# AI Agents and Tokenization Drive Crypto Bull Market

**Podcast:** The Milk Road Show
**Published:** 2026-09-09

## Transcript

The reason Bitcoin is the greatest trade to me, and again, nobody has to agree with me.
I don't really care.
I believe the crypto market within five years will be approaching.
$50 to $100 trillion.
If that's the market cap in five years, Bitcoin will be at least...
Tokenization is taking off.
Crypto and AI are colliding at full speed and everyone is so worried about interest rates.
But what do you need to know?
What is actually going to move your portfolio?
And what does all of this have to do with bringing the bull market back to crypto?
Hello and welcome to Milk Road Crypto, the podcast that knows that the future of finance is AI agents making meme coins while we all watch and just hope and pray that they make no mistakes.
I'm your host, John Gillan.
Today...
is tuesday september 8th we will be releasing this episode on september 9th and today we are joined by the best one man band in brooklyn jordy viscer jordy is the head Jordy likes that joke.
Jordy is the head of AI Macro Nexus Research at 22B Research and the founder of Visser Labs, a consulting firm that advises on AI and digital assets.
Jordy is a friend and fan of Milk Road.
He's back on the show today to discuss everything you need to know about AI and crypto.
So if that sounds good to you, make sure you like and subscribe.
Share this episode with somebody who needs to hear it.
And as a reminder, our podcast today is free and that would not be possible without our wonderful partners at Sabre.Money, the stablecoin payments platform built for Asia.
So keep an ear out for more information on them later in.
today's episode but for now welcome back to the show one of my favorite guests jordy visser how are you sir i'm good john how you doing i'm good man it's a it's a good time to talk and we have a lot to catch up on uh i wanted to just start with something that i think a lot of people are asking questions about but about three weeks ago now we saw the biggest short squeeze in crypto history a trillion a half a trillion dollars added to the market cap of crypto overall in the space of a few days.
And since then, you've gotten much more vocal about your conviction on the crypto thesis here.
Talk to me about why this was such an important moment for you to start talking about crypto again and why it was such a big change for crypto overall.
So first of all, for the last, I don't even know, it's been six months, like most people who have long-term beliefs in the intersection of...
let's say the financial guardrails and the traditional finance world.
My focus has been on AI agents.
So, you know, beginning in November of last year, the agentic revolution began.
So to me, it was just a clock tick towards when it would become a reality for everyone who's an investor that AI and crypto are their brothers.
They need each other.
And I've said repeatedly for well over a year, and I do it to be both provocative, meaning to provoke thought, but also to provoke reaction.
But I will continue to say that Bitcoin is the purest AI trait.
I don't care what anyone says on the other side, because most of the time it comes into, well, that would be Micron or NVIDIA or all this stuff, when the reality is, if you believe what I believe, which is that AI agents will eventually disrupt all businesses, and that the beginning of that revolution only started less than a year ago.
And it takes a while to get the agents up and running.
And so crypto in general, and I'll leave Bitcoin aside for a second and just say, I've been waiting for the crypto ecosystem to catch the same bid that Micron started to catch in May of last year and really, let's say, September, when I have the luxury of both knowing a lot of people in the traditional finance world from the institutional investor side, many of the ones that I've had conversations with in the last week about tokenization in crypto are people that everyone here would know in the macro world.
They didn't care at all about inference in May of last year when I wrote a paper.
So I believe and have believed that at some point there'd be this trigger point where the agentic side would catch up.
And people would start to realize that you can have billions of AI agents, but if you don't have financial guardrails, they can't actually do anything because they can't use the SWIFT system.
So whether it's the Robin Hood news from a week ago or whether it's the tape, and I grew up a trader, and I believe that when you're in a bear market and you're below the 200-day moving average and the 200-day moving average is pointed downward, do not sit there and try to tell everyone this is a bull market because you're waiting to buy something that...
has no trend.
Well, now the 200-day moving average in Bitcoin is pointed up.
Now it's above the 200-day moving average.
And that says the tape has spoken, the agentic world has spoken.
And so I'm getting louder and prouder about the reality that crypto is here.
Your latest subsec article is so new.
I haven't actually had a chance to read it yet, but the title grabbed my attention right away.
It's Tokenization, Machine Rails for Machine Brains.
And I believe this is in response to what's going on in the Robinhood chain here.
But give us the high-level thesis in this subsec article.
What are you getting at here?
What's the takeaway from this one?
Yeah, this is really – Robinhood was upgraded last week, and the stock was up 16%, 17%.
And what I wrote about was – the news coverage about why Morgan Stanley upgraded it.
And really, none of it had to do with crypto.
None of it had to do with the blockchain.
So they were doing that because of revenues growing.
Now, the prediction markets, all different parts.
Robinhood has a lot of revenue streams.
And what I write in the paper is that it has kind of an Apple feel to it as it's generating all kinds of different places for it to make money.
I brought up the fact that the Robinhood chain, all of the numbers are going through the roof, whether it's the volumes, whether it's the trading activity in general.
I went through a variety of different pieces.
And what I was calling this and what I wanted to make sure is people realize that this is an indication of the merge of the agentic world.
And Robinhood has basically brought up the fact that they have AI.
You can basically have your own AI agent trading for you.
And at the same time, Robinhood saw their stock gap up 16%.
I've created a 46 token index, which includes six public companies and 40 crypto tokens.
I have created an equal weight of that as part of my subscriber list to basically show that the ecosystem of crypto, of which Robinhood is one of the names, so is Circle.
There's obvious ones that are in there.
If you take a chart of it, it is overlaid and basically.
directly correlated with Bitcoin.
And that's my whole belief is that as people start to realize that Robinhood matters a lot because they are bringing volume based on their community.
And that's the aspect that's really important.
Robinhood has a community that straddles the world of crypto and the world of TradFi.
So they are arguably the most important place, more so than Coinbase, more so than Circle, because I think they represent this merge area.
And that's what the paper was about.
Hi, everyone.
This is John.
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A lot of people have looked at this wild success that's been happening on the Robinhood chain and dismissed it as just another meme coin frenzy.
It seemed like you're saying this is more an indication of the future of finance and the adoption of tokenization.
How do you make that argument to somebody who just waves their hand at this and says it's just some more trenchers and meme coins getting pumps and dumps?
But what would you respond to that with?
Well, partially it's true, but I would say before volume comes into anything, it's always going to be the energy of the space which comes through the meme coins.
I've said repeatedly that for technical signals, I always want to see what the retail community is doing.
The retail community of Bitcoin, the people that have never sold a single Bitcoin, that have held it forever, of which I'm a proud member of that group, they are the ones that are going to trade based on knowing that if the crypto space is going to gather steam, The meme coins are going to trade with a higher leverage.
They're the beta in the group.
Paul Tudor Jones famously said after COVID, I believe this is money printing and we're going to see a inflationary outcome.
This was in, I think, May in his his his Tudor newsletter that came out probably in June of 2020.
And he basically said, I want to be long the fastest horse in the race.
Meme coins are the fastest horse in the race.
And they're the ones that bring the energy.
They bring the trading activity, the trading in there.
So I believe that's the way it should be.
The reason I'm confident that this will morph into more is the news of every single country adopting tokenization.
There is no way to get around the fact that if people want to trade in 24-7, 365, if you're not doing it, you're going to lose share.
So whether it's South Korea, whether it's Japan, whether it's even Europe.
and how they're figuring their rules will be for tokenization.
I think everyone is now on board.
I was at the New York Stock Exchange in May as part of a group that was speaking to South Korean brokers that were in there.
Now, South Korea said last week that they want tokenization to be up and running for every asset in their country by February of 2027.
So we're dealing with the fact that this is going to happen and it's better to trade that way.
It's faster.
It's instant settlement.
It opens up an enormous amount of functionality.
And that was the other thing that I brought into why you would do it.
The ability for people to immediately lend on the things they own, move collateral around, do things.
I just don't think people realize how archaic the system is.
They do know it is that way, but they just haven't thought about it.
So I will say that right now it's the trading activity.
Once people start to realize that it's happening around the globe, it will just continue to grow with all institutions.
There's no way to get around it.
I want to drill down a little bit more on this.
You've called tokenization a structural necessity, and you've said that it's going to unlock a lot of things for pools of capital like private credit, equity, VC stakes that are sort of trapped in illiquid positions now.
For our audience who maybe don't understand how tokenization will help unlock some of those markets, could you walk us through a little bit of what you see happening there and the potential that's on the horizon?
Yeah, and I'm sure by now your listeners have heard the numbers of the total net worth of the globe.
in terms of the fiat assets, because it's the argument for why a $3, $4 trillion asset class is completely underweighted relative to the bloated fiat system QE aided, which is $700 plus trillion.
So out of that $700 trillion, about two-thirds of those assets, so think real estate, think gold, think private credit, think venture capital, think everything that you want, about two-thirds of that, is illiquid.
So the first thing that happens is if you go buy a house tomorrow and you decide, you know what, I want to go buy coffee with the house that I just purchased.
I have a house.
You can't do anything with it unless you go get a home equity loan, go through the process, sign up all the documents, get an interest rate attached to it.
When the reality is, if you've purchased a house and you want to go buy a cup of coffee, why shouldn't that be included?
It gets included in your net worth for everything.
The reason it doesn't is because it's illiquid.
Well, at some point with tokenization, everything will be democratized in terms of some liquidity.
Maybe your house will trade at a...
20% less value in terms of if you wanted to go buy a cup of coffee and use your house for it, you have to sell pieces of it or bits of it, you can do that.
But that's the whole point is that if you have assets, but you don't have cash, you should be able to turn those assets into cash.
And we have a bloated world of fiat assets where most of it is illiquid.
And those are dormant assets.
This is why when people hear that money velocity goes down, well, that's because The money doesn't actually go to spending things or transactions.
It goes into these assets that then sit there and they don't move.
So what will happen over time is you're going to get more movement.
You should be able to tokenize IP.
I think I'm a pretty smart guy.
I think I build things.
I'm sure you do too.
Other people, they create IP.
Their IP is their intellectual property of an idea they come up with.
They play with it in AI and they create something that has value.
There will be tokens attached to intellectual property.
Everything that GDP at this point point doesn't measure and doesn't know how to measure that's digital will become part of the economy.
So tokenization is really the bridge between the fiat assets, which trade at about 10 times the value of all of the currency ever produced in the world.
And people need to think about that.
That's what the fractional reserve banking system is.
So when you get all mad and say this house of cards is going to crumble down, it's not.
The governments can't allow it to because then we have the Great Depression.
So rather than listening to everyone in X who's spewing bear porn every day about how you're going to lose all your money and how depressions happen, which has not happened.
Even in the great financial crisis, we went back to all time highs relatively quickly.
And I'm not one to argue that there could be another option, let it go into the depression and get out of it.
But the choice they've made is to inflate assets out of this to make sure that the entire market becomes financialized.
This is the democratization.
and the definancialization of the leverage in the economy.
So money supply will keep growing.
The fiat assets will not.
And the money will move into things that are going up in value.
And I believe that will be crypto through tokenization.
So I think tokenization is the bridge between these two worlds.
I think that's a really insightful comment.
And I like the idea of the creation of new kinds of asset classes that tokenization enables, not just the $700 trillion of existing ones, too.
There's a lot in there.
Jordy, I want to ask you kind of a leading question here.
Every Sunday, you do a great video covering your thoughts on the market for the week on AI crypto, everything else.
Last weekend, you featured an interview I did with Tom Lee, who is the chairman of Bitmine, which is the largest Ethereum debt.
I wanted to first thank you for featuring the interview.
It was like making the front page of the New York Times for me.
So thanks for that.
But I really would like to hear your thoughts on what stood out to you so much from this interview, what got your attention so much, and why you thought it was so important to feature this interview in your video.
Well, first of all, I didn't do it because I'm coming on here.
Okay, John?
So that's both positive and negative.
So for people watching, I didn't do it for John.
I did it because at the time I was consuming.
For people who watch me every week, for me to actually create a video that you both enjoy, meaning somehow or another in one take every week, I can spew out 45 minutes to an hour of what happened during the week and what's entered my brain that I think is important for people on either avoiding noise and learning and also developing skills that can help them not be a victim during AI, not sit there and just...
put your sword down and say, I lose, I'm going to lose my job.
It's fine.
I'm trying to help people feel empowered.
And I was consuming that week, a lot of information on tokenization.
So when I get a theme that I want to double click on, I could go 36 hours in a week, literally walking around Brooklyn, walking around Manhattan and consuming this information.
And when I was listening to you, I remember I was in Union Square.
It was the farmer's market.
And Tom, who's, he's a little bit out there like me, like he'll, he'll, he'll stuff will just come out of his mouth.
And I'm not sure he ever said it before.
And he had like three or four comments that made me think.
And most of the time when I hear people are here podcast, it doesn't happen too often.
So when one guy can say three or four things that make me literally go, I got to pause this.
And I think I said this on my video, I had to pause it.
And I had to go basically.
talked to ChatGPT for, in one of them, like 30 minutes.
I got lost in a 30-minute conversation with AI.
And I don't remember, it was something about his valley of whatever he said, the uncanny valley of something.
Of wealth.
Of wealth.
And it was related to some Japanese piece of information.
So that's how much I consume.
Like I know bits and pieces, but I went and I had to listen to that.
So I had to leave your podcast, go listen to it.
And what it did for me, and I think for everyone, Tom said a lot of things that I think people should listen to.
And this was on my belief that Ethereum should lead Bitcoin and that Solana and Ethereum should lead Bitcoin.
And I'm really a Bitcoin maxi at heart long term.
But along the next five years, there will be things that outperform and should outperform if the ecosystem is going to grow.
And obviously, Tom is directly connected to Ethereum.
I'm a proud owner of Bitmines.
I believe he has convinced me over the last seven months that it's a good place to be for a variety of reasons.
And that was the reason why I referenced it.
It just happened to be in my in my.
my interest that week.
And I'm grateful for the fact that you did the interview and what you did well was when he did say something out there, uh, you kind of drill down on a little bit more and ask for more on it.
And that's something that a good interviewer does.
So I give you credit for that.
It kept me engaged for the entire interview.
This is great.
I'm going to frame that and put it in my fridge.
Jordi, I think that you touched on a lot of great ideas in this.
What I wanted to ask Tom about, and I want to get your take on this as well, is exactly that, the uncanny valley of wealth, which Tom's thesis is we're seeing this intersection of this tokenization super cycle along with the rise of agentic finance, and we're going to be living in the near future in a world where our AI agents are controlling most of our financial economic activity or for...
much of the world they will be anyway.
And I'm curious about your view on that thesis, what resonates for you, how you're thinking about approaching that world and just, you know, walk me through your thoughts around that idea.
Well, this is the part where I'm going to give you why this was so important to me.
And I remember exactly now, basically, since you asked the question.
So I think too many people.
And when I wrote a paper called The Silent IPO, it was about this concept.
The Silent IPO was about the ideologues who bailed out of Bitcoin and I meet them every single day.
I really do.
I was with one last week who everyone would know.
He has a company which everyone knows is involved in Bitcoin.
And he basically said to me, I'm not as big a believer.
I'm losing belief.
And this is after the breakout.
And I asked why.
And I just said to him, this is the reason why I wrote the silent IPO.
He said, what do you mean?
And I went, you have to understand, like, to not believe at this point.
literally, when AI agents are here, mean you believed in something that was binary.
You believed it's either this or it's that.
And I don't believe in that.
And that's not what Tom said.
What Tom said matches up with what I keep writing about, which is you have to think of this as the merge.
This is the merge of AI agents and humans.
That's what we're going through right now.
AI agents will not take over humans and humans will have to embrace AI agents.
But that embracing process will take a long time for investors.
It'll take a long time for regulators.
It has.
It is not an easy thing to say, oh, I'm going to let agents take my money and go through a trading account and go through this.
This is why I said, you know, if people want to let their kids build something, they should give their kids 100 bucks and let them go trade.
and see what happens.
But they shouldn't let them gamble and just say, I'm going to put it all on the Patriots this weekend and then have a 50-50 shot.
They should put it into 30 different stocks with trading signals that backtest over time.
And if they lose 10% over three months, OK, well, then let's change the signal and just keep going.
And if you need to ante up, that's what Shark Tank is about.
That's what getting people to think about.
The merge, which Tom Lee talked about and where it got me with Ethereum, is on this thing of, of course, Ethereum is going to win initially because of trust.
There's no way the banking system, there's no way anyone is just going to go, well, I'm going to go on to this new token that's just come out of nowhere.
The same way you're not going to let humanoids in your house with your kids.
You'll allow them in your, you know, your factory and in your warehouse moving boxes around where there's no other humans, but you're not going to let them be around humans until it's been tested for a long time.
Even though, like with full self-driving, it's obviously safer than letting humans drive around drunk.
It is one of the silliest things in the world that we don't have cars going around, which even if they get into an accident one out of a thousand times because the sunlight hits the sensor.
I'm scared to death driving back from Maine at five in the morning when half the people on the road were just leaving the bar.
So let's go through this and just say a merge is important.
What Tom talked about, in my opinion, is a reason to believe that the merge is going to happen slowly.
We're going to have the ecosystem grow.
And Ethereum, which is the most trusted of them at this point, even though it may not be the best technology, we're going to make little inroads into this.
And I just thought he talked about that whole scenario of the merge very well with that.
You know, one thing we've talked about a lot on this show is that crypto is quickly becoming a huge part of the global payments infrastructure, and nowhere is that more obvious than in Asia.
But if you're actually running a remittance company or a payment business, you know that the hard part isn't moving the stablecoins.
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I want to ask your thoughts on digital assets that you think are attractive in this environment.
I heard in a recent interview you said Bitcoin, Ethereum, and Solana were the three horsemen of crypto, which...
Three horsemen.
Anyway, we'll leave that apocalyptic reference aside.
But you picked those three assets and a lot of investors have kind of settled on these as sort of the big three of crypto.
And I'm curious if there's a reason why you settled on these three and how you're thinking about sizing between the three of them.
Because Tom, as an example, is very heavily concentrated on Ethereum.
Others are more focused on other assets.
Talk to me about why those three and how you're thinking about sizing those bets.
So for me, it's very simple.
Whenever I go through, so let's use the example I said about that particular week, I went through about 36 hours of, I don't know how many different conversations.
So a lot of that, at least a third of it is conversations with ChachiBT.
If people haven't done this yet, that is the way that I consume an enormous amount of information because I can ask a question as opposed to pausing you and Tom as good a job as you did.
I'm sitting there going, I hope you asked this.
And then when you don't ask that, I got to pause it and I got to go somewhere else and drill down further.
So that's the beauty about.
Like I say, books are a waste of time because you get locked into one person's view where somewhere within the book, I'm hoping that person's going to go and fork to the left or fork to the right.
Instead, we keep down the exact same topic.
So I want to do that.
What came up through the course of really the summertime for me, I'm in Maine all summer.
I consume more information there than I probably do in Brooklyn because I do less calls.
It's like most people for the summer.
And I ended up.
Through all that consumption, it kept coming back to those three names.
Now, Bitcoin was always going to be there.
So this really came up in my tokenization in everything as I was building out my index that Solana from a speed perspective, Ethereum from a trust perspective and from a, you know, a being the.
I don't even know the best way, the cloud of it, whatever you want to use, just being that place.
You don't have to worry about it as much.
Those were the three that came up.
Now, could I say that Canton has come up a lot in the last month?
Absolutely.
It comes up all the time.
Every time I mention Ethereum or Solana, it goes, you're missing Canton.
So were there other things that came up?
Yeah, they always do.
I just came to the point that those were the three that I think for at least the next year, I want to be involved in.
And from a sizing perspective, Bitcoin is always going to be by far the biggest.
Ethereum is much, much bigger than Solana.
Solana is a smaller third piece, but those are the three that I settled on.
And I just want to make sure people know there's plenty of other things that I've also right now, I view Bitmines as a levered version of Ethereum.
I view Syfe as a levered version of Zcash.
Like there's plenty of places where I'm going with inside public markets and tokens to just think about things and to be involved in them.
So I am looking for things because if I'm right, that this is the beginning of a major wave of integration, I'm not as worried about being wrong.
I want more leverage.
And the only way I'll basically change my view is if Bitcoin gets back below, I'll even say the 200-day moving average for a 10-day period or something.
Just because I think this is the beginning of a trend, there's always things that could derail it.
But that's the way I came up with the names.
That's how I'm sizing them.
Jordy, you often in your videos emphasize this idea of thinking in bets.
And even in your answer right there, you've talked about how, you know, if I'm wrong and like, this is how I'm thinking about it.
There's a bit of uncertainty in investing at all times.
But you've said that when the crowd or the market is setting the odds and mispricing appears, It's because the crowd is missing something.
What do you think that the crowd, that the market overall is missing about crypto right now that you see, that you think investors or our audience should just be aware of?
Well, this is, I mean, I wrote a long sub stack on the, you know, my father taught me how to handicap horses.
And I think learning how to think in bets is made for...
a racetrack because you go to a racetrack, the odds are set while you're at the racetrack by the people betting on the horses.
You're all given a program, which is all this data.
So here are horses that you couldn't tell who it is.
It's not like humans.
You look at a horse and because you know what that horse looks like, that's fine.
But if they just put a hundred horses on the race, you're not walking up going, oh, there's Seattle Slough.
There's Secretariat there.
No, you're not knowing any of this.
So you're given a program.
All you have is this information.
You're like, all right, how to do last race, how to do the race before.
The great thing about thinking about things in bets and about going through this is my father brought me to the Meadowlands regularly.
And the Meadowlands is probably the biggest.
I was trained at harness horse racing.
It's probably the biggest, if not the biggest, harness horse racing track in the country.
And it had phenomenal bettors.
So there's a couple of things at racetracks.
First of all, there's a lot of quote unquote inside information that people already have.
It's just like the stock market.
If you're ever wondering why certain stocks.
why there were call options ahead of time or why all this stuff.
You're learning it in prediction markets because there's a binary outcome.
It's very obvious.
The racetrack is no different.
Anything human beings are involved, someone has information that other people don't have.
And when you're at the Meadowlands, the odds are basically at fair value most of the time.
Meaning if you think a horse is going to win and you go through the program, it's pretty close to fair value.
What my father told me was, if you go down to, and he took me to Pompano Racetrack in Florida.
Now Pompano has No professional gamblers.
What it has is tourists and old people.
No offense to the tourists and old people out there.
But they're not going there to make money.
They're going there to have a good time.
The gamblers are going to make money.
It's their livelihood.
So when the track is dominated by, let's say, less sophisticated gamblers, the odds are in much better shape.
Now, there's a third component, which is that's a small track.
So if my father goes down there with his buddies and all these gamblers show up and all of a sudden they're like, well, this is obvious.
I'm going to go bet this.
Because the pool is so small, they change the odds.
The reason Bitcoin is the greatest trade to me.
And again, nobody has to agree with me.
I don't really care.
I believe the crypto market within five years will be approaching 50 to 100 trillion dollars.
OK, now, if that's the market cap in five years.
Bitcoin will be at least 33% of that.
So I can go through, I can come up with a price target in my head.
And the reason I feel comfortable with that is because the pool at the other racetrack.
So again, the people playing right now at the Meadowlands have $700 trillion.
They don't believe in Bitcoin, John, at all.
Now, if they go down a little Pompano racetrack, which is the crypto market, and they go, I'm going to put $700 trillion to work.
That's going to move the odds of Bitcoin to a much, much different level.
So that's the best way I can describe it to people, taking me back to when my father taught me this lesson at racetracks.
The people at the Meadowlands have $700 trillion.
It's one of my favorite lines anyone's ever said on this show.
All right, Jordy, I appreciate the context on that.
I really do think that's a helpful framing.
So thank you for that.
I want to ask you another question about this.
Stanley Druckenmiller's Duquesne Capital made a lot of headlines recently by disclosing in their last 13F filing a $23 million approximately position in PER, which is a hyperliquid digital asset treasury company.
It seems like a lot of the, like you said, the smart money, the professional gamblers, let's call them, are allocating towards digital assets, getting positions in these companies.
Do you see this allocation by Druckenmiller as a sign that Wall Street has started to figure this out?
Is this like a major signal that the rest of Wall Street is coming or is this just one guy taking a small position?
How do you read something like that from Stanley Druckenmiller?
So the one thing about Stan that is actually, let me give you.
Because I know Stan both from the reason I got into markets or when I first got in, I remember reading Market Wizards when I just graduated college and I was getting into the business.
And he and Paul Jones were the two had the biggest influence on me.
They were the ones when I this is a good thing to do to find two people that they're.
commentary resonated with the way I would approach markets from a system thinkers perspective of thinking of the market down.
They both unsolicited in those books mentioned the Elliott wave theory is must read books.
And that was something I read and I understood why.
I've also been able to talk to Stan over the years.
And I remember the last conversation we had was about was about China.
And what Stan's one of his great talents is.
He's willing to be early to something when he hears it.
He gave this talk about hearing the speech from Javier Malay and then immediately buying Argentina in some amount and then going and doing his homework on it afterwards.
So there's two things in that.
One is if he hears something that resonates with him.
So let's equate per to Javier Malay.
And this is just me guessing, but just based off the same thing.
Hyperliquid has been a pretty powerful thing.
It's been a big year for this whole concept of perps and tokenization and everything that's happened because of oil trading during the Iran war and it being 24-7 and being able to see it.
But the same thing goes for SpaceX and actually having a price on it that.
could trade or that you could at least know information.
So I'm sure he thought about it just because it's just natural to go as a macro person and be like, oh my gosh, this is going to change the world because every macro trader was grateful for Saturday and Sunday.
or at least Friday night and Saturday night, because those are the only two times you could go to bed and not be called up with a stop loss.
As someone who ran a macro portfolio, you don't know what it's like, especially when you're starting your own fund and you're getting a call.
You're stopped out of dollar nokie.
You were stopped out of dollar yen.
Oh, you're stopped out of euro yen.
Spoozer down five.
Like everything becomes, it's the phone rings.
You're like nightmare.
And luckily you're young at that time.
I think Sam probably also said that.
How is anyone going to sleep if that call can come Friday night or Saturday night because there's been a hacking or a bomb went off and now all of a sudden the S&P is trading or Q's are trading?
So I just think at this point it was a recognition that that world is here and with AI agents, it's more relevant.
So I would take it as Stan was jumping into something that he believes is going to be value of and it's early and that's just the way he operates.
All right, everyone, that's where we are going to end the conversation on crypto for today.
But Jordy is an expert on a lot more than just crypto.
We're going to continue the conversation on AI, stocks, and a lot of other things on our Milk Road Stocks channel.
So the link will be in the description to see the rest of the conversation there.
I hope you will join us.
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Thank you all for joining us on this episode of Milk Road Crypto.
Stay safe, stay educated, stay bullish, and I will see you all on the next episode of Milk Road Crypto.
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