Raoul Pal|Sep 23, 2026 10:24
Funnily enough I wrote about this yesterday...
BlackRock gets the rails right:
- AI is machine native intelligence, crypto is machine native money
- Agents cant use banks so they need blockchains
- Stablecoins are the money they pay with
- Compute becomes a tokenised asset class
But they stop at money and compute. The machine economy needs far more than that... identity, contracts, attention, energy, information itself. All of it gets tokenised, and most of those asset classes dont exist yet.
Everything will be a token. And I mean everything.
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