Macro investor and Real Vision CEO Raoul Pal said BlackRock’s view of tokenizing AI compute does not go far enough, arguing that the machine economy will require tokenized identity, contracts, attention, energy and information. BlackRock’s whitepaper described compute as a potential new large market for digital assets and said autonomous AI agents could source, optimize and pay for resources through tokenized contracts and derivatives. It also said agentic AI systems will likely increase demand for stablecoins and blockchains. Pal said crypto provides machine-native money, while stablecoins could serve as payment instruments and compute could become a tokenized asset. He linked the argument to a thesis he developed in 2014 that blockchain could become a global ownership ledger. Tokenization has gained momentum in the United States after the SEC (U.S. securities regulator) introduced a five-year temporary pathway for trading certain tokenized U.S. stocks on blockchain-based venues. Token Terminal puts the value of tokenized assets above $348 billion, with more than 310 million asset holders.