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The global cryptocurrency market could reach a valuation of $100 trillion by 2035 as autonomous artificial intelligence agents adopt blockchain infrastructure for digital transactions, Real Vision Chief Executive Officer Raoul Pal said during a keynote address at the Token2049 conference.
Pal projected that the total digital asset market capitalization, currently valued at approximately $2.5 trillion, will expand to $10 trillion over the next few years before experiencing a 40-fold increase over the next decade. He attributed the long-term forecast to network adoption metrics that will be accelerated by non-human economic software.
“Blockchain is the economic coordination layer for this whole digital age,” Pal said. “It’s where everything settles: money, ownership, identity, contracts and then agents paying agents.”
According to Pal, previous technological network expansions were bounded by the total human population of roughly 8.5 billion people. The rise of autonomous AI systems, however, removes those conventional boundaries on market size.
“The TAM of everything that we’ve ever known in all of our history is one number, the population of the earth,” Pal said, referring to total addressable market. “There are infinite economic actors coming. So, if there are infinite economic actors, then the TAM has gone to infinity.”
Pal stated that automated software processes already account for a growing share of web traffic and on-chain token activity. If 1% of an estimated 25 billion software agents interact with digital asset wallets in the coming years, that alone would introduce 250 million new active market participants, representing a 25% increase in current wallet counts.
Addressing recent underperformance across the cryptocurrency sector relative to major technology equities, Pal described the price action as a mid-cycle consolidation driven by liquidity constraints rather than the end of a bull market. He noted that capital and investor focus over the past year were largely diverted toward high capital expenditures in semiconductor manufacturing and data center construction.
“Bull markets usually have huge liquidity, and we’ve had very little liquidity,” Pal said. “We don’t have enough liquidity to drive two things, and this AI build-out is absolutely massive.”
Pal said structural sovereign debt dynamics will eventually force central banks and commercial financial institutions to expand systemic liquidity to service compounding interest obligations.
“Debt growth is not going up in the US. What it is is it’s interest payments keep compounding,” Pal said. “They’re not borrowing more money necessarily. They’re having to borrow money to pay the interest.”
In addition to machine-to-machine commerce, Pal cited the tokenization of traditional assets as a second structural catalyst for blockchain networks. He noted that the entire financial services industry—including sovereign treasuries, equities, bonds and derivative contracts—is transitioning toward distributed ledgers, crypto, and utilizing AI agents to reduce operational expenses and settlement friction.
Pal noted that the current macroeconomic cycle is extending beyond historical four-year intervals to approximately 5.7 years, pointing to a prolonged supercycle underpinned by monetary debasement and exponential technological adoption.
Pal delivered the address ahead of the Nov. 3 release of his book, The Everything Code, which outlines the intersection of debt refinancing cycles, demographics and artificial intelligence.
Disclosure: AI is used to assist in developing this article.
This article is published on BitPinas: Real Vision CEO Raoul Pal Forecasts $100 Trillion Crypto Market Cap Driven by AI Agents
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