T. Rowe Price’s Blue Macellari: Bitcoin is Now Central to the Debasement Narrative

Blue Macellari, head of digital assets at T. Rowe Price, discusses the evolving role of Bitcoin in the context of currency debasement and fiscal policy. Drawing on her background in sovereign debt, she analyzes the return of bond vigilantes, shifts in US debt financing, and the potential impact of the GENIUS Act on stablecoin demand for Treasury bills. The discussion also covers institutional allocation strategies, the implications of 24/7 trading, and the use of volatility as a portfolio tool.