AI's impact on underwriting and private equity

The Last Trade: James Camp, co-founder of APFX, joins the crew to break down the multi-trillion dollar AI agent economy, why Bitcoin and stablecoins aren't in competition, and why the next bull market has nothing to do with retail investors.

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Website: https://james.camp/

The Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset… in the digital age, it's The Last Trade that investors will ever need to make.

🎙️ About This Episode

A multi-trillion dollar economy is being built beneath the one you know. James Camp — pragmatist, Bitcoiner, and AI implementation consultant — joins the crew to map out the agent economy taking shape right now, why AI agents will likely settle on Bitcoin as a long-term store of value even as stablecoins handle day-to-day transactions, and what the Jack Dorsey/Block layoffs actually signal about where corporate America is headed.

The conversation covers quantum FUD, the order of operations for hyperbitcoinization, why the average American doesn't need to care about Bitcoin for it to win, and what it means to be a pragmatist before you're a Bitcoiner.

🧠 Chapters

00:00 — Intro & James's Bitcoin Origin Story

08:30 — How AI Agents Prefer to Transact

16:45 — Bitcoin vs. Stablecoins: Why Both Win

24:00 — BPI's AI Agent Monetary Study

31:15 — Jack Dorsey, Layoffs & Financial Engineering

42:00 — Quantum FUD & Why It's Mostly Noise

49:30 — The Invisible Hand & Where Capital Flows Next

57:00 — Intermediaries, Self-Custody & the Middle Ground

1:04:00 — Cyborgs, Brain Chips & the Amish Option

1:10:00 — The Poorest of the Rich: James's 5-Year Bet

1:14:00 — Outro & Disclaimer

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