Macroeconomic expert Raoul Pal predicts the crypto world will potentially surpass the traditional fiat economy in scale and influence. He notes the crypto economy's rapid growth, with a 100% annual growth rate and 425 million 'residents.' Pal sees the anticipated spot Bitcoin ETF as a 'trade agreement' between fiat and crypto, which could lead to a similar Ethereum ETF. He describes Ethereum as a 'digital nation-state' with its own sophisticated ecosystem. Pal suggests that global liquidity injections have a more significant impact on crypto asset prices and foresees the crypto space becoming the most populous 'country' within two years.