Pantera Capital founder Dan Morehead says artificial intelligence will have no choice but to rely on cryptocurrency for financial transactions because AI agents cannot open bank accounts or handle physical cash — a convergence he argues is already underway and could significantly boost demand for digital assets as the autonomous AI market, currently valued at $11.55 billion, is projected to reach $236 billion by 2034.

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Morehead, whose firm manages roughly $5 billion in digital assets, told Bloomberg that regardless of which company wins the AI race, all of them will need blockchain infrastructure to move money.

"As AI agents become more impactful, they will have to use digital assets, and that will increase the demand for those assets," he said. "It's already happening."

The argument is structural. AI agents operate around the clock without human oversight, but traditional banks require identity verification, physical presence and set operating hours — none of which accommodate autonomous software. "

AI agents are doing trading and have to use digital assets because they are not going to be supported by entities that operate with paper money," Morehead said.

The thesis drew immediate attention across the crypto community. Commentators on X largely agreed with the premise, though several raised pointed questions about which networks are prepared for the load. "The question isn't whether AI uses crypto," wrote one user. "It's which chains can actually handle millions of autonomous agents settling value 24/7."

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Why It Matters: Infrastructure Race Intensifies

Ethereum (ETH) currently leads all blockchain networks in AI agent deployments, outpacing competitors by 40%, according to a previous Yellow.com analysis. The network recently unveiled its "Strawmap" upgrade focused on improving speed and transaction finality, while Circle's CEO has described AI agents as "only the beginning" and stressed the need for digital dollars and open infrastructure.

Bitmine (BMNR), which holds 4.4 million ETH in its treasury with over 3 million staked, has publicly backed Ethereum as structurally suited for AI agent growth.

Pantera has put money behind the thesis. Morehead said the firm's largest investments over the past year have been in companies at the intersection of AI and crypto, a sector he believes will define the next decade of digital asset demand.

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