Raoul Pal Says Bitcoin Beats Gold as the Real Debasement Hedge

Real Vision co-founder Raoul Pal says Bitcoin (BTC), not gold, is the better long-term hedge against currency debasement, arguing the asset’s earlier adoption stage gives it more room to grow than the metal.

Pal made the comparison during a September interview on the Wolf Financial Show. There, he laid out his broader framework for how debasement quietly erodes savings and wages.

Debasement Erodes Savings Every Year Debasement, Pal says, is the dominant force behind rising asset prices over time. He ties it directly to liquidity cycles that central banks and governments largely control.

He describes debasement as the steady loss of a currency’s purchasing power as central banks expand the money supply. He estimates this process reduces the value of fiat currencies globally by roughly 8% annually. Wages, he adds, typically track economic growth of around 3%.