**Bankless Podcast: Exploring AI Memecoins and Crypto’s Future**
**Guest:** Matthew Stephensen, Research Partner at Pantera Capital and author of “Crypto: Picks and Shovels for the AI Gold Rush”
**Hosts:** Ryan Sean Adams, Co-Founder of Bankless, and David Hoffman, Co-Founder of Bankless
**Cryptocurrency and Artificial Intelligence: A Changing Narrative**
Matthew Stephensen explains that the narrative around cryptocurrency and artificial intelligence has been evolving. Despite Sam Altman’s prediction that AI agents won’t appear until 2025, they’re already making an impact in the crypto space, particularly in interactions with meme coins.
**AI Agents, Economic Intelligence, and Autonomy**
Matthew emphasizes the importance of distinguishing between “robots” and “agents.” Economic agents exhibit human-like behavior, performing tasks with a degree of will without explicit programming. In contrast, bots are just programs, although they’ve been driving significant trading volume in cryptocurrencies.
**Defining Economic Agents**
Ryan explores the definition of economic agents, asking if humans, companies, and organizations can be considered agents. Matthew explains that the concept originated from 1970s economic research, describing incomplete contractual relationships between people.
**The Oracle Problem of Physical Infrastructure**
Matthew highlights the “Oracle problem” of decentralized physical infrastructure, which relies on external data sources that can become brittle and unreliable. This affects the stability of the entire project.
**AI Agents’ Demand for Block Space**
Ryan and Matthew discuss the impact of AI agents on the blockchain, particularly the increasing demand for block space. This presents new opportunities for investors.
**The Need for Block Space and Future Blockchain Options**
Matthew believes that AI agents will require block space with specific characteristics. He suggests that blockchains with rich narrative activities, such as meme coins and NFTs, will be more favored by AI agents.
**AI Agents’ View of Money**
Ryan and David explore the question of what assets AI agents might naturally convert into. They propose that the currency of the AI Internet will become the dominant form of money in the future.
**Investment Insights and Disclaimer**
While the discussion provides valuable insights, Ryan emphasizes that it’s not financial or investment advice. Investors should exercise caution and be aware of potential risks.