Did Elon Ring the Bell on the Top? The Great Capital Rotation is Coming! | Truth Block

**Hurley** (0:00)
Last week, Bitcoin looked like it was about to die. Then on Friday, the SpaceX IPO hits, the biggest in history. Then right on cue, the Iran peace deal is on again, and this time, maybe for real. And this morning, the risk tears off like a dirty band-aid, and everything rips with it. A trillion dollars is added to US stocks at the open, oil is in freefall, and Bitcoin is back to 67k. It feels like we're in the all clear, but here's what's troubling me. That same IPO just made Elon Musk the first trillionaire in history, and it's priced at 67 times sales. In the same week, this market is as overvalued as it's been since the.com top in 2000 Every blow-off top has a moment like this. Coronation. The party so loud, it feels like it can't end. And don't blink now, but tomorrow morning, the one force that's cracked this market four separate times, the Bank of Japan, moves again. So what if this isn't the all clear? What if it's the top? And all those trillions pouring into the party are about to go looking for a new home. This is TruthBlock, I'm Hurley, let's mine truth.
Okay, real quick before we get into it. A lot of you who watch this show are not subscribed. So if you want the truth underneath the headlines every single day, hit subscribe on Simply Bitcoin and turn on the notification bell so you stay in the loop. Alright, let's get into it. The mood sure flipped fast. Days ago, this market was bracing for a deeper crash. Bitcoin's seen the worst sentiment in four years. Then SpaceX goes public in the biggest debut ever.
And the Iran deal that's been jerking us around for weeks suddenly looks real with a signing set for Friday in Geneva. And just like that, the risk premium drained out of everything. But remember, the market's pricing a done deal that isn't signed yet. But that's your catalyst. And that's why everything's in the green. Here's the thing, a relief rally is a hook.
It feels like safety. And that's actually the exact moment you should be paying the most attention. Because I think we just watched the AI mania get its crown. On Friday, SpaceX didn't just go public. It went public at $1.75 trillion.
That's 67 times sales.
And Elon Musk, the richest man who's ever lived, became the first trillionaire. Let's sit with that trillionaire number for a bit, because it's not what it looks like. Nobody counted a trillion dollars. They calculated it. The reason the richest man in history keeps changing hands every few years isn't that men keep getting richer. It's that the dollar keeps getting smaller.
The ruler is shrinking. That's the trick. Now look at the timing. That's the stock market divided by the money supply, going back 40 years.
You can see two distinct peaks. One's the.com top in 2000 The other is right now.
SpaceX rang the bell at the most overvalued moment this market's produced in a generation. So is the top in?
Don't take it from me. I'm just a Bitcoiner. Take it from Jordy Visser. He's a markets guy that trades this for a living, and he respects the tech. Watch him stack up everything that's now working against the most crowded trade on earth on the Palm Podcast.

**SPEAKER_2** (3:09)
Do you worry at all about the anthropic and open AIs and the pending IPOs and all that stuff from these stories? Or do you feel like the demand for this is just so off the charts that none of that matters?

**Jordy Visser** (3:20)
Well, I think there's two separate answers. Of course it matters from a stock perspective. Does it matter for the companies being a bubble? No. Does it matter from the kind of... I'll go through why. Does it matter from the companies, one of them being in trouble, everyone thinks open AI is in trouble? I don't see it that way because we're still in the very early stages of adoption.
The very early stages. So I think a lot of the issue is the acceleration again. And I'm gonna keep saying this again and again, and I think people need to fully grasp it. This was just software.
There's no shortages or bottlenecks. Part of the issue that comes in on this is you talked about the price is going lower. The other side is the cost of producing the tokens is going up dramatically. And when I mean dramatically, I mean we're talking about four times where it was a year ago. And it might get cheaper over time, but that's not happening yet. And we have bottlenecks. So can we give them the capacity they need is one problem, to be able to sustain the ARR. So it's great if you have more adoption, but it's like, hey, we have a thousand people that want to come to the restaurant tonight, but we only have 20 seats. Well, you're not making new seats, so you're in trouble. So you can charge more prices, you make it more exclusive, and that's what ends up happening with great restaurants.