Jordi Visser and Raoul Pal Discuss AI Productivity, Bond Markets, and the Rise of On-Chain Tokenization
In a broad macro discussion, investors Jordi Visser and Raoul Pal dismiss bond yield panics, pointing to historic corporate productivity gains from AI and predicting a massive shift toward asset tokenization.
Macro investor Jordi Visser and Real Vision founder Raoul Pal addressed widespread fear regarding elevated long-term bond yields, characterizing the narrative as an overblown social media panic. Visser noted that despite rising yields, corporate profit margins are reaching historic highs while non-healthcare hiring remains at recessionary levels—a clear indicator of massive, AI-driven productivity gains. Pal agreed, highlighting that Treasury efforts to engineer steeper yield curves align with a changing economic structure where corporate revenue growth is increasingly decoupled from traditional labor overhead.
The Shift Toward Tokenization
The conversation focused heavily on the structural revolution occurring in financial markets through asset tokenization and 24/7 digital trading. Visser explained that placing real-world assets—from corporate debt to private yield streams—on-chain democratizes market access for billions of global investors while drastically lowering fee structures across legacy asset management. As autonomous AI agents increasingly handle trading and portfolio allocation, traditional fund managers face severe deflationary pressure, shifting value generation toward high-velocity infrastructure networks and platform fee collectors.
Scarcity in an Era of Digital Abundance
Turning to crypto assets, Visser emphasized that in a world where AI drives digital abundance, proven digital scarcity becomes the ultimate wealth preservation tool. While maintaining that Bitcoin remains the core long-term store of value, Visser predicted Ethereum could outperform over the coming year due to its foundational role in powering stablecoins and real-world asset tokenization. Both investors concluded that surviving the economic shift requires compounding scarce digital assets alongside high-growth tech rather than relying on legacy stock-picking models.