Raoul Pal: “The entire banking system will go to ETH”
“I find it hilarious that 1.5-2 years ago people were like, ‘ETH is dead.’ I’m like, ‘No, the entire banking system will go to ETH.’ That doesn’t mean it’s a mono-chain world, but I know how banks work… It’s really for them about Lindy effects — things that survive; things that you don’t get fired for; things that are proven.”
Etherealize co-founder Danny Ryan adds to Raoul’s point:
“I had to learn this. We’ve worked for a decade to make sure Ethereum is resilient, multi-client, is distributed across the world, has 100% uptime. And I had no idea until I talked to the banks: I’ve found a customer of decentralization. They just don’t know it. They care about uptime. They care about resilience. They care about the thing that’s been around for the longest. They care about the thing that no one can turn off. You just have to translate the language to them. And yes, the ‘no one gets fired for picking Microsoft’ dynamic is very real, and it’s in Ethereum’s favor.”
Raoul points to Ethereum’s developer network effect as well.
Source: @RaoulGMI (Apr 2026)
last cycle sort of sucked for ETH. i can't reasonably argue it didn't
but the difference from almost every other asset in the space is that Ethereum and ETH didn't die, and nor will they die. in fact, Ethereum is emerging to be in a position where it is stronger than ever
between the rise of EthLabs, catalyzed by DAT funding and what it means for shifting balances of power in the ecosystem
and continued efforts to scale the base chain, now moving faster than ever
and the emergence of Robinhood onchain and what it portends for the rest of tradFi coming onchain
it's becoming clear that these are real structural shifts in crypto infrastructure and adoption which will eventually manifest in the market
and that the vast majority of people here are and will remain offsides on ETH because they've been burned by it in the past
you have somewhere between ~1-6 months to accumulate ⏰