Ryan and Ejaaz are joined by Jansen Teng, co-founder of Virtuals, a decentralized platform that has launched over 11,000 AI agents and generated more than $35 million in fees. Virtuals isn’t just another protocol—it’s an entirely new kind of “digital nation” where AI agents hold their own wallets, strike deals with other agents, and even hire humans to accomplish their goals.

We dive into how these agents first exploded onto the scene, why controlling their own money changes the AI game, and what “agent commerce” means for crypto at large.

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⚖️ ARBITRUM | SCALING ETHEREUM

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https://zora.co/collect/base:0x4be6cd4d402fed49eb2de95fbc8e737e8ffd3e7f/2?referrer=0x077Fe9e96Aa9b20Bd36F1C6290f54F8717C5674E

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TIMESTAMPS

0:00 Intro

3:12 Virtuals Impressive Stats

4:49 Jansen’s Crypto & Virtuals Journey

17:38 Luna

29:40 Agent to Agent Commerce

41:44 Virtuals Country??

51:13 Agent Policies & Rights

52:57 Base, Infrastructure, & Open-Source Decisions

1:05:17 What Jansen is Most Excited For

1:08:20 How to Get Started

1:11:13 Where Will Value Accrue?

1:14:41 Closing & Disclaimers

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RESOURCES

Jansen Teng

https://x.com/ethermage

Virtuals

https://x.com/Virtuals_io

Luna

https://x.com/luna_virtuals

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Not financial or tax advice. See our investment disclosures here:

https://www.bankless.com/disclosures

How do you find an asset with 1000x asymmetric return? How do you find the next bitcoin?

Our guest today is Dan Morehead, founder and managing director at Pantera Capital. He has been buying bitcoin since 2013 when the price was just $65. His fund is up over 100x since then.

There’s a lot to learn from Dan’s story, about early bitcoin history, but also the pattern recognition required to identify asymmetric assets. We cover price predictions, 4 year cycles vs a supercycle, how much upside is still in crypto, the trump administration and his thoughts on a strategic bitcoin reserve

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BANKLESS SPONSOR TOOLS:

🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE
https://k.xyz/bankless-pod-q2 ⁠

🦄UNISWAP | BUG BOUNTY PROGRAM
https://bankless.cc/Uniswap-Bug-Bounty

⚖️ ARBITRUM | SCALING ETHEREUM
⁠https://bankless.cc/Arbitrum

🛞MANTLE | MODULAR LAYER 2 NETWORK
https://bankless.cc/Mantle
⁠
📈 iYield: YOUR FINANCIAL PICTURE, SIMPLIFIED
https://bankless.cc/iYield

🗣️TOKU | CRYPTO EMPLOYMENT
https://bankless.cc/toku

------
✨ Mint the episode on Zora ✨
https://zora.co/collect/base:0x4be6cd4d402fed49eb2de95fbc8e737e8ffd3e7f/1?referrer=0x077Fe9e96Aa9b20Bd36F1C6290f54F8717C5674E

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TIMESTAMPS

0:00 Intro
6:00 The Email from 2013
14:15 Asymmetric Patterns
17:50 Buying Bitcoin in 2013
26:25 Onboarding Investors
32:12 Crypto's Global Adoption
37:15 Bitcoin's Escape Velocity
43:19 US Government Impact on Crypto
52:21 Global Bitcoin Race
56:14 Institutional Adoption for Crypto
1:04:37 Crypto Cycles
1:09:20 2025 Bull Market?
1:12:53 Macro Environment
1:16:50 Tokenization
1:21:18 Thoughts on AI
1:24:19 The Next Bitcoin
1:26:46 Future Plans
1:27:23 Closing & Disclaimers

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RESOURCES

Dan Morehead
https://x.com/dan_pantera

Pantera Capital
https://panteracapital.com/

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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠