Transcript
0:00 Again, I'm more focused on the second half of the year and the fact that at some point here, the agentic side becomes really important for for crypto. That's not going to be today's business. I do think the AI, you know, what we talked about anthropic, the AI trade's over like, and let me re, you know, as someone who basically has subscribers that pay attention to AI, it's not that AI is over, it's that the easy money of it is done. the ability of getting seven, eight times your money and that is over.
0:33 Now you get into the grind of, oh my gosh, 30% a year is horrible. No, 30% a year in the A infrastructure trade is going to be great, which is why I got interested in Micron again. I'm still got a very small position in Micron cuz I still think there's a chance there could be another leg lower in this panic side. I don't think it'll stay down there very long. So, I want to be ready to put money in. Same thing I did with Bitcoin when it's been trading down here. I think it's going to go higher. I think the things people need to watch and I've started to post more in Exxon.
0:59 Okay, so Jordi Visser just said the AI trade is over and in the same breath he says he's doing the exact same thing with Bitcoin that he's doing with AI stocks right now. Buying the fear. Here's the thing about Visser. He's not a Bitcoin maxi. He's not even primarily a crypto guy. He runs AI macro Nexus. He tracks capital flows across AI semis and macro for a living. So when a guy like that starts pointing at Bitcoin and Ethereum in the same conversation where he's talking about Anthropics revenue growth and Google's balance sheet, you pay attention.
1:33 In this one, he breaks down why Bitcoin quietly held its ground this week while everyone was distracted by AI headlines, why Ethereum's been quietly outperforming Bitcoin, and why he thinks the Clarity Act, the bill everyone's waiting on, might matter a lot less than people think. Stick around because the part about Dogecoin as a retail signal, that one's going to surprise you. >> You know, almost 50% from its all-time high. do you have any different views or or anything that happened this week that's really caught your attention?
2:05 >> No, I think I think it's held in well. I mean, as of when we did this, it was unchanged for the week. I think there's a tremendous now amount of hope that's being built into the clarity act being passed even though the probabilities in poly market and koshi is still below 50%. if it did pass it'll be interesting to see see the reaction not only day one but but two weeks out again I'm more focused on the second half of the year and the fact that at some point here the agentic side becomes really important for for crypto that's not going to be today's business I do think the AI you know what we talked about anthropic the AI trade's over like and let me re you know as someone who basically has subscribers that pay attention to AI.
2:56 It's not that AI is over. It's that the easy money of it is done. The ability of getting seven, eight times your money and that is over. Now you get into the grind of, oh my gosh, 30% a year is horrible. No, 30% a year in the A infrastructure trade is going to be great, which is why I got interested in Micron again. I'm still got a very small position in Micron cuz I still think there's a chance there could be another leg lower in this panic side. I don't think it'll stay down there very long.
3:20 So, I want to be ready to put money in. Same thing I did with Bitcoin when it's been trading down here. I think it's going to go higher. I think the things people need to watch and I've started to post more next on this and the subscribers who are interested, I will start a YouTube channel on it. I've been posting more and more the ecosystem index that I created of crypto. It took out the, you know, the midJune highs.
3:44 Bitcoin did not take out the mid midJune highs. Ethereum's been outperforming Bitcoin. All these things are suggesting that the market is starting to look more towards the revenue side of the equation, which would be more towards Ethereum and less towards Bitcoin. And that's a positive thing in the long run. And I think we're much closer to this. Look, again, Doge, which was something I never thought I'd talk about, but I'm very interested in getting retail back into crypto. And until I see Doge break above, it's been below the 20-day moving average for the longest time in its history. Until we break above it, and we've run into it multiple times over the course of the last three months. Until we break above it, I don't think retail is participating in this, and I think this is people just trying to stick their nose in a bare market trend, hoping that it'll go higher. I think it's coming soon, but Clarity Act needs to happen.
4:33 If we don't get past on that, then we're going to go right back down towards the lows and we'll have to go through this bottoming process again. So, let's sit with that Clarity Act line for a second because it's a bigger claim than it sounds like. Visser isn't saying regulation doesn't matter. He's saying Bitcoin specifically doesn't need permission. It already trades. It already settles. It already has a market structure that works. What's actually being fought over is who gets the licensing edge on everything else.
5:02 Tokenization, custody, stable coins. And that's why the stable coin point matters so much. He's not saying Bitcoin replaces the dollar. He's saying stable coins are already replacing Swift quietly while everyone's still arguing about whether Bitcoin is a currency. Now, here's your action item. If you're watching this in real time, go check where Dogecoin is relative to its 20-day moving average right now. Visser's watching that level as his retail return signal. Not because he's bullish on Dogecoin, the asset, but because it's the cleanest read he has on whether retail money is actually coming back into this market or just hoping.
5:43 All right, let's get into what he said about Japan, South Korea, and Russia because this part moved fast and most people missed it. To me, the the Clarity Act is so performative. And I know that some people, you know, will will not like hearing that, but I I said to a friend earlier, Bitcoin doesn't need the Clarity Act cuz Bitcoin already has clarity, right? It is kind of everything else. And it's it really is like the industry and the incumbents fighting it out trying to figure out, you know, who gets to do what, who has a regulatory advantage, who has to get certain licensing, like like it's all the the edge case stuff, but the assets themselves are going to continue to do what they what they do. The reason I bring that up is I think that there was a lot of excitement around tokenization.
6:33 If you look at, you know, securitize went public, obviously stable coins have been very popular. but you don't really see the retail demand for a lot of that stuff. It's not like, you know, the retail investors on X. Maybe it's just like a sentiment check. I don't see them talking about buying circle stock or securitized stock or some of these things that are more traditional finance infrastructure that is coming from the crypto industry. And so just like you maybe look at Dogecoin as an interest, I do wonder at some point will there be that like froth of retail interest in all of these what is really kind of more boring aspects of crypto. But if you go and you talk to the traditional folks, they're like tokenization is going to be a huge thing. Stable coins are going to be a huge thing, right? It's just like a mismatch between what Wall Street is excited about and what like the crypto retail folks are excited about.
7:26 Well, let let's make this all AI related. Now, in terms of crypto, I honestly, you know, whenever you listen to someone say, "How are we going to regulate AI?" You can't regulate intelligence. Like, this is ridiculous. So, the problem is a year ago, it was very hard for me to say the network effects of crypto and not have someone roll their eyes and be like, I don't even know what that means. I will tell you right now, every single person on the hedge fund world understands what it means now. No question about it. It's not working yet. And I've seen this too many times. Investing in trading is about making money. Nobody wants to buy an asset that has no enthusiasm, no interest. Trust me, I remember Micron the first quarter of last year. So, Japan put through major major regulation last week on an acceptance of of crypto and specifically of Bitcoin. South Korea, same exact thing. Russia this week. The reason I I I think this is important is there is a race now to the acceptance that okay, Bitcoin is not a global currency. It's not replacing the dollar.
8:37 What is replacing Swift is stable coins. like you can't get away from it now. Everyone's adopting it. So, this is where I think your comment about this is performative. I actually completely agree. I just want the Clarity Act out of the way. if it gets done, I think it's a big positive. I mean, when you have the CEO of Goldman Sachs publicly come out and say, "Let's just get the Clarity Act through now." You're starting to reach a completely different time where they get tokenization is happening. There's no way to get away from it. I presented the New York Stock Exchange on it. It's happening. There's no way to get around stable coin adoption. There's no way to get around the fact that the move that Stripe tried to do with PayPal. It's a big merging of the two worlds. PayPal's an old, boring company. The way you described kind of, you know, the way maybe people perceive at this point some of the the the public companies that are out there. But why did they do that?
9:31 Because Stripe has the merchants and PayPal has the consumers. Like you have to understand we're getting to a world where we are merging these two worlds of the past and the future and it's happening at a very very fast pace. So I think crypto will be looked at as connected to AI every single day and the US has had the ability to sanction people. It's had swift. Everyone's going to want their hands on the new financial guard rails. This is a very very important thing from a government perspective and also from an investor perspective. People have to be over crypto. It's way past the time of you not doing your homework and worrying about whether clarity gets through. I agree with you. I think this is something very important for people to be spending their time on because of AI.
10:11 So, here's where this leaves us. Bitcoin didn't need a headline this week to hold its ground. It just held it. Ethereum's outperforming. And the guy who spends his entire career mapping AI capital flows is telling you the Clarity Act is a sideeshow compared to what's already happening with stable coins and global regulatory acceptance. If you take one thing from this video, take the Dogecoin level. Not because you should trade Dogecoin, but because it's a genuinely useful testable signal for whether retail is back or still sitting this one out. And take Visser's bigger point, too. He thinks crypto and AI are going to be talked about as the same story from here forward. Financial infrastructure, sanctions, settlement rails, it's all merging into one conversation, and most investors haven't updated their portfolio for that yet. If this kind of breakdown is useful to you, subscribe because we're pulling apart interviews like this every week, so you don't have to sit through the full hour to get the parts that actually move your portfolio.
11:16 See you in the next