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The total value of everything in crypto right now, every Bitcoin, every token, every stable coin, is smaller than a handful of listed companies. For all the infrastructure built, all the cycles run, and all the adoption stories told, the needle on global finance has barely moved. Raoul Pal's argument is about why that changes, and the mechanism he is describing is not the next ETF approval or the next institutional on-ramp. It is something operating at a much deeper level of the financial system.

Raoul Pal, former hedge fund manager and founder of Real Vision, sits down with Tom Farley, CEO of Bullish and former president of the New York Stock Exchange, for a conversation that moves well past anything the current crypto narrative is focused on. Farley spent his entire career in regulated financial markets. He is not a crypto enthusiast. And his read on where this is going matches Raoul's on every major structural point.

Their central argument is about what happens when tokenization of major asset classes and autonomous AI agents arrive at the same time. Not one or the other, but both together. Tokenization brings 24/7 settlement, collateral transparency, and the ability to rebuild market infrastructure at a fraction of current cost. Raoul points directly at OTC derivatives, a market measured in hundreds of trillions of dollars, still running on physical stacks of ISDA documentation that nobody could untangle when Lehman Brothers collapsed, as the single most obvious application that has not happened yet. A smart contract settles that instantly and immutably. The logic is overwhelming.

But then add autonomous AI agents managing their own treasuries, executing trading strategies, handling risk and compliance, and raising capital through onchain mechanisms. Raoul walks through what a firm like Millennium Management actually does and argues that every single function of it, the trading pods, the mothership allocation and compliance layer, is replicable by agents running on blockchain rails. The front page of the Financial Times will not run a story about a hedge fund manager earning $500 million because there will be no manager. There will be an agent.

In this video we break down the full conversation. Why Farley says this is not a hype cycle and what makes tokenization genuinely worthwhile regardless of the speculation layer. Why the Lehman Brothers collateral crisis is the entire argument for blockchain settlement being inevitable. Why Raoul says AI agents are wildly indifferent between protocol tokens and stable coins and what they actually optimize for. Why building from scratch has a structural advantage over migrating legacy institutions to new rails and why that advantage compounds as agents start building agents. And why Raoul and Farley both argue that too many people in this space are building for where the system is today rather than planting the flag where it needs to be in ten years.

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Email: jamin@cryptonutshell.com
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Disclaimer: This video is for informational and entertainment purposes only and should not be considered financial advice. 

Always do your own research before making any investment decisions.

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