Why Crypto Will Power the AI Agent Economy

**Raoul Pal** (0:00)
The TAM of the Internet was, what, 8 billion people, but it's not, because we've got infinite number of agents, and the TAM of crypto is not 5 billion people, whatever number you choose, it's infinite.

**Arpan Nanavati** (0:10)
Agents coming on chain, it's going to go to each human having at least 100 to 1,000 agents, probably in the next two to three years.

**Raoul Pal** (0:17)
There is a point of which the machines are better investors than the humans at all time horizons and all time frames. I think I have an edge because on longer terms, quite difficult for machines to do, super short term has been machines, but the whole thing is going to be machine run, of which I don't know what markets are any more.

**Arpan Nanavati** (0:32)
We're heading towards a world of abundance, and to your point, we have five years to get there because after that, the alpha might compress. But from where we are to that five-year future, I think it's a very exciting future for every human on this planet.

**Raoul Pal** (0:47)
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Hi, I'm Raoul Pal and welcome to my show, The Journeyman, where we travel to that nexus of understanding between macro crypto and the exponential age of technology. I think we've all seen over the last three, four months the rise of agents. Agents have made me realize that the time of the internet, the time of crypto is larger than we could ever imagine. It's basically infinite. The open claw sensation that started at the end of last year has scaled to be one of the fastest growths of any technology ever. Everything around it is changing too. Even how people like Google give access to websites, they're building it for agents, payment systems for agents, trading bots for agents. I think it's really important for us to dig into this. I'm going to have a conversation with Arpan from Beep, who's at the absolute epicenter of all of this. I think it's going to be fascinating. Arpan Nanavati If you believe in Bitcoin long-term, the worst move you can make is selling it just to access the liquidity. That's why you should check out Figure. Their Democratized Prime lets you earn up to 8.5% APY, paid hourly, backed by real-world assets. Their Autopool has already been maxed with 12 million in 24 hours of launch, and both Heloc pools over 345 million of demand. Figure also offers crypto-backed loans at 8.91% interest with 50% LTV. So you can unlock capital without creating a taxable event or giving up your Bitcoin exposure. Security matters, which is why Figure uses decentralized MPC custody, meaning your Bitcoin stays in a segregated wallet, not rehypothecated, not pooled and not sitting on an exchange balance sheet. They've also rolled out liquidation protection to help borrowers during sharp market drawdowns. Right now, you can earn $50 for opening and depositing $500 with Figure Markets. Hold your Bitcoin, unlock liquidity, put capital to work. Check out Figure using my link below. Join me, Raoul Pal, as I go on a journey of discovery through the macro, crypto and exponential age landscapes. In The Journeyman, I talk to the smartest people in the world, so we can all become smarter together.
Arpan, fantastic to have you on Real Vision.

**Arpan Nanavati** (4:08)
Likewise, very excited. Very excited for this conversation.

**Raoul Pal** (4:11)
Yeah, I'm really looking forward to it myself. We were introduced recently, and I was blown away by what you're doing. We're going to talk a lot about agency, agent economy, AI, crypto, all of these things. But as ever, I always want to go back and how did you get to where you are today? How did you get into all of this?