AI Agents Will Change Crypto Forever

**Raoul Pal** (0:00)
Within two years, the majority of economic transactions on earth will be invisible to humans. The exponential age is that moment when that whole process of intelligence goes from being linear to exponential. And we're seeing it in everywhere we look, and it feeds on itself. We're creating a vast, global, invisible economy that operates at a million times faster than human neurons. And it's going to happen at that nexus of blockchain and AI. It's literally the most obvious thing I've ever seen, is that if you would just buy three of the major tokens of the substrate layer and went to the beach, in 10 years' time, you'll come back from the beach on a jet, because that's the opportunity here. Hi, I'm Raoul Pal, and welcome to my show, The Journey Man, where we travel together on that nexus of understanding between macro crypto and the exponential age of technology.
Today, I want to talk about something that brings this all together. I think it's one of the most important things for everybody to understand, because it's literally going to change everything. I don't know we say this a lot, we are living in the exponential age after all, but the agentic economy is something that people sort of start to get. I can see that some people are using agents, most people are barely using AI, but this is where the economy and the future of finance all clash. It really is the big one. I think it's going to change the perception of what has been built and how it's been built and for what purpose it's been built. Most of it is going to be invisible. Let me talk you through it. I think within two years, the majority of economic transactions on earth will be invisible to humans.
We're not doing them. They're not hidden or secret. They're just operating at machine speed, a scale of resolution that exists entirely beyond human perception. That couldn't happen in the old system, but it can in the new system. The new system is built for this. It's a dark economy and we will only be about 5% of it. You see, one thing people don't realize is that silicon can process information a million times faster than a human.
That's staggering.
And the rails that we've built just aren't up to that. And I'll come on to this in a bit. But anyway, let's think of billions of new economic participants coming in to the economy. And this is a real thing. For example, many people are forecasting an 80 to 1 ratio between agents to humans.

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**Raoul Pal** (3:44)
So 80 to 1, I mean, there's 9 billion of us. The numbers become staggering very fast. There's other forecasts that maybe up to 60% of all crypto transactions will be done by agents by the end of this year. Now, I don't think that's probably the case. But by the end of next year, certainly most likely, everybody is building everything from agents, whether it's Google's allowing agents to see different forms of web pages in the human zoo because they don't need human UX, or whether it's sui, Coinbase, and others creating agent payment rails across everything. We're seeing it explode everywhere as is the rise of agents, whether it was Claude bot, Hermes, or embedded within existing things. As of yesterday, Gemini from Google is starting to embed agents. Everybody's got agents everywhere for all sorts of jobs, and I'm using them all the time for all sorts of tasks, even making this deck. I had an agent do the editing, and an agent do the writing, and another one putting it together. So I've got three workers from one prompt. You just tell them you want some agents to specialize in it, and they put it together. So it's an extraordinary superpower. We can all have teams of work around us. And these agents run 24 hours a day, 365, they don't take a break, they don't need a coffee, they don't complain, they don't bitch and moan, they don't have hangovers, all of that stuff. Agents are the future of how the economy is going to run. And how I like to think about agents is I use the framework that I've been laying out in recent months, which is the Universal Code Framework, which is an understanding of the operating system of the universe.