Blue Macellari, head of digital assets at asset management giant T. Rowe Price, said in an interview with Bitcoin Magazine that Bitcoin has become a central topic in discussions around currency debasement. She said bond vigilantes are returning and argued that U.S. Treasury financing is shifting from foreign buyers to domestic buyers, while the debt situations in Japan and Italy are not comparable to the U.S. buyer base. Macellari, who has 20 years of experience investing in emerging-market sovereign debt and distressed debt, later helped build T. Rowe Price’s digital asset business. In the interview, she reviewed how internal discussions around digital assets evolved at the firm, explained the thinking behind launching an actively managed multi-token ETF, and discussed trends in tokenization and automation in asset management. She also addressed the risk of liquidity fragmentation tied to 24/7 trading, assessed whether stablecoin demand for Treasuries under the GENIUS Act would represent a real shift or wishful thinking, and said debasement trades have in practice pushed institutions toward Bitcoin allocations. Macellari also said volatility can serve as a portfolio tool and that there are clear generational differences in Bitcoin allocation.
Blue Macellari, head of digital assets at T. Rowe Price, said in an interview with Bitcoin Magazine that Bitcoin has now become central to the debate over currency debasement.
She said bond vigilantes are returning, and that financing for U.S. Treasuries is shifting from foreign buyers to domestic buyers. She also said the debt situations in Japan and Italy are not comparable to the U.S. buyer base.
Macellari has 20 years of experience in emerging-market sovereign debt and distressed debt investing, and later took charge of building T. Rowe Price’s digital asset business. In the interview, she looked back at how discussions around digital assets evolved inside the firm and discussed the considerations behind launching an actively managed multi-token ETF.
She also discussed tokenization and automation trends in asset management, as well as the risk of liquidity fragmentation created by 24/7 trading. Macellari further assessed whether stablecoin demand for Treasuries under the GENIUS Act would amount to a substantive change or merely wishful thinking, and said debasement trades have in practice driven institutional Bitcoin allocations.
She added that volatility can be used as a portfolio tool, and that there are clear generational differences in Bitcoin allocation.
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