The Frontier

David Hoffman notes that while many cycle investors on Bankless remain bearish on crypto's short-term bottom, Jordi Visser holds a bullish outlook, believing Bitcoin has already bottomed and that the current crypto winter will be the mildest ever.

Jordi Visser predicts that artificial intelligence and inflation will drive investors toward a 'scarcity portfolio,' ultimately concluding with Bitcoin and other assets possessing similar properties, due to a massive economic transition.

Jordi Visser argues that AI accelerates wealth distribution problems, which have grown since the personal computer era, by disrupting human intellect and physical labor, making Bitcoin an inevitable and chosen scarcity asset in this new paradigm.

Jordi Visser explains that AI is destroying the moats of abundance-based software businesses, leading to a 'SaaSpocalypse' where companies like Salesforce and Adobe see profits eroded as AI creates super abundance, making their terminal value questionable.

Jordi Visser states that AI acts as the new quantitative easing (QE), enabling companies to reduce labor while growing, contrasting with traditional QE which aimed to keep businesses alive by maintaining credit flow.

Jordi Visser identifies a 'compute shortage' as a critical current issue, as AI adoption rates have outpaced the supply of data centers and necessary hardware, potentially slowing companies' ability to replace labor and impacting margins.

Jordi Visser forecasts a period of inflation driven by underinvestment in physical infrastructure like power and chips needed for AI, alongside rising commodity prices for copper, silver, and energy, despite AI's long-term deflationary potential.

Jordi Visser notes that year-over-year CPI is currently 3.3%, predicting it will reach 3.6% or higher after the next print in early May, potentially surpassing 4% due to filtering effects from rising diesel and plastic prices.

Jordi Visser argues that the S&P 500 will likely remain near current levels a decade from now, despite a doubling of the economy, as AI disrupts public companies and shifts value creation to a decentralized world of entrepreneurs.

Jordi Visser describes Bitcoin's recent price action as an 'IPO' event, involving a significant distribution from early holders to new buyers, including ETFs, which have continued to accumulate during price dips.

Jordi Visser observes that the current Bitcoin cycle is distinct from previous ones because altcoins have not reached their 2021-2022 highs, suggesting a reshaping of the crypto market reminiscent of the post-dot-com bubble era.

Jordi Visser asserts that Bitcoin's strongest historical performance, with annualized returns of 247%, occurred when year-over-year CPI was above three-month bills and the Fed was on hold or easing, a regime he believes the market is rapidly approaching.

Jordi Visser's portfolio is heavily weighted towards 'scarcity assets' supporting the AI infrastructure, including memory stocks like Micron and Pure Storage, chip-related companies like Marvell, and raw material producers like silver miners and Brazilian mineral companies.

Jordi Visser uses a diverse AI tool stack daily, including Perplexity, Gemini, ChatGPT, GROQ, and Claude, to conduct rapid research and generate content, highlighting the significant productivity gains for individuals.