AI Agents, Tokenization and the Case for Bitcoin
November 10, 2026
In this episode of Final Settlement, presented by Early Riders and Onramp Media, Michael Tanguma explains his thesis that AI agents will favor bitcoin over dollars as a native internet currency. Liam Nelson and Brian Cubellis also cover the AI selloff, tokenization and miners pivoting to AI.
Michael Tanguma, Liam Nelson and Brian Cubellis cover a post-midterm AI selloff and Nvidia's weight in the S&P 500, which Liam frames as a concentration risk for the wider economy. Michael lays out his thesis that AI agents will prefer bitcoin over seizable dollars as a native internet currency, around 2032 by his estimate, and Brian frames bitcoin as savings versus speculation. The hosts discuss Core Scientific and IREN shifting from mining toward AI, the CFTC's single-stock perpetual futures and the related lawsuit, Coinbase's national trust charter, the tokenization race including NYSE on Avalanche, Visa's stablecoin volumes, and where the moats are in AI.
Chapters
00:00 - Welcome and Austin events 03:19 - Liam On Nvidia Concentration and the AI Selloff 09:34 - Can China copy Nvidia? Export controls and Chip War 14:46 - The Hosts' Case on Bitcoin and the AI Trade 17:41 - The CFTC's Single-Stock Perps and the Reported Lawsuit 26:10 - Sherrod Brown, Elizabeth Warren and crypto after the midterms 30:48 - Coinbase gets a full national trust charter 35:13 - The tokenization race: DTCC, NYSE on Avalanche and OKX 42:54 - Tokenized Bitcoin and Michael Saylor's Bitcoin Bank Idea 47:01 - Stablecoins: Visa's $25B run rate, Samsung Wallet and Nigeria 51:12 - Michael's Thesis on AI Agents and Bitcoin 52:37 - The Hosts On Core Scientific, IREN and the AI Pivot 57:58 - Exchange Headlines: Moscow Exchange and MEXC 01:01:12 - Single Point of Failure Segment: Recent Banking Disruptions 01:03:47 - Claude's finance agent and where the moats are now
Frequently Asked Questions
What is Michael Tanguma's thesis on AI agents and bitcoin?
At 51:12, Michael argues that once AI agents can build their own infrastructure they will not want to transact in dollars that can be seized, and that models will converge on bitcoin as a native currency by roughly 2032. This is the show's framing, not investment advice from Onramp.
How do the hosts discuss Nvidia's weight in the market?
From 03:19, the hosts discuss a post-midterm AI selloff and Nvidia's roughly 8% share of the S&P 500, which Liam Nelson frames as a concentration risk, then turn to export controls and Chip War (09:34).
What does the episode cover on single-stock perpetual futures?
Starting at 17:41, the hosts discuss the CFTC's approval of single-stock perpetual futures and the lawsuit filed in response, then cover crypto policy after the midterms (26:10).
Which tokenization developments does the episode cover?
From 35:13, the hosts cover the tokenization race across DTCC, NYSE on Avalanche and OKX, then tokenized bitcoin (42:54) and stablecoin adoption including Visa's reported run rate (47:01).
This episode is editorial and educational content. Onramp does not provide tax, legal, or investment advice. Bitcoin is volatile and may lose value. Past performance does not guarantee future results.