Is Bitcoin The ONLY Safe Haven Now? | Jordi Visser

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Oct 11, 2025

Jordi Visser, a macro investor with over 30 years on Wall Street and author of 'VisserLabs,' shares his insights on the economy and Bitcoin. He discusses the growing debasement trade, where institutions turn to Bitcoin and gold amidst market bubble concerns. Jordi also explores the implications of AI on demand and supply, the significant investments in AI infrastructure, and the potential for job displacement. He links Bitcoin's rise to youthful anti-establishment attitudes and provides a cautiously optimistic outlook on tech opportunities.

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INSIGHT

Demand Outruns Supply In The AI Build-Out

AI demand currently far outstrips supply, making this cycle different from dot-com excesses.
That imbalance supports continued AI-driven revenue growth until supply (compute/power) catches up.

ANECDOTE

Brazil Return During Dot‑Com Bubble

Jordi recounts returning from Brazil during the dot-com era and seeing everyday people use tech stock gains to buy houses.
He contrasts that sentiment-driven build-out with today's AI build focused on actual present demand.

INSIGHT

Tech Debt Risks And Historical Context

Rising debt and declining free cash flow in big tech could cause future pressure despite strong near-term AI spending.
Current NASDAQ gains are nowhere near the 1999 extremes, so context matters when labeling a bubble.

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Jordi Visser is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and puts out investing YouTube videos. In this conversation, we discuss whether there’s a bubble forming and where Jordi stands — bullish or bearish, we dive into the AI trade, the supply and demand imbalance driving energy and infrastructure, the growing “debasement trade” as institutions allocate to Bitcoin and gold, we explore capitalism vs. socialism, humanoid robots, and the macro forces shaping the markets today.

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Timestamps:

0:00 - Intro
0:47 - Bubble talk is dominating the market
7:06 - The $7 Trillion AI infrastructure boom
10:03 - Impact of AI adoption
13:36 - AI job fears and market correction warnings
19:18 - Credit events and private credit risks
26:16 - Why the debasement trade is happening now: gold and bitcoin
39:05 - The rise of humanoid robots
44:06 - Outlook on compute, power, and the market