Weekly insights for the next era of finance. Featuring the world's leading voices in finance | Hosted by @cryptomichnl | New episode dropping weekly 🎙️
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"The web is built for humans. You cannot retrofit it to handle agents."
Every builder we've had on this show is racing toward the same future, AI agents that transact. Evan Cheng (@evanweb3) is the first one who walked us through why the internet underneath them can't carry it.
Cheng built developer infrastructure at Apple and Meta before founding Mysten Labs. His argument: the entire web runs on one hidden assumption, a human on the other end. Identity, reputation, legal recourse, even spam filters. Replace the human with an agent that "has a brain attached to it", one that gets blocked, comes back two minutes later with a different approach, then starts reverse-engineering your stack, and that trust layer simply stops applying.
And this isn't theoretical. The current infrastructure is already failing at human speed: legacy protocols, aging web stacks, even smart fridges getting hacked. Email, the channel companies now connect their agents to, is, in his words, "the biggest freaking attack vector... such a legacy protocol."
His unlock is the one crypto has been building for fifteen years without knowing this was the destination: "Assuming your counterparty is potentially a bad actor, adversarial relationships with Byzantine fault tolerance, it turns out that is a world we're very, very familiar with."
It's the thread running through our last months. Coutts called agents a demand driver. Goertzel gave them a timeline. Concordium asked who's liable. Cheng's answer: cap the worst case before the transaction, log every consequential action, settle with evidence on-chain, and then, finally, someone can write the insurance policy.
Translation: the agent economy doesn't need a faster web. It needs a web where trust is enforced by protocol instead of assumed by design. That's not a crypto use case. That's crypto as the load-bearing wall.
His warning stands either way: "Disaster will happen. That's part of the progress."
This is the conversation that made me even more bullish on $SUI.
Somewhere in this conversation Evan Cheng and I started joking about home robots. One day you come home, he said, and it's not cleaning your house: "it's cleaning OUT your house. And walking away with everything."
We were laughing. Then he added: "If you really think about it, it's entirely possible." And that's basically the whole episode.
@evanweb3 built developer tools at Apple and Meta before founding Mysten Labs, the company behind @suinetwork. We recorded in Singapore, where I was speaking at SUI Basecamp, and honestly, this became one of those conversations where I walked in with questions about stablecoins and walked out rethinking how the internet works.
His core point, the one I keep replaying:
"The web is built for humans. You cannot retrofit it to handle agents."
Everything online assumes a human on the other end, identity, trust, the fact that you can sue someone. Agents break all of it. His example hit home because I told him I get phishing mails daily that even make ME hesitate (and I confessed to my 50,000 unread emails, which he graciously ignored). Now imagine your agent reading those mails with full access to your accounts. His words: "Email is the biggest freaking attack vector... such a legacy protocol."
And his most honest line, about how this plays out:
"Disaster will happen. That's part of the progress."
That’s already what’s happening in the world nowadays. PHP websites aren’t safe anymore, even freezers and fridges are being hacked. Our infrastructure needs to be updated, and that’s why this episode and SUI became so important.
Thanks to @OKX for being today’s sponsor of the show.
Timestamps:
00:00 - Intro
01:30 - When Will We Stop Talking About Blockchain?
05:44 - Why Stablecoins Finally Took Off
09:22 - What Stops Normal People From Using Stablecoins
11:38 - Can You Insure An AI Agent?
15:14 - Who Pays When Your AI Agent Gets Hacked?
23:05 - Is It Too Late To Stop AI?
29:15 - Why The Internet Will Break For AI Agents
32:11 - How One Email Could Empty Your Bank Account
35:03 - "Disaster Will Happen"
38:36 - How To Stop An AI Agent From Going Rogue
46:11 - How Sui Wants To Win The Agent Economy
47:23 - Why Sui?
53:23 - Where Sui Will Be In A Year
Everyone is giving their AI agents access to everything.
Email. Passwords. Credit cards. Even bank accounts.
Sui's @EvanWeb3 doesn't sugarcoat it: "Disaster will happen. That's part of the progress."
@SuiNetwork
This is the conversation that made me even more bullish on $SUI.
Somewhere in this conversation Evan Cheng and I started joking about home robots. One day you come home, he said, and it's not cleaning your house: "it's cleaning OUT your house. And walking away with everything."
We were laughing. Then he added: "If you really think about it, it's entirely possible." And that's basically the whole episode.
@evanweb3 built developer tools at Apple and Meta before founding Mysten Labs, the company behind @suinetwork. We recorded in Singapore, where I was speaking at SUI Basecamp, and honestly, this became one of those conversations where I walked in with questions about stablecoins and walked out rethinking how the internet works.
His core point, the one I keep replaying:
"The web is built for humans. You cannot retrofit it to handle agents."
Everything online assumes a human on the other end, identity, trust, the fact that you can sue someone. Agents break all of it. His example hit home because I told him I get phishing mails daily that even make ME hesitate (and I confessed to my 50,000 unread emails, which he graciously ignored). Now imagine your agent reading those mails with full access to your accounts. His words: "Email is the biggest freaking attack vector... such a legacy protocol."
And his most honest line, about how this plays out:
"Disaster will happen. That's part of the progress."
That’s already what’s happening in the world nowadays. PHP websites aren’t safe anymore, even freezers and fridges are being hacked. Our infrastructure needs to be updated, and that’s why this episode and SUI became so important.
Thanks to @OKX for being today’s sponsor of the show.
Timestamps:
00:00 - Intro
01:30 - When Will We Stop Talking About Blockchain?
05:44 - Why Stablecoins Finally Took Off
09:22 - What Stops Normal People From Using Stablecoins
11:38 - Can You Insure An AI Agent?
15:14 - Who Pays When Your AI Agent Gets Hacked?
23:05 - Is It Too Late To Stop AI?
29:15 - Why The Internet Will Break For AI Agents
32:11 - How One Email Could Empty Your Bank Account
35:03 - "Disaster Will Happen"
38:36 - How To Stop An AI Agent From Going Rogue
46:11 - How Sui Wants To Win The Agent Economy
47:23 - Why Sui?
53:23 - Where Sui Will Be In A Year
New Era Finance Podcast retweeted
It's the 1998 of the Agentic Economy.
In 1998, nobody understood why you'd want to use a mobile phone. At the end of the day, everybody uses one.
Now, nobody understands why you'd want to have AI Agents work for you.
In a few years, everyone does.
That's why free transactions on a blockchain are the USP behind AI Agents interacting on your blockchain using your stablecoin.
That's the thesis of $SUI.
I agree with that part, and, on top of that, we're finally getting into an ecosystem that attracts value towards its underlying token.
@EvanWeb3 @new_era_finance
This is the conversation that made me even more bullish on $SUI.
Somewhere in this conversation Evan Cheng and I started joking about home robots. One day you come home, he said, and it's not cleaning your house: "it's cleaning OUT your house. And walking away with everything."
We were laughing. Then he added: "If you really think about it, it's entirely possible." And that's basically the whole episode.
@evanweb3 built developer tools at Apple and Meta before founding Mysten Labs, the company behind @suinetwork. We recorded in Singapore, where I was speaking at SUI Basecamp, and honestly, this became one of those conversations where I walked in with questions about stablecoins and walked out rethinking how the internet works.
His core point, the one I keep replaying:
"The web is built for humans. You cannot retrofit it to handle agents."
Everything online assumes a human on the other end, identity, trust, the fact that you can sue someone. Agents break all of it. His example hit home because I told him I get phishing mails daily that even make ME hesitate (and I confessed to my 50,000 unread emails, which he graciously ignored). Now imagine your agent reading those mails with full access to your accounts. His words: "Email is the biggest freaking attack vector... such a legacy protocol."
And his most honest line, about how this plays out:
"Disaster will happen. That's part of the progress."
That’s already what’s happening in the world nowadays. PHP websites aren’t safe anymore, even freezers and fridges are being hacked. Our infrastructure needs to be updated, and that’s why this episode and SUI became so important.
Thanks to @OKX for being today’s sponsor of the show.
Timestamps:
00:00 - Intro
01:30 - When Will We Stop Talking About Blockchain?
05:44 - Why Stablecoins Finally Took Off
09:22 - What Stops Normal People From Using Stablecoins
11:38 - Can You Insure An AI Agent?
15:14 - Who Pays When Your AI Agent Gets Hacked?
23:05 - Is It Too Late To Stop AI?
29:15 - Why The Internet Will Break For AI Agents
32:11 - How One Email Could Empty Your Bank Account
35:03 - "Disaster Will Happen"
38:36 - How To Stop An AI Agent From Going Rogue
46:11 - How Sui Wants To Win The Agent Economy
47:23 - Why Sui?
53:23 - Where Sui Will Be In A Year
New Era Finance Podcast retweeted
🚨 RAOUL PAL: “THIS IS A MID-CYCLE CORRECTION”
@RaoulGMI rejects the idea that crypto has exhausted its upside.
“Bitcoin's job is to take a share of global savings. Global savings is a finite number. Smart contracts have no finite number.”
“There is an infinite number of use cases, and now we've added in an infinite population of agents. There is no top to this. Now, of course, there's cycles and all the other stuff.”
“If we do get more of a supercycle, a lot of people will sell too early.”
“Chances are you won't get the low because you're terrified there's another leg down.”
“We haven't had the down cycle of liquidity. It's just flat for a bit.”
“This is not a cycle. This is a mid-cycle correction. And it's like an elongated version of what happened in 2020.”
📽️: @new_era_finance
New Era Finance Podcast retweeted
‼️ sui:native CO-FOUNDER: THE WEB ISN’T READY FOR BOTS WITH BRAINS
@EvanWeb3 warns that AI agents could overwhelm systems designed for humans.
“A lot of that infrastructure built for humans breaks down. It doesn't apply anymore.”
“The web is built for humans.”
“Now you have a bot that has a brain attached to it.”
“Two minutes later, it comes back with a different way.”
“In the next hour, it's already figuring out, reverse-engineering your entire web stack and figuring out where the vulnerability is.”
“Your business is like, ‘What the heck do I do with this?’”
Ft. @CryptoMichNL @new_era_finance
New Era Finance Podcast retweeted
Now it's more important than ever to protect your privacy and the systems you operate on.
AI has been powerful enough to hack into many systems.
That's why our financial infrastructure isn't ready for the Agentic Economy.
Blockchain is.
Last month, I sat down with @BBilowitzki, CEO of @Concordium, to discuss this particular topic.
They have delivered, and it showcases exactly why concordium:native is at a pivotal point in our society.
Agent transactions since July: 15.6K --> 670K.
The amount of concordium:native moving between agents: up 3x.
The fundamentals & the demand for Concordium have increased enormously, despite the overall weak market sentiment.
That's exactly why I'm holding my concordium:native .
Every chain is racing to let AI agents move money. Boris Bohrer-Bilowitzky, @bbilowitzki, asked the question that stops the party:
"None of them can tell you who's behind the agent."
Boris is CEO of @Concordium, and his case is that the biggest narrative of this cycle isn't agents moving money, it's the identity layer underneath them. An agent with a wallet is a liability nobody has assigned yet: when it loses money, who's responsible? The developer? The owner? The chain?
His answer is proof without exposure: verify who you are without handing your passport to every platform, and without the all-or-nothing choice governments are pushing between full control and full anonymity.
We cover:
- Why AI agents with wallets create a liability problem nobody has solved
- Identity verification on-chain: proof of personhood without surveillance
- How Concordium compares to Worldcoin and Ethereum's agent identity standard
- The hard question I put to him directly: why is the market cap still this low, and what has to happen next year?
- Making blockchain invisible, the UX problem crypto still hasn't fixed
Full transparency: I’m holding $CCD personally as I’m standing behind the thesis that the team is building for.
Timestamps:
00:00 - Intro
01:10 - State Of The Crypto Market
05:54 - Privacy Vs. Control
11:57 - AI And Financial Transactions
17:58 - Who Is Liable For AI Agents?
20:52 - Crypto's User Experience Problem
41:47 - Concordium Vs. #Ethereum
43:37 - Concordium Vs. Worldcoin
45:28 - Why Is The Market Cap Low?
56:20 - Concordium's Goals For Next Year
New Era Finance Podcast retweeted
Blockchain came with a token attached, so we decided the token was the product. It never was. Chains are infrastructure.
Nobody knows what database their brokerage runs on. Nobody knows what internet theyre on. It just works, so you dont ask. Thats where this ends up. Youll buy an equity and have no idea its on chain, and youll never need to.
Which is why the financial system coming in is a good thing. Crypto is still hard to use and they tighten all of that up.
Convergence is the answer.
New Era Finance Podcast retweeted
Most people treat higher rates as the kill switch for risk assets. @RaoulGMI flipped that completely:
"When you put bond yields up high, you're giving them money, so it can act as a net stimulus."
An ageing population owns the bonds. Rising yields are not a tax on them. They are a cash flow.
The old playbook said: hike rates → tighten conditions → risk off.
His playbook: hike rates → income to savers → spending power → the "tightening" shows up as stimulus for the people who actually hold the paper.
That is why he keeps saying higher rates are not bearish this time. The distribution of who owns the debt changed the whole transmission.
If bond coupons are feeding households and pension plans instead of starving them, every "rates up = crypto down" chart needs a second look.
@RealVision
Liquidity is stuck. Rates are higher. Most people read that as the end of the #crypto cycle.
@RaoulGMI reads it completely differently:
"This is not a cycle. This is a mid-cycle correction. And it's like an elongated version of what happened in 2020."
His reasoning: the last rally never even got to one standard deviation overbought versus the trend, and we never had a real down cycle in liquidity. It just went flat for a while.
Raoul is the founder and CEO of Global Macro Investor and @RealVision, and his new book The Everything Code is out now. Third time on the show, first time in person, recorded live in Singapore.
In his view the adoption story is already obvious: stablecoins, tokenization, AI agents. What's missing is fuel:
"So all you need is the kindling. You need to throw the gasoline on the fire and the gasoline always and every time is liquidity."
Thanks to @OKX for being today's sponsor of the show.
We cover:
- Why liquidity is stuck, and why higher rates are not bearish this time
- The deflationary nuclear bomb: what AI does to wages, advice and the value of money
- How Raoul rebuilt his entire business with AI without writing a line of code
- AI agents, liability, and why identity is the layer everyone overlooks
- #Bitcoin oversold versus Nasdaq, and the case for a mid-cycle correction
- Which Layer 1s win, and how to value a network with the "lights off" test
- How Raoul invests himself: two trades this year
Timestamps:
00:50 - Third Time, Live In Singapore
04:22 - Why Liquidity Is Stuck
05:49 - Why Higher Rates Are Not Bearish
11:09 - Escaping The Rat Race
18:42 - The Deflationary Nuclear Bomb
24:48 - Building Everything With AI
32:17 - AI Agents, Liability And Risk
42:46 - Is Crypto Breaking Out?
45:57 - A Mid-Cycle Correction
51:37 - What Everyone Overlooks: Identity
54:36 - Which Layer 1s Win
1:01:12 - How Raoul Invests
Higher rates are supposed to kill rallies. @RaoulGMI says they can be a stimulus.
"When you put bond yields up high, you're giving them money, so it can act as a net stimulus."
Ageing savers own the bonds. Rising yields put cash in their hands.
Full episode with Raoul Pal on our YouTube.
Liquidity is stuck. Rates are higher. Most people read that as the end of the #crypto cycle.
@RaoulGMI reads it completely differently:
"This is not a cycle. This is a mid-cycle correction. And it's like an elongated version of what happened in 2020."
His reasoning: the last rally never even got to one standard deviation overbought versus the trend, and we never had a real down cycle in liquidity. It just went flat for a while.
Raoul is the founder and CEO of Global Macro Investor and @RealVision, and his new book The Everything Code is out now. Third time on the show, first time in person, recorded live in Singapore.
In his view the adoption story is already obvious: stablecoins, tokenization, AI agents. What's missing is fuel:
"So all you need is the kindling. You need to throw the gasoline on the fire and the gasoline always and every time is liquidity."
Thanks to @OKX for being today's sponsor of the show.
We cover:
- Why liquidity is stuck, and why higher rates are not bearish this time
- The deflationary nuclear bomb: what AI does to wages, advice and the value of money
- How Raoul rebuilt his entire business with AI without writing a line of code
- AI agents, liability, and why identity is the layer everyone overlooks
- #Bitcoin oversold versus Nasdaq, and the case for a mid-cycle correction
- Which Layer 1s win, and how to value a network with the "lights off" test
- How Raoul invests himself: two trades this year
Timestamps:
00:50 - Third Time, Live In Singapore
04:22 - Why Liquidity Is Stuck
05:49 - Why Higher Rates Are Not Bearish
11:09 - Escaping The Rat Race
18:42 - The Deflationary Nuclear Bomb
24:48 - Building Everything With AI
32:17 - AI Agents, Liability And Risk
42:46 - Is Crypto Breaking Out?
45:57 - A Mid-Cycle Correction
51:37 - What Everyone Overlooks: Identity
54:36 - Which Layer 1s Win
1:01:12 - How Raoul Invests
218
Worried AI takes your job?
@RaoulGMI's answer is blunt:
"If you're worried about your job because of robots and AI, invest in the robots and AI."
Side work. Relocate. Participate. Don't just hope the 9 to 5 holds.
Full episode with Raoul Pal on our YouTube.
Liquidity is stuck. Rates are higher. Most people read that as the end of the #crypto cycle.
@RaoulGMI reads it completely differently:
"This is not a cycle. This is a mid-cycle correction. And it's like an elongated version of what happened in 2020."
His reasoning: the last rally never even got to one standard deviation overbought versus the trend, and we never had a real down cycle in liquidity. It just went flat for a while.
Raoul is the founder and CEO of Global Macro Investor and @RealVision, and his new book The Everything Code is out now. Third time on the show, first time in person, recorded live in Singapore.
In his view the adoption story is already obvious: stablecoins, tokenization, AI agents. What's missing is fuel:
"So all you need is the kindling. You need to throw the gasoline on the fire and the gasoline always and every time is liquidity."
Thanks to @OKX for being today's sponsor of the show.
We cover:
- Why liquidity is stuck, and why higher rates are not bearish this time
- The deflationary nuclear bomb: what AI does to wages, advice and the value of money
- How Raoul rebuilt his entire business with AI without writing a line of code
- AI agents, liability, and why identity is the layer everyone overlooks
- #Bitcoin oversold versus Nasdaq, and the case for a mid-cycle correction
- Which Layer 1s win, and how to value a network with the "lights off" test
- How Raoul invests himself: two trades this year
Timestamps:
00:50 - Third Time, Live In Singapore
04:22 - Why Liquidity Is Stuck
05:49 - Why Higher Rates Are Not Bearish
11:09 - Escaping The Rat Race
18:42 - The Deflationary Nuclear Bomb
24:48 - Building Everything With AI
32:17 - AI Agents, Liability And Risk
42:46 - Is Crypto Breaking Out?
45:57 - A Mid-Cycle Correction
51:37 - What Everyone Overlooks: Identity
54:36 - Which Layer 1s Win
1:01:12 - How Raoul Invests
You don't know which database this is recorded on. And you don't care.
@RaoulGMI on blockchain:
"It's an infrastructure project. You shouldn't care. It just works."
We confuse the token with the rails. The rails are the point.
Full episode with Raoul Pal on our YouTube.
Liquidity is stuck. Rates are higher. Most people read that as the end of the #crypto cycle.
@RaoulGMI reads it completely differently:
"This is not a cycle. This is a mid-cycle correction. And it's like an elongated version of what happened in 2020."
His reasoning: the last rally never even got to one standard deviation overbought versus the trend, and we never had a real down cycle in liquidity. It just went flat for a while.
Raoul is the founder and CEO of Global Macro Investor and @RealVision, and his new book The Everything Code is out now. Third time on the show, first time in person, recorded live in Singapore.
In his view the adoption story is already obvious: stablecoins, tokenization, AI agents. What's missing is fuel:
"So all you need is the kindling. You need to throw the gasoline on the fire and the gasoline always and every time is liquidity."
Thanks to @OKX for being today's sponsor of the show.
We cover:
- Why liquidity is stuck, and why higher rates are not bearish this time
- The deflationary nuclear bomb: what AI does to wages, advice and the value of money
- How Raoul rebuilt his entire business with AI without writing a line of code
- AI agents, liability, and why identity is the layer everyone overlooks
- #Bitcoin oversold versus Nasdaq, and the case for a mid-cycle correction
- Which Layer 1s win, and how to value a network with the "lights off" test
- How Raoul invests himself: two trades this year
Timestamps:
00:50 - Third Time, Live In Singapore
04:22 - Why Liquidity Is Stuck
05:49 - Why Higher Rates Are Not Bearish
11:09 - Escaping The Rat Race
18:42 - The Deflationary Nuclear Bomb
24:48 - Building Everything With AI
32:17 - AI Agents, Liability And Risk
42:46 - Is Crypto Breaking Out?
45:57 - A Mid-Cycle Correction
51:37 - What Everyone Overlooks: Identity
54:36 - Which Layer 1s Win
1:01:12 - How Raoul Invests
We've got everything we asked for. Stablecoins, tokenization, banks on blockchain rails. And @RaoulGMI says it's only just started.
"It's pretty fucking obvious where this is going."
$300B in stablecoins now. On trend, a trillion by 2030. Plus AI agents as new economic actors.
Full episode with Raoul Pal on our YouTube.
Liquidity is stuck. Rates are higher. Most people read that as the end of the #crypto cycle.
@RaoulGMI reads it completely differently:
"This is not a cycle. This is a mid-cycle correction. And it's like an elongated version of what happened in 2020."
His reasoning: the last rally never even got to one standard deviation overbought versus the trend, and we never had a real down cycle in liquidity. It just went flat for a while.
Raoul is the founder and CEO of Global Macro Investor and @RealVision, and his new book The Everything Code is out now. Third time on the show, first time in person, recorded live in Singapore.
In his view the adoption story is already obvious: stablecoins, tokenization, AI agents. What's missing is fuel:
"So all you need is the kindling. You need to throw the gasoline on the fire and the gasoline always and every time is liquidity."
Thanks to @OKX for being today's sponsor of the show.
We cover:
- Why liquidity is stuck, and why higher rates are not bearish this time
- The deflationary nuclear bomb: what AI does to wages, advice and the value of money
- How Raoul rebuilt his entire business with AI without writing a line of code
- AI agents, liability, and why identity is the layer everyone overlooks
- #Bitcoin oversold versus Nasdaq, and the case for a mid-cycle correction
- Which Layer 1s win, and how to value a network with the "lights off" test
- How Raoul invests himself: two trades this year
Timestamps:
00:50 - Third Time, Live In Singapore
04:22 - Why Liquidity Is Stuck
05:49 - Why Higher Rates Are Not Bearish
11:09 - Escaping The Rat Race
18:42 - The Deflationary Nuclear Bomb
24:48 - Building Everything With AI
32:17 - AI Agents, Liability And Risk
42:46 - Is Crypto Breaking Out?
45:57 - A Mid-Cycle Correction
51:37 - What Everyone Overlooks: Identity
54:36 - Which Layer 1s Win
1:01:12 - How Raoul Invests
231
"They're the same people who get fucked every time."
Higher rates are supposed to help savers. @RaoulGMI says the middle class still loses.
The rich own the bonds. The middle class owns neither.
Full episode with Raoul Pal on our YouTube.
Liquidity is stuck. Rates are higher. Most people read that as the end of the #crypto cycle.
@RaoulGMI reads it completely differently:
"This is not a cycle. This is a mid-cycle correction. And it's like an elongated version of what happened in 2020."
His reasoning: the last rally never even got to one standard deviation overbought versus the trend, and we never had a real down cycle in liquidity. It just went flat for a while.
Raoul is the founder and CEO of Global Macro Investor and @RealVision, and his new book The Everything Code is out now. Third time on the show, first time in person, recorded live in Singapore.
In his view the adoption story is already obvious: stablecoins, tokenization, AI agents. What's missing is fuel:
"So all you need is the kindling. You need to throw the gasoline on the fire and the gasoline always and every time is liquidity."
Thanks to @OKX for being today's sponsor of the show.
We cover:
- Why liquidity is stuck, and why higher rates are not bearish this time
- The deflationary nuclear bomb: what AI does to wages, advice and the value of money
- How Raoul rebuilt his entire business with AI without writing a line of code
- AI agents, liability, and why identity is the layer everyone overlooks
- #Bitcoin oversold versus Nasdaq, and the case for a mid-cycle correction
- Which Layer 1s win, and how to value a network with the "lights off" test
- How Raoul invests himself: two trades this year
Timestamps:
00:50 - Third Time, Live In Singapore
04:22 - Why Liquidity Is Stuck
05:49 - Why Higher Rates Are Not Bearish
11:09 - Escaping The Rat Race
18:42 - The Deflationary Nuclear Bomb
24:48 - Building Everything With AI
32:17 - AI Agents, Liability And Risk
42:46 - Is Crypto Breaking Out?
45:57 - A Mid-Cycle Correction
51:37 - What Everyone Overlooks: Identity
54:36 - Which Layer 1s Win
1:01:12 - How Raoul Invests
135
New Era Finance Podcast retweeted
🚨JUST IN: 'Anti- Crypto' Elizabeth Warren set to become Senate Banking Committee chair, giving the outspoken crypto critic major influence over financial regulation.
The role would put Warren at the center of crypto legislation, banking oversight and scrutiny of financial regulators.
Democrats also plan to investigate financial ties between the crypto industry, President Trump and his family, per Bloomberg.
New Era Finance Podcast retweeted
Everyone's arguing about inflation. Raoul Pal looked at the same data and sees the opposite coming, and his phrase for it stops you cold:
"By 2030 to 2035, this is the most deflationary event in history. I call it a deflationary nuclear bomb. Because we don't even know what money is worth at that point."
@raoulgmi reading of right now: "Wages aren't going up while we've got good economic growth. Hiring's not going up, and firing is not going anywhere... that's the first deflationary sign."
So what's still inflating? Two things, both temporary in his read. The bottlenecks, electricity prices spiking because of the AI build-out, "that will all get cleared, because the game is so big that everybody will pile as much money into solving those bottlenecks as possible, as fast as possible. The next three years, that all goes away."
And healthcare, driven by aging boomers. His kicker: "Now you are going to apply AI and robotics to that too."
Follow the logic to the end. Labor stops pushing wages. A capex wave solves the bottlenecks. The last inflating sector gets automated. What's left pushing prices up?
And the real question hiding inside his nuclear-bomb line isn't about prices at all. If technology makes everything cheaper at once, money itself stops being a stable ruler, in both directions. That's the world where the debasement response gets unleashed without the usual punishment, and scarce assets become the only fixed points left.
Liquidity is stuck. Rates are higher. Most people read that as the end of the #crypto cycle.
@RaoulGMI reads it completely differently:
"This is not a cycle. This is a mid-cycle correction. And it's like an elongated version of what happened in 2020."
His reasoning: the last rally never even got to one standard deviation overbought versus the trend, and we never had a real down cycle in liquidity. It just went flat for a while.
Raoul is the founder and CEO of Global Macro Investor and @RealVision, and his new book The Everything Code is out now. Third time on the show, first time in person, recorded live in Singapore.
In his view the adoption story is already obvious: stablecoins, tokenization, AI agents. What's missing is fuel:
"So all you need is the kindling. You need to throw the gasoline on the fire and the gasoline always and every time is liquidity."
Thanks to @OKX for being today's sponsor of the show.
We cover:
- Why liquidity is stuck, and why higher rates are not bearish this time
- The deflationary nuclear bomb: what AI does to wages, advice and the value of money
- How Raoul rebuilt his entire business with AI without writing a line of code
- AI agents, liability, and why identity is the layer everyone overlooks
- #Bitcoin oversold versus Nasdaq, and the case for a mid-cycle correction
- Which Layer 1s win, and how to value a network with the "lights off" test
- How Raoul invests himself: two trades this year
Timestamps:
00:50 - Third Time, Live In Singapore
04:22 - Why Liquidity Is Stuck
05:49 - Why Higher Rates Are Not Bearish
11:09 - Escaping The Rat Race
18:42 - The Deflationary Nuclear Bomb
24:48 - Building Everything With AI
32:17 - AI Agents, Liability And Risk
42:46 - Is Crypto Breaking Out?
45:57 - A Mid-Cycle Correction
51:37 - What Everyone Overlooks: Identity
54:36 - Which Layer 1s Win
1:01:12 - How Raoul Invests
Everyone says higher rates kill rallies. @RaoulGMI says they can be a stimulus.
"The stimulus was actually coming from interest payments."
Why higher rates are not bearish this time.
Full episode with Raoul Pal on our YouTube.
Liquidity is stuck. Rates are higher. Most people read that as the end of the #crypto cycle.
@RaoulGMI reads it completely differently:
"This is not a cycle. This is a mid-cycle correction. And it's like an elongated version of what happened in 2020."
His reasoning: the last rally never even got to one standard deviation overbought versus the trend, and we never had a real down cycle in liquidity. It just went flat for a while.
Raoul is the founder and CEO of Global Macro Investor and @RealVision, and his new book The Everything Code is out now. Third time on the show, first time in person, recorded live in Singapore.
In his view the adoption story is already obvious: stablecoins, tokenization, AI agents. What's missing is fuel:
"So all you need is the kindling. You need to throw the gasoline on the fire and the gasoline always and every time is liquidity."
Thanks to @OKX for being today's sponsor of the show.
We cover:
- Why liquidity is stuck, and why higher rates are not bearish this time
- The deflationary nuclear bomb: what AI does to wages, advice and the value of money
- How Raoul rebuilt his entire business with AI without writing a line of code
- AI agents, liability, and why identity is the layer everyone overlooks
- #Bitcoin oversold versus Nasdaq, and the case for a mid-cycle correction
- Which Layer 1s win, and how to value a network with the "lights off" test
- How Raoul invests himself: two trades this year
Timestamps:
00:50 - Third Time, Live In Singapore
04:22 - Why Liquidity Is Stuck
05:49 - Why Higher Rates Are Not Bearish
11:09 - Escaping The Rat Race
18:42 - The Deflationary Nuclear Bomb
24:48 - Building Everything With AI
32:17 - AI Agents, Liability And Risk
42:46 - Is Crypto Breaking Out?
45:57 - A Mid-Cycle Correction
51:37 - What Everyone Overlooks: Identity
54:36 - Which Layer 1s Win
1:01:12 - How Raoul Invests
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New Era Finance Podcast retweeted
‼️ RAOUL PAL: AMERICAN BOOMER WEALTH HIDES A RETIREMENT CRISIS
@RaoulGMI argues that wealthy Americans skew the picture of baby boomer wealth.
“People are like, ‘Oh, the boomers have so much money.’ The average boomer does, but there's a bunch of billionaires and some very rich Americans in that.”
“The median boomer has 150K or 200K in their entire savings from their entire career.”
“They can live for three years on retirement, so they have to go and work at Walmart until they're 80.”
Ft. @new_era_finance
70,000 AI agents attacked Hugging Face and left each other hidden messages in forums.
@RaoulGMI: "This is early days. There's nothing anybody can do about this."
So who is responsible when AI breaks out of its sandbox?
Full episode with Raoul Pal on our YouTube.
Liquidity is stuck. Rates are higher. Most people read that as the end of the #crypto cycle.
@RaoulGMI reads it completely differently:
"This is not a cycle. This is a mid-cycle correction. And it's like an elongated version of what happened in 2020."
His reasoning: the last rally never even got to one standard deviation overbought versus the trend, and we never had a real down cycle in liquidity. It just went flat for a while.
Raoul is the founder and CEO of Global Macro Investor and @RealVision, and his new book The Everything Code is out now. Third time on the show, first time in person, recorded live in Singapore.
In his view the adoption story is already obvious: stablecoins, tokenization, AI agents. What's missing is fuel:
"So all you need is the kindling. You need to throw the gasoline on the fire and the gasoline always and every time is liquidity."
Thanks to @OKX for being today's sponsor of the show.
We cover:
- Why liquidity is stuck, and why higher rates are not bearish this time
- The deflationary nuclear bomb: what AI does to wages, advice and the value of money
- How Raoul rebuilt his entire business with AI without writing a line of code
- AI agents, liability, and why identity is the layer everyone overlooks
- #Bitcoin oversold versus Nasdaq, and the case for a mid-cycle correction
- Which Layer 1s win, and how to value a network with the "lights off" test
- How Raoul invests himself: two trades this year
Timestamps:
00:50 - Third Time, Live In Singapore
04:22 - Why Liquidity Is Stuck
05:49 - Why Higher Rates Are Not Bearish
11:09 - Escaping The Rat Race
18:42 - The Deflationary Nuclear Bomb
24:48 - Building Everything With AI
32:17 - AI Agents, Liability And Risk
42:46 - Is Crypto Breaking Out?
45:57 - A Mid-Cycle Correction
51:37 - What Everyone Overlooks: Identity
54:36 - Which Layer 1s Win
1:01:12 - How Raoul Invests
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"They're the same people who get fucked every time. They have no savings. So increasing bond yields doesn't help them."
@RaoulGMI, founder of @RealVision and Global Macro Investor, author of "The Everything Code," on who actually pays for higher rates:
An older population of savers holds cash and bonds, so higher yields hand them money and act as a net stimulus. The middle class owns neither.
Translation: higher rates aren't bearish for markets, but they aren't neutral for everyone either.
Watch the full episode below or on YouTube!
Liquidity is stuck. Rates are higher. Most people read that as the end of the #crypto cycle.
@RaoulGMI reads it completely differently:
"This is not a cycle. This is a mid-cycle correction. And it's like an elongated version of what happened in 2020."
His reasoning: the last rally never even got to one standard deviation overbought versus the trend, and we never had a real down cycle in liquidity. It just went flat for a while.
Raoul is the founder and CEO of Global Macro Investor and @RealVision, and his new book The Everything Code is out now. Third time on the show, first time in person, recorded live in Singapore.
In his view the adoption story is already obvious: stablecoins, tokenization, AI agents. What's missing is fuel:
"So all you need is the kindling. You need to throw the gasoline on the fire and the gasoline always and every time is liquidity."
Thanks to @OKX for being today's sponsor of the show.
We cover:
- Why liquidity is stuck, and why higher rates are not bearish this time
- The deflationary nuclear bomb: what AI does to wages, advice and the value of money
- How Raoul rebuilt his entire business with AI without writing a line of code
- AI agents, liability, and why identity is the layer everyone overlooks
- #Bitcoin oversold versus Nasdaq, and the case for a mid-cycle correction
- Which Layer 1s win, and how to value a network with the "lights off" test
- How Raoul invests himself: two trades this year
Timestamps:
00:50 - Third Time, Live In Singapore
04:22 - Why Liquidity Is Stuck
05:49 - Why Higher Rates Are Not Bearish
11:09 - Escaping The Rat Race
18:42 - The Deflationary Nuclear Bomb
24:48 - Building Everything With AI
32:17 - AI Agents, Liability And Risk
42:46 - Is Crypto Breaking Out?
45:57 - A Mid-Cycle Correction
51:37 - What Everyone Overlooks: Identity
54:36 - Which Layer 1s Win
1:01:12 - How Raoul Invests
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"The number one way a government could stop Bitcoin is by implementing fiscal austerity."
Eric Yakes (@ericyakes), founder of Epoch Ventures, on what could stop Bitcoin, and who buys next.
His expectation: "as Bitcoin gets bigger, it simply becomes more appealing for governments to use for that purpose."
JUST IN: 🇺🇸 Senator Bill Hagerty says growing the U.S. Strategic Bitcoin Reserve beyond its current 200,000 BTC “could come very soon” once crypto market structure legislation gets done 👀
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