Key facts
- Blue Macellari, head of T. Rowe Price's digital assets business, believes Bitcoin is now central to discussions about currency debasement.
- Macellari spent 20 years investing in emerging market sovereign and distressed debt before building T. Rowe Price’s digital assets business.
- She discussed the return of "bond vigilantes" and the shift from foreign to domestic financing of US debt.
- Macellari assessed whether stablecoin demand for T-bills, driven by the GENIUS Act, is a material change or wishful thinking.
Blue Macellari, who leads T. Rowe Price's digital assets business, shared her insights on the current state of the Treasury market and Bitcoin's role in discussions about currency debasement. With two decades of experience in emerging market sovereign and distressed debt, Macellari's perspective on the Treasury market is considered noteworthy. She highlighted the resurgence of "bond vigilantes" and a notable shift in how US debt is financed, moving from foreign to domestic buyers. Macellari also examined the potential impact of stablecoin demand for Treasury bills, particularly in light of the GENIUS Act, questioning whether this demand is substantial or merely speculative. Her background also includes building T. Rowe Price's digital assets division, suggesting a deep engagement with the evolving financial landscape.