Why The Next Phase of Crypto Is Bigger Than You Think w/ Blue Macellari

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.

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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