Raoul Pal, the CEO of Real Vision and a prominent macro‑investor, posted on X that the original promise of blockchain was a decentralized ledger, not the token that sits on top of it. He argues that most users treat the token as the product, but the real value lies in the underlying chain, which functions like any other infrastructure such as the internet or a brokerage database. Pal also notes that mainstream finance will eventually absorb blockchain technology, making it invisible to end users, just as current equities are settled on chain without most investors realizing it. His view reflects a growing sentiment among seasoned investors that crypto’s next phase will be seamless integration rather than a token‑centric hype cycle.

“Blockchain came with a token attached, so we decided the token was the product. It never was. Chains are infrastructure. Nobody knows what database their brokerage runs on. Nobody knows what internet theyre on. It just works, so you dont ask. Thats where this ends up. Youll buy an equity and have no idea its on chain, and youll never need to. Which is why the financial system coming in is a good thing. Crypto is still hard to use and they tighten all of that up. Convergence is the answer.”

— Raoul Pal (@RaoulGMI) on X · X ↗

Raoul Pal is not affiliated with COINMAG. The quote comes from a public post on X; the context was written by the COINMAG newsroom.