Is Bitcoin About to Shock Everyone in Q4? | Jordi Visser

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Jordi Visser (0:56)

I think most of what's driving crypto right now is a combination of new players coming in. This is what a bull market is about and you're right, FOMO is going to start to kick in very, very soon. I said before when Bitcoin got above 82,000, that was the confirmation of the bull trend. I think we're in that. The fundamental side is getting stronger and stronger by the day.

I think we're at a point where this stuff is about to take off, particularly with what happened today with the...

Anthony Pompliano (1:22)

What's going on guys? Today, we got a great conversation with Jordi Visser. In this one, we're going to talk about what's going on in the macro world. Why are people so fearful when the data actually says you should be bullish? What's going on in AI? Why is the rise of personal AI assistance very bullish for token consumption? Or the big model labs actually coming into pressure or not? Jordi and I disagree. And then we agree on a big topic that I think you're going to enjoy. And then we talk about crypto, public equities, and what he sees going on in people's portfolios, how the end of the year should go, where we're going next year. And maybe he even gives a little bit of alpha, something he calls the Micron Moment, which I think that all of you will be very interested in. Here's my latest conversation with Jordi Visser.

All right, Jordi, it seems like every single person I talk to from the traditional world, they are freaking out about macro factors. They're saying interest rates are going up, oil's at 100, the 10-year keeps going higher. They are so worried that the big crash, the Michael Burry moment is coming. I don't get the sense that you agree.

Jordi Visser (2:16)

I actually think it's stupid.

Anthony Pompliano (2:19)

Podcast over.

Jordi Visser (2:22)

I mean, I posted in X a bunch about this this week. I did a subscriber video and I had like 25 slides of why this is just, add it to the list of doomer stuff that comes out, tariffs and the war and oil's going to infinity and all of these things. So this is the way the economy works.

We have a very diverse economy in the US. We have a diverse stock market, theoretically. We have 500 names in the S&P 500

Rates mattered a lot before the great financial crisis. They mattered a lot into the great financial crisis because the economy was built on autos, housing.

That's why we created things like the leading economic indicators. We have what's called financial conditions index. Everything changed after the great financial crisis. So the first thing about rates are everyone's like we're at 20 year highs for rates. Well, let's just go back to what that means. That means by definition rates just before the great financial crisis. I'm not sure anyone got the memo, but to save us from the great financial crisis, they had to move rates to zero. And then we stayed at zero for a long time to get us out of the problem. So really what's happened to rates is they've normalized. Nominal GDP is six and change percent. Historically, tenure rates should be 200 basis points above. Now, let's say it's about... That changed in 1997 So let's say it just goes to even. We're still cheap relative to nominal GDP. Now, that matters because GDP is growing at six and a half percent. Theoretically, if you just take what that is, that means you'd have to have rates above it to where it would be difficult to make money, if that's kind of how much money you can make investing-wise, or transaction-wise, business-wise. But that's not the case. So, withinside the S&P 500 are a lot of zombie companies. I mean, I hate to say it, but homebuilders don't make much money these days. Auto companies, Ford, GM.