the accuracy of user metrics, noting that wallet counts can be inflated since individuals can create multiple addresses. Some allege that project teams artificially boost numbers by distributing tokens across many wallets. Pal counters that early internet adoption was also measured with imperfect proxies like IP addresses, yet the overall trend proved reliable.

Alternative Estimates and the Bigger Picture

Industry research offers varied figures. Triple-A estimated around 560 million crypto users at the end of 2024, while Andreessen Horowitz placed consistent monthly users between 30 and 60 million. Despite differences, all agree that adoption is rising rapidly. Pal’s central message remains: whether or not his exact numbers materialize, crypto’s growth rate is unprecedented, and its potential to reshape the definition of money could mark one of the largest economic shifts in history.

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Filed under: News - @ September 1, 2025 1:30 pm