Raoul Pal: The end game of tokenization is the pricing of everything

Raoul Pal, founder of Global Macro Investor and co-founder of Real Vision, argues that the true potential of tokenization extends far beyond stock trading. He posits that as machines become the primary economic participants, tokens will serve as essential carriers for identity, contracts, and assets, enabling the 'pricing of everything.' While his 2014 vision of a 'world ownership ledger' on Bitcoin did not materialize as expected, the concept has evolved on programmable chains. With stablecoins and tokenized U.S. Treasury funds gaining traction, and major financial institutions like BlackRock and Nasdaq integrating tokenized assets, Pal believes the real-world asset (RWA) wave is finally creating a 24/7, efficient global financial infrastructure.