How AI Could Take Bitcoin to $1 Million | Jordi Visser

Jordi Visser (0:02)

I've never seen a more hated bull market around the greatest innovation technology that the world has ever seen. Agents have not replaced people at work. What has happened is they have not hired people, and then the corporate ladder has stopped. So you can't go up any further, and the costs haven't changed inside the city. So I think this is what builds the anger, is humans do much better with hope.

And if hope has been taken away, which is what the corporate ladder getting more money in the future is, then I think someone is to blame. Data centers are to blame potentially. I think robots and agents will be taxed. In the world that I'm seeing, the founders are going to own 80, 90, 100% of their business because they don't need employees and they don't need to borrow money. And those are the two things. If you need capital and you need employees, you have to give up a lot of your money. But with AI, you don't need either.

Danny Knowles (0:51)

So you think that AI is going to be the catalyst that means the people who own the $900 trillion are going to need Bitcoin.

Okay, Jordi, I'm very glad to have you on the show. I've been wanting to do this for a little while. You've been on my radar for a bit, but it was really when you did the Bitcoin IPO moment piece that you put on your sub-stack that you sort of sprung to my attention. You've been an investor for 30 years longer?

Jordi Visser (1:18)

30 plus years.

Danny Knowles (1:19)

I want to know from your perspective, what you see right now that you feel like everyone's missing.

Jordi Visser (1:28)

So there's a lot of things people are missing. Most of them have to do with AI. But the reason I decided to leave the traditional investing world was really two major reasons that fit in with the question you had. Number one, I believe that the combination of AI and crypto was going to change the world very, very rapidly. With the speed coming from AI and the guardrails necessary for the speed coming from the crypto side.

But there's another angle too. I believe that AI was also going to disrupt all bureaucracies and that this was going to be about being in the speed rail. So I write a lot about the problems of friction.

Bitcoin to me represents the other side of friction. That's my viewpoint. So I made the decision that when I was talking to people on both the traditional finance world, but also as I got more involved in the crypto side and I was kind of listening to what people were saying, I very seldom meet anyone at all on either side that talks about what Michael Saylor talked about. And it was his, I'd say, experience. And I'm a very big experiential person, so I listen to what people said. But he's the only person I've heard talk about his business being disrupted by the speed of technology. And then also what that led to in the basement and why he was, he changed his business.

Danny Knowles (3:00)

Specifically, are you talking about when he first came onto the Bitcoin scene, he talked a lot about his $500 million melting ice cube of money that he was sat on. Is that what you're referring to?

Jordi Visser (3:10)

Yeah.

I mean, that is basically to me what every diner on the streets of New York and every small business has gone through, which is you can't compete with better technology. And if you don't have this massive capital raising ability, and in his case, he talked about, I couldn't beat Microsoft. I'd have to invest and go a completely different path. And so that trapped feeling, and that's why his line of you don't find Bitcoin, Bitcoin finds you, was really what I think people are missing. I think my views are different in terms of the end game, but I think Michael's connection with the technology disruption and the speed of that and the inability to compete was really a big part of it.

Danny Knowles (3:54)

And he was obviously very early on that train.

There's been a lot of talk of sort of institutional investment in Bitcoin. Some people saying it's already here. Obviously, there's been huge wins in terms of like the BlackRock ETF strategy sort of started the institutional investment. But we've not seen that much. I don't feel like we've had the wave of institutional investment that people predicted. Would you agree with that and why do you think that's the case?

Jordi Visser (4:21)