Raoul Pal: tokenization will rebuild the whole economy, not just enable weekend stock trading

Raoul Pal traces his thesis to a 2014 Cayman event, arguing the idea was right but landed on programmable chains rather than Bitcoin. Dollars moved first (~$300bn onchain), then Treasuries ($14.8bn versus $31trn outstanding) issued by BlackRock, JPMorgan, Fidelity and others. Robinhood and Kraken launched tokenised equities in June 2025; the SEC approved Nasdaq and NYSE tokenised trading rules, with Nasdaq planning 23-hour days. Pal contends tokenisation goes beyond finance: tokens will carry identity, contracts, attention, energy, compute and data, powering a machine-agent economy where information itself becomes tradeable value.

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• Tokenization
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