AI agents won't barter, and Michael argues they will coalesce around Bitcoin faster than anyone expects. Plus Schwab turns on Bitcoin trading, Deutsche Bank and Stifel move in, and an OpenAI model spends testnet ETH it never owned.
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ABOUT THIS EPISODE
An internal OpenAI model, told to deploy contracts with no funded wallet, derived keys from public seed phrases and spent testnet ETH it did not own. Michael and Liam take that to its conclusion: agents will not barter, and they will settle on native internet money, with Bitcoin the asset they coalesce around. They cover OpenAI's talks to buy Trail of Bits, World ID's new suite for banks and AI agents, Anthropic's public benefit fund, and Meta's Muse Spark Open. Then the digital asset side: Chainalysis finds the US importing Bitcoin again as institutions replace retail as the marginal buyer, Schwab turns on Bitcoin and Ether trading, JPMorgan brings JPM Coin to Ethereum, Deutsche Bank readies custody, and Stifel takes a stake in Meow. Brian argues every incumbent move is now defensive, and Michael sketches a Bitcoin savings layer that agents can spend from.
CHAPTERS
00:00 - Cold open: AI agents won't barter
01:41 - An OpenAI model spent testnet ETH it didn't own
03:12 - Why AI agents will coalesce around Bitcoin
05:24 - AI labs are becoming digital asset companies
07:39 - OpenAI in talks to buy Trail of Bits
10:16 - World ID for banks, deepfakes and AI agents
18:46 - Anthropic's public benefit fund and Elon's SpaceX pledge
24:52 - Meta's Muse Spark Open and AI capex concentration
28:53 - Ramp at $60B and the second-order AI winners
29:56 - Chainalysis: the US is importing Bitcoin again
31:55 - AI-to-AI commerce and agents with native wallets
37:41 - Schwab turns on Bitcoin, JPM Coin goes to Ethereum
43:06 - Deutsche Bank, Stifel and Meow: incumbents on defense
51:10 - Stripe, Privy and a Bitcoin savings layer for agents
54:36 - Ledger attack update and the chop in the 80s
ABOUT THE SHOW
Final Settlement is a weekly show on capital markets, dealmaking, early-stage venture, Bitcoin applications, and protocol development, presented by Early Riders and Onramp Media with Michael Tanguma, Liam Nelson, and Brian Cubellis.
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• Michael: https://x.com/MTanguma · Liam: https://x.com/Lnelson_21 · Brian: https://x.com/BackslashBTC
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Onramp does not provide financial, tax, or legal advice. Nothing here is a recommendation to buy or sell any asset. This episode is for entertainment purposes only.
