The End of Human Trading?

**Yoni Assia** (0:00)
When you realize that you can have Ph.D. level in math, financial engineering and computer sciences, and by the way, also biology and chemistry and geopolitics, manage your portfolio 24-7, never go to sleep, across all assets in the world with access to all of the information in the world. Not to utilize that to manage your money, I think would be crazy.

**Raoul Pal** (0:22)
It's the first time ever we've had a globally homogenous product. It's available to everybody. It's fractionizable, so it doesn't matter what your disposable income is.

**Yoni Assia** (0:30)
So I'm like, okay, here's another $50. By the end of like three hours iterating, he like did trading in perpetual futures, trading in polymarkets, and this is just me and him alone, and it was like, wow.

**Raoul Pal** (0:44)
So what you get then is weird things like GDP can go up 30% in a year in a month. We don't even know what this means. Hi, I'm Raoul Pal, and welcome to my show The Journeyman. The Journeyman is where we journey on that discovery, that journey of discovery to the nexus of understanding between macro crypto and the exponential age of technology.
My next guest is somebody I'd be wanting to talk to a while. I don't think I've ever interviewed him on Real Vision, but he's a good friend, and I was having some conversations with him privately about stuff, and I realized what he's been up to. Now, this is Yoni Assia from eToro.
He's an incredible mind. He's a technologist, but he's a markets person. I wanted to get how he got to where he is today, how he sees the space evolving and what he's up to, because he's up to some really, really interesting things at the cutting edge of agents, and how it applies to finance and where this is all going. It's something that I share as a passion as well. There's a clear path to the future of finance, so I want to speak to Yoni to figure out where it's all going. Join me, Raoul Pal, as I go on a journey of discovery through the macro, crypto and exponential age landscapes. In The Journey Man, I talk to the smartest people in the world, so we can all become smarter together.

**SPEAKER_3** (2:10)
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**Raoul Pal** (3:10)
Look, fantastic to have you on Real Vision. So much to talk about. I can't wait to dig in.
But let's be as ever, I love to get people's journey. How you got to where you are today?

**Yoni Assia** (3:21)
Well, originally, I always say there's a couple of aha moments in my life that I fell in love with something. The first one was the internet and then the second one was online trading. I think it was about when I was 13, I remember doing my first trade and seeing how I click on a trade and that trade actually changes the price in the order book. I was like, I just change something in the world by clicking a button.
Ever since, I've been passionate about capital markets and technology. I started as a programmer very early on as well. When I was about 13, 14, started coding.
When I was about, I think 16, 17, I wrote an options calculator. So everything in my life always was surrounding markets and technology, which eventually led me to found the Toro together with my older brother, where we were both passionate about capital markets. We lived in a house where my father was actually a CEO of a publicly traded company. So we always saw the markets and the markets are in your house when you're publicly traded.

**Raoul Pal** (4:43)
So had you worked anywhere before then, or this was your first thing?