A forecast says money could shift into cryptocurrencies if the artificial intelligence stock rally enters a pause. It also says the cryptocurrency uptrend could extend further if the dollar weakens.

On Oct. 6, blockchain media outlet Cointelegraph reported that Raoul Pal (Raoul Pal), co-founder of Real Vision, said high Treasury yields and a strong dollar are blocking the smooth flow of liquidity. He said a weaker dollar could signal further gains for cryptocurrencies, but added that not all conditions are in place yet.

Pal said AI and cryptocurrencies are competing for capital and that flows are shifting into crypto whenever AI stocks take a breather. Bitcoin rose about 25 percent from Aug. 19 to 25 to reach $80,000, while AI bellwether Nvidia fell for seven straight sessions over the same period.

He drew a line at the idea that a sharp drop in AI markets would be positive for cryptocurrencies. If an AI bubble bursts, liquidity could leave the system and weaken the environment needed for a crypto rise, he said. His preferred scenario is a weaker dollar, a steeper yield curve and an increase in money supply driven by expanded bank lending.

The yield on the 10-year U.S. Treasury rose to 5.29 percent in September, and the Federal Reserve raised its policy rate by 0.25 percentage point. Pal said even if those conditions do not materialise, there is room for money to move into cryptocurrencies if AI stocks trade sideways.

He also said much of the cryptocurrency economic activity created by AI agents is more likely to flow into smart contract platforms such as Ethereum and Solana than into Bitcoin. Amazon Web Services supported stablecoin payments in June to cover costs when AI agents access web content, and Coinbase supports payment verification and settlement through the x402 protocol.

Pal said AI agents may also raise funds needed for future projects by issuing tokens, then carry out tasks and generate revenue. He said adoption of Ethereum and Solana could increase as AI uses smart contracts to execute transactions.

He took a cautious stance on the competitive dynamic between Ethereum and Solana. Asked about Multicoin Capital co-founder Kyle Samani (Kyle Samani) forecasting that Solana will surpass Ethereum in market capitalisation in this market cycle, Pal said, "We need to slow down a bit."

According to DefiLlama, Solana had about 3.2 million active addresses over the previous 24 hours as of Monday, above Ethereum's 387,000. By contrast, the total value locked in DeFi protocols was about $54.4 billion on Ethereum, far above Solana's $6.7 billion. Pal compared this as "economic density," saying Ethereum draws in more capital relative to its user base, while Solana has relatively more small transactions.

Pal said he no longer provides public price targets because his forecasts are edited and redistributed online. On the view that Bitcoin will reach $1 million in 2030, he called it closer to a "meme" that reflects broader adoption, interest in ETFs and Bitcoin's use as collateral, but said it is possible to reach $1 million by 2032.