Raoul Pal Backs BlackRock’s AI Tokenization Thesis, But Notes it Doesn’t Go Far Enough: ‘Everything Will Be a Token’
Macro investor Raoul Pal, CEO of Real Vision, recently critiqued BlackRock's perspective on tokenization, arguing that their focus on money and AI compute is too narrow for the emerging machine economy. BlackRock's whitepaper had highlighted tokenized AI compute as a potential "new large market for digital assets," envisioning autonomous AI agents using stablecoins and blockchains for real-time resource payments. Pal, however, asserted that tokenization will extend far beyond these areas to encompass identity, contracts, attention, energy, and information itself, stating, "Everything will be a token," a thesis he first developed in 2014. He views the current emphasis on tokenized securities as merely the initial stage of a much larger transition, where many new asset classes will emerge. This broader discussion unfolds as the U.S. sees increased interest in tokenization, partly due to the SEC introducing a five-year temporary regulatory pathway for trading certain tokenized U.S. stocks on blockchain-based venues. Experts like Michael Selig are urging U.S. financial markets to prepare for "mass tokenization" and 24/7 on-chain finance, which could enable real-time collateral movement and instant transaction settlement. The total value of tokenized assets has already surpassed $348 billion, with over 310 million asset holders, according to Token Terminal, underscoring the market's rapid expansion. Furthermore, Blockchain.com and NYSE are actively exploring 24/7 tokenized U.S. stocks and ETFs, aiming to bridge traditional finance with blockchain technology.