T. Rowe Price’s Blue Macellari Says Bitcoin Is Core to Debasement Conversation

Bitcoin debasement conversation — T. Rowe Price’s head of digital assets strategy, Blue Macellari, says Bitcoin has become central to institutional discussions about currency debasement and fiscal policy, according to an interview with Bitcoin Magazine.

Macellari, who built the asset manager’s digital assets business, noted a significant shift in how institutional investors view Bitcoin, moving from a speculative asset to a core component of the “debasement trade.” She argued that concerns over global liquidity, fiscal policy, and the return of “bond vigilantes” are driving this reassessment.

The conversation covered the changing dynamics of U.S. Treasury buyers, shifting from foreign to domestic financing, and whether stablecoin demand under potential legislation like the GENIUS Act could materially impact Treasury bill markets. Macellari also highlighted a generational split in portfolio allocation, with younger investors more readily incorporating Bitcoin’s volatility as a strategic tool.

Her perspective is informed by two decades investing in emerging market sovereign debt before leading T. Rowe Price’s digital asset initiatives, including an actively managed multi-token ETF.