Hey Income Traders,

Something shifted for me over the last year. The moment I started running AI agents, not just chatbots, but systems that actually build things on my behalf, my entire day changed.

I can think of something during the trading day, send a quick message from my phone, and come home to a finished product. That's not an incremental improvement. That's a different way of operating.

At first I thought about it as replacing work I used to hire out. But I've come to realize that's only the beginning. The real story is what these systems will trigger across the entire economy.

Here's the framing I keep coming back to: we're moving from billions of human consumers to trillions of agent consumers.

For centuries, technology disrupted production and labor, but the end buyer was always a person. In February, I called this AI cost collapse an 'Event Horizon' creating recursive loops that would flip entire industries. The industrial revolution displaced workers, but people still bought the goods. The internet killed storefronts, but people still clicked to purchase.

That assumption is breaking now.

Increasingly, the buyer, scheduler, negotiator, and executor won't be a person. It'll be an agent. People are limited by attention, time, emotion, and friction. We sleep. We hesitate. We compare a handful of options and make imperfect decisions.

An agent can compare thousands of variables instantly, keep optimizing, and close the transaction without blinking.

One person may run dozens of agents. One company may deploy millions. A smart factory will function as a dense network of agents ordering parts, purchasing power, allocating compute (processing resources that AI systems need to operate), and settling transactions across suppliers.

The number of economic actors expands dramatically even as the number of people stays flat.

That is the shift I'm positioning around. More on what it means for crypto and your portfolio in Part 2. Back in October, I argued we were rotating from AI infrastructure builders to the companies that would benefit from deployment.

Don't miss it tomorrow.

Here for a good time AND a long time,

Hans