Veteran macro investor delivers blunt verdict on public-private market war originally appeared on TheStreet.
Raoul Pal, a veteran macro investor and fund manager, recently delivered a bullish prediction: “The end of public vs private markets is beginning.”
In an X post, Pal stated that capital formation and lending are more effective in the crypto markets.
Robinhood has launched private stock tokens for customers in the European Union, marking a significant milestone for the decentralized finance (DeFi) sector.
The rise of private stock tokens enables retail investors in the EU to gain access to fractionalized, stock-like tokens, providing exposure to private markets that have traditionally been inaccessible without ownership or through public exchanges.
Tokenized assets — in other words, blockchain representations of real-world or synthetic assets — are experiencing increased adoption, as they offer 24/7 trading, enhanced liquidity, and a transparent price discovery process.
Tokenized markets aim to eliminate some of the impediments to private investing — such as high minimum investment amounts and low liquidity — by disintermediating these transactions.
Robinhood’s launch follows growing competition in the tokenization space, with others such as Kraken and Backed Finance making a play to offer tokenized equities. Kraken’s new tokenized stocks allow people around the world to own and use shares like money.
Kraken co-CEO Arjun Sethi insists the move is not simply a gimmick — it is a direct effort to return financial power to individuals and break down geographic and institutional barriers.
Pal called this market trend a “democratization of finance” that will only get faster from here.
The overall trend aligns with moves by institutions from BlackRock to JPMorgan to tokenize various forms of financial assets, including bonds and carbon credits.
Veteran macro investor delivers blunt verdict on public-private market war first appeared on TheStreet on Jul 3, 2025
