Bitcoin Just Had Its Biggest Week In History | Jordi Visser

**SPEAKER_1** (0:00)
This episode is brought to you by Accenture. When you're advertising operations fall out of sync, everything else follows. Spotify and Accenture are working together to reinvent the rhythm of ad sales. Using automation, analytics and smarter workflows to simplify campaign delivery and access better data across the business. The result? Less time spent on operations, more time connecting brands with the moments and fandoms that matter most. Learn more at accenture.com/spotify.

**SPEAKER_2** (0:31)
If roaches are getting comfortable in your home, it's time for Stem's Multi-Insect Spray. Made with botanical extracts, it's safe to use around people and pets when use is directed. Killing ants, roaches and flies without the fuss. And with no added dyes, fragrance or harsh chemical odors, you can spray it inside and outside your home. Live life never bugged with Stem.
Visit Stem for bugs.com to learn more.

**Jordi Visser** (0:57)
Bitcoin needs to be in people's portfolio because it is a hedge against abundance. It cannot be destroyed because it is built on beliefs.
Beliefs that it will have a store of value, just like gold, except for one thing, it's digital. And so I think everyone needs to adjust their views. And my job has always been, I'm gonna keep quiet on Bitcoin until the tape tells me that it's time to be loud again. It's time to be loud again.

**Anthony Pompliano** (1:20)
What's going on guys? Today we have a great conversation with Jordi Visser. And boy is this one fun. We talk about Bitcoin and the 22% surge this week in the price. What's driving it? Is it sustainable? And how should you think about Bitcoin in your portfolio? We also talk about Stripe, Ramp, Anthropic, OpenAI, many of the AI companies that are embracing various aspects of the industry. And then we talk about what's going on with public companies and why the multiples are compressing, how competition is now such a cutthroat part of this industry. And then we even talk about how investors are gonna navigate all of the volatility, all of the change, and where exactly will Bitcoin end up over the coming months and years. I hope you enjoy my latest conversation with Jordi Visser.
All right, Jordi, Bitcoin is ripping higher. A week ago, you said that the prior two weeks were the two biggest weeks in Bitcoin's history, potentially. Here we are with Bitcoin now up 22 percent over the last seven days. Explain what has happened and why you think that this is a sustainable bull market now.

**Jordi Visser** (2:20)
Well, when we talked two weeks ago, it was the week after situational awareness. It was the week after Kevin Warsh did nothing, and basically said the bond market was doing the work for him, and then finished off that week with the most important thing.
I do believe the thing that most people either missed or for macro people in general debating whether this will work or not, and that was the intervention into the Yen. It was the beginning of what I would call intervention by Scott Besson to highlight in a contextual way with the economy racing, with stocks at all-time highs, and yet he felt the need to intervene for the first time since 1998 in the Yen in a way that basically said we don't want yields going higher. Then you have the quarterly refunding announcement shortly after, where they change some language in there, leading into what happened this week, which is a change in the debt buyback. Rather than everyone sit there and argue about whether this is going to happen or not, I just want to remind people one thing, and I'm going to cover this extensively in the video this weekend. The tape doesn't lie, and the one thing that had been going on is despite everything that was happening, Bitcoin was acting better, it was handling bad news. We had the hacking into a wallet. We had Michael Saylor selling Bitcoin. We had all kinds of negative news, Clarity Act not getting through, and yet it was still trading well. It was hanging in there. The tape was telling you that something different was happening. But then when you get this week, and everyone should go read the X-posts that I've put out there, so far this is a seven sigma week in Bitcoin.
There's only been three in the last decade that were greater than five. And so people understand what a sigma week is. This is taking the movement of Bitcoin for a weekly basis, in this case, over 20% as of when we got on here about 23%.
And going through and dividing it by what a normal weekly move would be.
And in this case, a seven, you know, we had a vol, a 60 day vol, which is what I'm using for my actual sigma calculation of 23 So it's a daily volatility. So when you go through it, you have basically a seven standard deviation move. The prior two that were above five, they happened in January, April of 19th and January of 23 And I hate to say that those were the beginnings or the end of the prior four year cycles. Since I've sat on here, I don't subscribe to any four year cycle. But in this case, we are getting the exact same sigma move. And in those other two cases, believe it or not, we also broke above the 200 day moving average. So all that leads into something I've said, which is I don't care about even trying to pick the bottom of this thing, from a saying it's positive until we break above the 200 day moving average. And both of those prior times, we stayed above the 200 day moving average going forward. And Bitcoin started leading to a very large rally. I happen to think with all of the things we've talked about, the AI agents, the fact that the government is showing that they want to run things hot. You have a secretary, a treasury secretary, who is quoting Satoshi in Expos. You have Kevin Warsh, who is a Bitcoin lover. You have everybody in the administration that people should be paying attention, that something more important is going on here as the financial guardrails of the agentic world are starting to play out. And I'll leave with one more thing, which we can either talk about or not. But I'm spending a lot of time with what Stripe is doing. And my whole thesis is that the merging of AI and crypto and for Bitcoin, it will always be the purest AI trade at a time where we have AI not working as well as people want it to getting frustrated. And you have a move in Bitcoin, which is 23% in a very short amount of time.