Raoul Pal welcomes Blue Macellari, head of digital assets at T. Rowe Price, to explore why crypto has struggled despite improving fundamentals, and how AI, stablecoins, tokenization, and institutional adoption could reshape the financial system. They also discuss the risks around AI, crypto infrastructure, and what needs to change for on-chain finance to reach mainstream adoption. Recorded August 10, 2026. 🔥 *Download Raoul Pal's 4-year investing roadmap for free:* https://rvtv.io/41fVHWF Timestamps: 00:00 - Why Institutional Crypto Adoption Is Accelerating 02:20 - Blue Macellari’s Journey From Wall Street to Crypto 05:09 - Building a Crypto Fund Through Market Neutral Trading 07:07 - Building T. Rowe Price’s Digital Assets Business 11:35 - What Traditional Finance Learned From the Crypto Crisis 14:35 - Why Crypto Markets Have Struggled Despite Better Fundamentals 18:10 - AI vs Crypto: Where Is the Capital Going? 21:05 - Tokenization, Stablecoins, and the Future of On-Chain Finance 23:36 - Crypto’s Biggest Barrier to Mainstream Adoption 27:26 - Why Blockchain Identity Matters in the Age of AI 30:16 - The Risks of AI, AGI, and the Intelligence Explosion 39:51 - Where Blue Sees Opportunity in Crypto Now 43:15 - Hyperliquid, Perps, and TradFi’s Growing Interest in Crypto 46:40 - How Tokenization Could Transform Asset Management 49:32 - The Hidden Risks of Tokenizing Illiquid Assets 54:07 - Why Institutions Are Finally Embracing Tokenization 56:05 - Stablecoins and the Future of Global Payments 01:01:22 - Will Liquidity Finally Return to Crypto? Unlock the potential to showcase your brand to our global audience. Contact us at partnerships@realvision.com for advertising inquiries. 🍌 Get your Banana Zone swag at the Real Vision merch store: https://shop.realvision.com Connect with me: Twitter (X): https://twitter.com/RaoulGMI Instagram: https://www.instagram.com/raoulgmi/ LinkedIn: https://www.linkedin.com/in/raoul-pal-real-vision/ My other work: Real Vision: https://rvtv.io/3LHYIaH Global Macro Investor: https://globalmacroinvestor.com The Exponentialist: https://realvision.com/thefuture EXPAAM: https://expaam.com Connect with Real Vision™: Twitter: https://rvtv.io/twitter Instagram: https://rvtv.io/instagram Get a FREE membership: https://rvtv.io/3Y4t5Pw Disclaimer: https://media.realvision.com/wp/20231004185303/Disclaimer-1.pdf #raoulpal #bluemacellari #troweprice #crypto #digitalassets #bitcoin #stablecoins #tokenization #ai #defi #onchainfinance #institutionaladoption #finance #investing #realvision #thejourneyman