The Pomp Podcast - CEO Explains Why Bitcoin Is Digital Gold | Yoni Assia

Episode Date: August 17, 2026

Yoni Assia is the CEO and co-founder of eToro. In this conversation, we break down agentic trading and how AI is reshaping the platform, why bitcoin remains digital gold, eToro's move into tokenized equities, SpaceX IPO, and why eToro trades for less than 10x EBITDA.====================Arch Public is an agentic trading platform that automates investment strategies across Stocks, Commodities, ETFs and Crypto. Whether you’re rotating into AI & Gold, allocating to the S&P 500, or accumulating Bitcoin, Arch Public executes your plan 24/7 without ever taking custody of your assets or funds. Sign up today at https://www.archpublic.com, and start your FREE automated trading strategy! ====================Looking for a better place to trade? BloFin gives traders access to deep liquidity, advanced futures products for crypto AND TradFi assets, fast execution, and a clean, intuitive interface—all in one platform. To celebrate their partnership with us, they're giving away $100,000 in Deposit & Trade Rewards. Deposit, trade, and earn rewards based on your activity during the campaign. Check them out at ( https://partner.blofin.com/d/Pomp ).====================0:00 - Intro0:54 - Agentic trading: can AI manage your portfolio?7:37 - Tokenization & the Space-X IPO11:50 - Is crypto losing its ethos to Wall Street?13:51 - Bitcoin as digital gold14:58 - Why finance is moving to 24/7 blockchain markets19:26 - Trade Zero acquisition & going after active traders23:00 - Why eToro trades under 10x EBITDA28:10 - Building a financial super app30:25 - Tori: eToro's AI agent & collective intelligence

And Bitcoin is replacing that as a digital form. My view is we're right now at a 99% probability that Bitcoin is digital gold. It represents basically the same thing that gold did to the economy and the world for the last 5,000 years to the digital world and potentially to us also to the economy and Mars. It's going to be very hard to send gold there. What's going on, guys? Today, we've got a great conversation with Yoni Asya. He is the CEO and co-founder of eToro, and these guys are coming to the United States. In this, we talk about agentic trading, what's going on with AI on the platform, how they're thinking about various trading tools, what's going on with tokenization, public equities, and why is the company trading

for less than 10 times their actual EBITDA? There's a lot going on in this conversation. Yoni has been involved in both investing and in crypto for a very, very long time. I always enjoy talking to him, and I think you're going to enjoy this one. So here's my latest conversation with Yoni. All right, Yoni, agentic trading seems to be all the rage. When is AI going to be able to just take my portfolio and go to town and make me money so I can go sit on a beach somewhere? Well, it can do it today. Really? The question is, how much do you trust it?

And how good are you at steering it for it to actually make money the way you want to make money versus potentially losing money because you gave it the wrong instructions? Do you guys do this on eToro today? So we do this on eToro today. we're already seeing so we actually we launched the apis and that mcp which enables ai to basically take over your account and do exactly that where you can basically go to your cloud or your grok and say uh you know just xyz do this in my account what we saw is a lot of people were very uh concerned about connecting it to their main account so about two months ago we launched uh agent portfolios which basically create a sub portfolio on your account so if you have

$100,000 with us, you can tell basically either Tori, our own AI agent, or now an official GROK connector, Claude, take $1,000 out of my account. These $1,000 now connect them to a strategy that does semiconductor investing based on fundamentals, rebalance every day. So we see these strategies in a lot of different strategies. And then we started significantly seeing a higher pickup rate of actually users creating sub-accounts to connect their AI. By the way, I felt the same, right? I have a big account in eToro, and I was like, do I feel comfortable enough to connect a third-party AI?

I just heard a funny story later on, I'll tell, about somebody who was cursing the AI, and then Claude basically closed all of his positions because he was misbehaving with the AI. So somebody had an account. Claude was hooked up to it to trade and the person started basically talking shit to Claude and Claude as Retribution shut all the positions. Yeah, that's what I heard wasn't on that wasn't on the toro platform Wow Yeah, I mean, that's pretty crazy. Yeah, right and he was like disconnected everything. He's like, oh, what did you know? Oh My god, I mean does that were you I?

Think that's the reason we created the agent portfolios is and I think generally by the way the last nine months since we've met And we, you know, last interview was a year ago. Now you're public as well. Welcome. We'll do like, we'll pitch the stock to one another after. Misery, yeah. But I think what, you know, since January, I've been consumed completely by AI. We've been, you know, I have about 300 agents running for me.

We've been building agency in eToro. We rewrote the entire app. Basically, 500 many years of work, took the code, reverse engineered it with AI, and we wrote the entire app with a new tech stack with AI and launched it a month ago. We then took AI on the same tech stack and basically steered it towards building a professional trader, an active trader platform on eToro called Edge, also launched. So the ability of AI to build is mind blowing, but it's all dependent on who's steering the AI, right?

So we have AI agents running in marketing, in development, in developing apps on the Toro App Store and building new products like Edge on our backend and our production systems. But every time, again and again, you see this, it's like a Formula One car, but you really need a good driver driving it. So my quant team has now multiple agents that are running 24-7, that are searching for academic

research papers, translating academic research papers in quantitative finance, financial engineering, behavioral economics into skills, running backtesting on all of our data, creating these strategies to find alpha, to find alpha in our numbers, harvesting data over the internet, But without a quant on my team who's actually running it and testing it and figuring out what does the AI do, we get to problematic results. Basically, what you're saying is the human intelligence drives the superhuman intelligence, right? So you have to tell it, here are some things to go look at, here are some interesting things. You know, you're kind of driving the car.

You're driving the car. But then once you've set it on a direction, then the car takes over and game on. The car takes over. You're still the driver. so it doesn't at least from what i've seen it doesn't take over yet without a very talented driver in the seat so we started sponsoring formula one since then i love metaphors of formula one uh so i asked uh pierre gasly the driver on the alpine car we're sponsoring can i you do you think i can drive formula one car he goes no way you're gonna crush it you just press pedal to the metal you crash the car there's zero chance you're doing like one uh uh round

um and it's very similar so you see a lot of people who sort of harness that power of agents with ai but then they crash immediately right and you need to then iterate again and again and crash again and again and again to really utilize the engine you really need to be a good driver and be able to steer at that speed and maintain actually that speed. So I ran some strategies on AI. I left them to be like I made 50% in three weeks. I left it to be sort of going back to work two weeks after. I see like all the way profits are good, right? So you really need to steer AI right now. think it's getting better and better and again we're building tools to make it easier for customers to use ai strategies built by other people in toro or that are very well defined

already but we're still at that stage where you really need across at least so far i've seen in marketing trading and building apps on all three that you still need a very very good driver to manage the agents. When you think about agentic investing, that seems like that's a no-brainer. People are going to do it. You guys have built some infrastructure with the sub-accounts

that only the agents have access to the sub-account, but not to the main account. So, okay, got it. Tokenization is another big theme that everyone's been talking about. How much are you actually seeing that in reality? And do you see any adoption there? Well, we see, I'd say, early-stage adoption.

So we announced two months, two, three months ago, our acquisition of Zengo, which is an awesome non-custodial wallet and the reason we went into non-custodial is because we started seeing this year real convergence between DeFi and RedFi so I'll give you an amazing example which is like the SpaceX IPO we during the SpaceX IPO we already have seen SpaceX started trading on perpetual markets uh during the basically the pre-ipo you could actually speculate on the price of the ipo we launch it on etoro it trades on zengo as well so you can trade it by swapping on zengo you can trade it on etoro uh basically as a derivative then we're actually

part of the spacex ipo on the retail distribution side sending an email to customers do you want an allocation in the IPO itself. Amazing, by the way, transaction, largest IPO ever, also largest distribution to retail in the history of IPOs. We very much hope this now becomes a standard, so more and more companies, OpenAI, Anthropix, others, realize the opportunity of retail distribution. And it starts trading on Friday, and it already opens 24-7. So the prices for 24-7 are basically formed in crypto markets in perpetual futures so perpetual futures are basically driving now prices in gold silver oil spacex etc uh in the real markets and you see capital markets basically copying crypto markets now that is the form of tokenization i'm uh you

know i'm coming from the point of view of prediction market is the form of tokenization So a prediction market is basically an NFT that is priced. It is a form of tokenization of value, right? The perpetual future, despite being a derivative, is actually a tokenization of value that is a derivative to the underlying asset. And then you have the tokenized equities themselves, which are still early stage, so still relatively small amounts of both volumes and assets, but getting there because of the DTCC, right? So we are, I think the expectations are, is that by the end of the year, the DTCC are

going to enable the self-clearing brokerages to actually token, not only brokerages, but members to actually tokenize the actual equities, the actual U.S. equities on chain. And that move could be, you know, it takes a long while, but then all of a sudden, because that's $100 trillion of capital potentially moving on chain. Today's episode is brought to you by ArchPublic. ArchPublic has just expanded its agentic trading platform beyond crypto. So pay attention. This is a big one. Now they are automating strategies across stocks commodities and etfs and i think that this is going to be huge you can now automatically take profits when one market hits new all-time highs and rotate that capital into

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just smarter, hands-free execution of your preferred strategies. Go to archpublic.com right now. Connect with our team, set up a time, bring your accountant if you'd like, and then you can learn what automated trading can do for you. Archpublic.com. When you think about this transition that's happening, it feels like all the legacy banks, financial institutions, they weren't involved at all, interested at all. That has all significantly changed now. Now it feels like they are just building all of them, whether they are building custody, whether they're building stablecoin related stuff, whether they're trying to figure out tokenization, whatever the thing is.

They're all kind of got their hands in the pot, if you will. But it does feel like crypto started as like an anti-establishment thing. And so you were there pretty early on. Yeah. You've seen this evolution. is the crypto story losing some of its, like, originality in that it is being succumbed into or kind of swallowed into the traditional world?

Or do you think we're actually pulling the traditional world more towards the crypto ethos and values? I think there are two or even three stories that are right now sort of combined. Bitcoin, in my view, remains the cyberpunk story of a store of value that is disconnected from government, that represents, you know, the libertarian and freedom views. It is as important, by the way, as the invention of gold, right?

So the entire world, everything was, you know, based on villages. Gold was the reason ships started sailing across the globe and villages and countries later on could communicate with one another Because money is a form of communication, right? It's a communication on a shared value, right? So when we have shared values, me and you, related to all of our world, we can communicate better. When you have zero shared value with someone, very hard to communicate, right?

When you think just of communication, shared economic value is really the basis of any economic infrastructure. And I think gold was that invention. And Bitcoin is replacing that as a digital form. My view is we're right now at the 99% probability that Bitcoin is digital gold. It represents basically the same thing that gold did to the economy and the world for the last 5,000 years to the digital world and potentially to us also to the economy and Mars. It's going to be very hard to send gold there. um so so that remains the same you could argue if all the money is in etfs or some of the money

is in etfs does it hurt that narrative i don't think so because a big part of that narrative is you want governments to also believe in it as long as people have the freedom to self-custody as long as you have a plural now of thousands of companies who support investors to buy crypto like eToro, or like Zyngo, so you can either have your own self-custody with eToro or buy it on eToro. I think Bitcoin on its own is one story. You have the second story, which is blockchain, right? So when I saw Bitcoin for the first time, I was like, this is how everything in finance should work. We started eToro in 2007, 2008, global financial crisis, everything freezes, nothing works anymore in finance i'm like how who the hell pulled the plug and and the answer is

very clear the banks are basically pulling the plug to make sure that they make money um or protect themselves by maybe maybe legitimate by the way a lot of the innovations in crypto were born out of exactly the same thing so the e-trading capabilities uh in the u.s and the rules of uh electronic trading in the u.s came because during a financial crisis broker who's didn't answer the phone. They were like, I won't answer the phone because all of my customers are selling. Boom, electronic trading becomes a mandate and that gets regulated. I think this is the same. It means money needs to operate 24-7. Financial systems need to operate as a blockchain. Assets need to become digital. I think regulators also across the globe are realizing that while they are

suspicious of crypto and the crypto markets, blockchain technology, self, you know, T0, no, basically, you know, not T plus one real time settlement and clearing is actually a great thing that reduces friction in the markets, improves unit economics for consumers. And I think that's why we're seeing that narrative, which is capital markets moving on chain. And that is a hundred, and that is inevitable, right? There's a question, are they going to call it a blockchain? Are they going to call it digital assets? But from a technology point of view, it's like looking at an iPhone and thinking you're

going back to a Nokia, sorry, Nokia. Well, figure technologies is, I think, a really interesting example where they're using a blockchain, but they don't really talk about it. They talk about themselves much more as kind of a finance firm, not a blockchain. Great Q2 results. Yeah, I mean, excellent. Yeah. Which is unrelated to crypto, right? Correct. It's just better, a better infrastructure to trade and exchange value. And they provide real value to their customers with lower friction. Right. So the blockchain is the beckon. Digital assets is the result. And it feels like you guys have aspirations to do a similar thing in a different part of the finance sector.

On equities. So again, our view is all assets become digital on one end. On the other end, our customers, Gen Y and now Gen Z, are growing to be digital native. They are digital native, also digital asset native. They want to see their assets trade 24-7. They want to see all of their assets swappable between one another and transferable 24-7. So that's people's expectations of what an asset should look like is actually inspired by crypto. But that's the expectations gradually of suddenly of real estate and of everything. And when we look at both these opportunities, both are, you know, 200 trillion to 300 trillion opportunities in the next 20, 25 years. I think eventually it's the same opportunity. It's the customer demographics expectation changing and the backend technology changing as well. And again, the SpaceX IPO is a great example

because it's a real-world asset that's happening. Also, by the way, a story of its own, which was super interesting. And we had people from all around, from 100 different countries flocking to Etoro to buy SpaceX. And it happens both on-chain and off-chain at the same time and converges.

And we're seeing a lot of new opportunities. So a tokenization of equities enables our customers to basically tokenize their Facebook shares or Google shares or Tesla shares into tokenized equity to move it to the Zango wallet, where they'll be able very soon to use it as collateral forevermore for lending, right? where you can also lend against your Google and Facebook on eToro. But that's a much more back-end, from a back-end point of view, a much more complex ecosystem that goes through, I don't know, like 20 intermediaries in the back-end. When you guys think about expanding, you guys recently acquired a company called TradeZero.

What do they do, or why did you buy them? So, you know, we've grown eToro. Our LTM is about almost a billion dollars LTM with a top line of almost a billion dollars, bottom line of more than $350 million. So a billion dollars of revenue trailing 12 months or so and then $350 or so in EBITDA. Yeah. And which is, you know, a very sizable business. But the vast majority of it is outside the US or one of the top three to five brokers in UK, Australia, Germany, France, Italy, Spain, where we grew the company historically. We started eToro here in the U.S. in 2021. I had a huge run with crypto, then basically decided to take a stab back where the regulatory environment was extremely negative here in the U.S. Then post going public said, OK, let's go into the U.S. And we realized that we have sort of gaps in the product.

I know the TradeZero team before actually going public. So we have a relationship going back. Three founders found the company. They worked together for the past 27 years in the brokerage industry, all here based in Brooklyn, New York. So we love the team. Italians. Italians. They're very focused on the active trader segment, so on the ability to short stocks.

So when you look at their platform, it's almost sort of the opposite spectrum of the target audience that we have in trading. We're a mobile-first simplicity, you know, a user experience that simplifies also through copy trading and smart portfolios, access to 4.3 million funded accounts with $20 billion. And when you look at their audience, it's, you know, desktop, multiple screens, you know, Windows executable, where, you know, you look at the screens and, you know, the speed of everything happening is like, pa-pa-pa-pa-pa-pa-pa. Historically, we didn't cater to the very active trader segment because we thought it is overcomplicated to actually cater to that segment, both from a tools perspective and also the connectivity for those tools to customers. I think AI changes that. I'll go back to that for a second. But now we're basically, together with TradeZero, we can support four times leverage, long short here in the US, including the ability for you to locate shorts. So in order to short, you need to find the shortable stock.

Futures, which was launched on TradeZero, they're working now on prediction markets. And together with eToro, crypto, which is 200 crypto assets on eToro and entire crypto infrastructure, copy trading, our REA smart portfolios, so a wide variety of now products together to launch to anywhere between the new customer coming into trading for the first time, all the way to wealth management and savings to the active trader who wants the multiple screens with options, strategies, and chains. So you can basically serve all these different people. So numbers-wise, over 4 million users with funded accounts. Then you've got $20 billion in assets on the platform.

It's got a billion or so in revenue and somewhere $350 million or more in EBITDA. Why is the company traded less than 10 times EBITDA? I think it's a couple of things. One is the U.S. I, you know, I'm surprised again and again by how U.S. centric the U.S. market is. I don't think necessarily. So they're saying they're discounting international revenue. Yeah, I think they're all looking for us to see how we're doing in the U.S., which is quite interesting. So if you're very big in one market, that's fine. If you're very big in one single market, our strategies, we're working across 12 regions. In each of the regions, historically, we've always sort of built what is the great investment trading product that a guy in the Germany, UK, Australia, Singapore, and the US wants. And then gradually, we started in our biggest markets like the UK, Germany, Australia to localize the offering, offering the local currency, the local stocks, the local savings market.

We went into the equivalence of IRA and 401ks in Australia and now in the UK, right? So we're building more and more of the local aspects. And here in the US, we're just starting. So I think one is there is an expectation of the market to see how we execute in the US. I have no doubt we'll execute in the US because we're executing in France and Italy. And I'm not, you know, I don't speak French and Italian. I think my English is reasonable and maybe not my American. So that's one. I think the second part is volatility. So if you look historically at companies like IBKR, which I'm a fan of, I used to invest in IBKR even the early, pre-Itoro, and their stock was always sort of volatile, right, like the market.

So it takes time for public markets. Now, you know, public markets as well for investors who are investing other people money to understand how a stock behaves and how a company behaves, to understand how to for analysts, how to predict the numbers. So gradually, we're providing more and more data to our analysts, and it takes sort of cadence. For example, July seasonality, right? July, a bit surprised analysts, like, why is July low? Seasonality and seasonality in Europe is actually bigger because Europeans actually take a summer vacation. So every time there's volatility, you get a bit of institutional money. Institutional money actually is much more afraid of volatility than retail investors, right? So we've been teaching our retail investors through crypto, through stocks, through, you know, things like what happened in semiconductors in July to be able to sort of own volatility and take it.

Institutional investors don't want that on their books, right? Because their business is consistent returns for their customers. So anything that adds volatility is something that takes time for institutional investors to basically learn and learn how to invest in trading for a long time. And you remember Robinhood and Coinbase, when they went out in 2021, both sort of went down significantly before starting to rise. And both of them sort of corrected significantly to where they are today. The same happened in the IBK, I think about five, 10 years ago. So I think that's also a part of the story, creating that cadence, both us as a young public company, but not as a young company, of talking to the markets, educating the markets about how our business operates. And of course, coming to America like Eddie Murphy.

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trading rewards. When you look at the eToro business, you do have a lot of competition in the United States, but I think you also have some unique approaches. One of the things that I've heard some people on your team talk about is becoming a financial super app. What does that entail? When you think about a financial super app, what is that? So, well, you know, outside the U.S., we have our current account. We're connected to a Visa debit card. Savings, which is your long-term savings, the equivalence of 401k. You can actually, in Australia, tell your employer to send the money to eToro Spaceship, the IRA, where you can actually move your salary through eToro Work. So we launched eToro Work. You can move your salary into eToro. You can move your

short-term savings or long-term savings into eToro. Your investment accounts, where if you think about the pro-investor program in eToro, we have almost 6,000 investors. Many of them, I think the top 10 generated the last 12 months, 90% returns. But if you look at them as a whole, people who are passionate about capital markets coming from 75 different countries, trading assets, stocks from 26 different markets, crypto assets, derivatives like commodities. So a very diverse group of extremely passionate and successful people on the platform where you can copy them, right? So an equivalent of an area network, right? But a global one, right? So if you look at the equivalent of area networks

like Franklin Templeton here in the US or Morgan Stanley, you have the same in Germany, in Italy, in Spain, in France, in UK, Australia, Singapore, in each it's all local treating local. We've built a global network of people who are passionate about capital markets and successful about capital markets and tech affluent that are building their knowledge and customer base and communities around them. So that's another aspect of finance. And then your self-trading account on eToro where you can trade stocks, crypto commodities,

derivatives, and of course, you know, now 24-7 on the eToro platform, both crypto and capital markets. What about AI in the product itself? We talked about agentic trading. Are there other things you guys are doing with it? Sure. We launched Tori. So Tori is our AI agent.

We used to call her an AI analyst when we launched it. We were very early on, I think on GPT 3.5. And because I saw the opportunity very early on on the fact that, like, from an analyst point of view, we have 18 analysts covering the global markets. And now with AI, they can basically cover every single stock across the globe that's trading on eToro. That's more than 10,000 different stocks. So the research part and the analyst part was the first to sort of be very obvious. I can now ask AI what's happening in the markets in real time. I can analyze the financial reports of a company within minutes.

I can compare between financial results of similar companies. So the user-generated questions to Tori. To Tori, yeah. So Tori is an AI agent that's in the portfolio. Now it has gotten a big uplift with Grok 4.2, then 4.3, now 4.6. And what is that uplift? We actually took a model that was on the back end and moved it into the front end. So when you actually talk to Tori today, you're actually talking directly to Grok.

Grok has access to the tools and MCP and the memory of your agent in eToro. So we've implemented the Carpathi memory there. So you go into eToro, you start talking to Tori. It'll remember who you are, who your parents are, wife, kids, what are they all invested in. You can start connecting either third-party MCP tools like you can do with Sylvia. So, and it can now open agent portfolios and trade and create trading strategies within the app. So, that's all in different sort of levels of rollout of the product. So, that AI agent, in my view, I think we share a very similar vision to Sylvia, right?

And in my view, platforms like eToro over time offer consumers a family office, everything from taxes to company formations to kids' trusts on the more complex side, which you deal with, to being able to trade in your account, to things that I'm super passionate about. I need a risk manager 24-7, the levels of risk I love taking. So a risk manager and a team of quants looking at different opportunities in the markets and a portfolio manager, right? So we have these mini hedge funds, basically customers in eToro that are building apps

on the eToro platform. And when you look at the app, it's like a mini hedge fund, right? So a lot of the apps have a lot of things that are similar. A customer of eToro Pro Investor will go and say, hey, I'm doing this. I'm lonely, right? So a pro investor on eToro might manage a lot of money. Top guy in eToro has 40,000 people copying with $300 million. He's making on his own more than a million dollars a year.

Suddenly now they're building their teams, right? So a German pro investor built their team. Their team is a chief investment officer, chief risk officer, chief geopolitical officer, news editor. I'm like, okay, that's a very, like, I understand that team. It's very certain. Another pro investor said, my team is Cathie Wood, Warren Buffett, Peter Thiel, and I want to see them arguing with each other. So every pro investor created also a UX with a team of agents that are now helping them 24-7 manage their portfolios. Now, do you have a doubt, any doubt, that five super intelligent agents together with a very smart investor who understands the market will do a better job in managing their portfolio versus him alone?

Of course. Right? Which means retail investors are sort of… Gravitate towards it. Yeah. Yeah. Look, you preach into the choir here. I know.

I see. um when you think about the business going forward the financial super app is kind of one component of it what are other things that investors should know about etoro um so first of all the financial super app the usage of ai uh the experience uh on the platform i think the most uh sort of the biggest sort of crown jewel on etoro at the end is the collective intelligence so i've been trading the market since i was 13 when i came into the markets i wanted to be like on a floor of goldman with a thousand traders and investors around me you know the reason we like talking to like-minded individuals is because we learn from talking to one another

that's how people sort of get great investment ideas is by actually talking to other people or looking at what other people are doing i think your ability to find uh investment opportunities and trading opportunities uh any toro where people are sharing their investment strategies and across the globe so everything from u.s markets generally to the obvious like tech markets to people who are experts i'll give you a good example we have a a customer called uh defend eu defense investor uh that's the name of his of their account i met the guy the guy worked 25 years in nato on the field uh he left his army service went into pension um by the way roughly our age and and i asked him how how did you make money he's like listen all of these small european companies i

know their names i call a friend of mine i ask him what are what are you buying now when you want to to buy some thing for a tank and he says i know all of these companies they're all publicly traded they're all like mid-caps in europe or in the u.s and nobody looked at those companies two years ago i identified them uh you know i can continue and ask my friends you know what's happening what are the good parts bad parts uh and that's a type of information that's extremely like i would never know that information because when was i like buying materials for a tank i i went uh i meet in diamond accounts i met a lot of our top clients and our pro investors uh so you know a physicist that's dealing with nuclear energy and like he's investing in all of these nuclear companies which

by the way i have no idea how to invest in because if you look at their financial profile it's you know horrible it's horrible you know warren buffett would look at these companies and say This is not an investable company, right? It's more like startups. But we know startups is actually an interesting asset class. I'm also investing in VC. But that's like investing in VC in public markets. That's nuclear energy, quantum computing,

to some extent, some new semis, right? But you find people on eToro that have these amazing pockets of knowledge, you know, either local and Australian stocks or stocks in Asia, or stocks in Germany, or sector-specific, and you can talk to them, and now put AI on top of it, right? You can, for every stock on eToro, you'll find people that are buying it,

and you'll ask, you know, how good are they? What do they know that I don't? It can read their feed to analyze, actually, and to look what they're writing. It can actually read, now, their X feed, as well, when they connect their X account. So you actually have access to sort of how do these people think and why are they buying a stock. And by the way, when we build our alpha portfolios, one of the interesting things we found out is as important as to ask what are the smartest people doing and copy them is actually asking what are the people who consistently are not good doing and avoid doing that.

It is funny that you want to look at both the good and the bad. That's the part that I think a lot of people don't realize is that the bad people can tell you just as much as the good people. More, by the way. It's a stronger signal in eToro, like the negative bias. Because we have like 5% to 10% who are superstars, who are virtuous traders and investors, that sometimes I have to look at what they do

and like 10 times to believe. because it's hard to believe that somebody is able to generate 50% a year consistently, right? Or how do you make it? You told me that in the past. Or not luck, right? So it's, you know, but if you see somebody consistently doing it, you're like, okay, I want to really understand why. And by the way, and some things are temporal, right?

So like the hedge fund industry, somebody can be a high flyer for a while, but then something changes and then we see the number one becoming number two number two becoming number one like number one now on etoro has a 30 percent irr average roughly for past 12 years 12 years right a super smart guy well i bet all the top like i met all the top 50 probably roughly super smart people and investing they're actually better than me um uh and like really understand the markets and that's why i built etoro because i knew there people like i knew i i'm good at investing and it took me a while but attack stocks and then in crypto uh but sort of more longer term uh not diligent enough to go into reading

financials of every single company i want to invest in but these guys do right so super smart investors um and you can very easily uh talk to them find out uh uh find those who are similar to you and sort of look at their portfolios. And I think AI now, from one end, makes our pro-investors potentially 10 times better, providing them tools that are the level of renaissance capital two years ago and then millennium and points 22, really because these tools didn't exist like two years ago. The best hedge funds in the world didn't have the ability to run a quant team and a risk management team 24-7 for every single portfolio manager that can actually look at the markets 24-7 and analyze news 24-7 tailored into a specific portfolio manager. So from one end, our best customers, I have no doubt, are going to get better.

And your ability and anyone's ability to find the right ones to do the right asset allocation between them also improves significantly with AI. It makes complete sense. If somebody's in the United States, where should they go to sign up? eToro.com. Yeah, eToro.com. Just download that. And they get equities, crypto, trading tools, AI, financial super app. Yeah.

It's a pretty good deal. it's pretty good it's soon embedded in Sylvia we will see we're negotiating we're negotiating we're not negotiating

shit alright we'll do it together in the future