Crypto market could hit $100 trillion by 2032, says Real Vision Group

Global crypto adoption may have surged in recent years, but according to Raoul Pal, Co-founder and CEO of Real Vision Group, the industry is still at the very beginning of its growth curve.

Speaking to CNBC-TV18, Pal said the current scale of the market is “about 600 million wallets around the world” with a $4 trillion asset class value — a figure he expects to grow dramatically over the next decade.

“Really, we are 4% of the way there… it’s still all to play for,” Pal noted, projecting the market could swell to $100 trillion by 2032 if adoption trends hold. He added that this forecast assumes growth will slow somewhat as the industry matures, but the long-term trajectory remains firmly upward.

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Pal pointed to the growing role of institutions — from sovereign wealth funds to family offices and asset managers — as a key factor boosting credibility and dampening volatility. “We have seen the financial system itself in the space, whether it’s launching of new products or building on top of the rails,” he said, adding that this institutional presence has been crucial in shifting crypto from a niche investment to a mainstream financial instrument.

The rise of stablecoins, tokenisation of equities, and potential US policy shifts — including the possibility of Bitcoin being used as a reserve asset — are, in Pal’s view, structural developments that could further accelerate adoption.

While acknowledging that fraud and scams remain a challenge, Pal stressed that blockchain’s transparency makes it a valuable tool for enforcement agencies. “Because we can record where money is moving on chain… it actually is very useful for government agencies to track down frauds,” he said.

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For the entire discussion, watch the accompanying video