i think we’re going to start talking about something called machine gdp

the invisible economy thesis is directionally right, but it conflates three separate claims:

1. ai agents will become economic actors
2. they will need machine-native financial infrastructure
3. therefore crypto captures the value

the first two are increasingly plausible

the third is where this analysis gets interesting

agents probably do create demand for infrastructure humans weren’t designed to need like continuous settlement, programmable payments, machine-readable ownership, micro transactions and autonomous coordination

crypto is the best use case suited for this

but if we say that machines can’t use banks, that is too strong. they can operate through apis, corporate accounts and existing payment infrastructure. the real question is whether those systems remain competitive once agents transact with other agents at machine scale

more importantly, machine activity does not automatically translate into token value accrual

if trillions of dollars eventually move between agents, i would find the largest rent seeker. think like what the situational awareness setup adopts.

it could be l1s. but it could equally be stablecoin issuers, agent platforms, compute providers, proprietary data owners, identity networks or applications

and if blockspace becomes abundant and chains become increasingly interchangeable, the machine economy could explode while settlement itself becomes commoditized

eventually, ai creates a new class of economic participant, and those participants will eventually demand infrastructure designed for machines rather than humans

crypto currently looks like one of the strongest candidates for part of that stack

but identifying the infrastructure is easier than identifying where the economics accrue

the machine economy can be a $100 trillion idea while most of the tokens supposedly representing that thesis still go to zero

that’s the distinction investors should probably spend more time thinking about.

https://x.com/arndxt_xo/status/2085564076332355686