Raoul Pal backed BlackRock's view that AI compute could become a large digital-asset market, while arguing that tokenization needs to expand beyond that use case. According to NS3.AI, BlackRock's whitepaper said autonomous AI agents could source and pay for resources through tokenized contracts and derivatives.

Pal said tokenization could eventually extend to identity, contracts, attention, energy, and information. The tokenized-asset market has exceeded $348 billion in value, according to Token Terminal.