The Pomp Podcast - #1546 Jordi Visser | Bitcoin’s Price Is About to SHOCK Everyone - Here’s Why

Episode Date: May 10, 2025

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 a potential bitcoin short squeeze, current macro environment, public vs private markets, trade deals, inflation, AI, and where he sees opportunity.=======================Figure Markets is where crypto meets real-world finance. Trade 24/7 with speed and transparency, borrow against your crypto with no credit checks, and earn—all on-chain. Stocks and real estate trading are coming soon, giving you 24/7 access and instant settlement. It’s the best of TradFi and DeFi in one platform. Get started today at https://www.Figure.com/pomp! Disclosures: https://www.figuremarkets.com/disclosures/=======================Core is the leading Bitcoin scaling solution, enabling you to lock in yield by locking up your Bitcoin. Simply lock it on the Bitcoin blockchain to secure the Core network, and get rewards. No bridging. No lending. Just holding. Still your keys. Still your coins. Now your yield. Start at https://stake.coredao.org/pomp=======================Pomp writes a daily letter to over 265,000+ investors about business, technology, and finance. He breaks down complex topics into easy-to-understand language while sharing opinions on various aspects of each industry. You can subscribe at https://pomp.substack.com/=======================View 10k+ open startup jobs:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://dreamstartupjob.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Enroll in my Crypto Academy: https://www.thecryptoacademy.io/

What's up, everyone? This is Anthony Pompliano. Many of you know me as Pomp. You're listening to the Pomp Podcast, which is my effort to find the most interesting people in the world and sit with them for hours while I ask questions in an effort to learn. So it would mean the world to me if you would subscribe to the show on your favorite audio platform, watch episodes on YouTube, and tell your friends and family about the podcast. My goal is to help millions learn from the world's most interesting people. So let's get into today's episode. What's going on, guys? Today, we have an excellent episode with Jordy Visser. Jordy's got 30 years on Wall Street. And so when he tells you that a potential short squeeze is about to happen, you got to sit down, get your coffee,

open up your ears and take a listen, because that's exactly what he's about to talk about. He's going to explain why he thinks that a short squeeze in Bitcoin and commodities is possible, what that means, how it would work, what the macro backdrop, all these trade deals, interest rate cuts, currency manipulations going on around the world. And then we even talk about where he's seeing opportunity, whether that's AI, Bitcoin, crypto, hardware, or something else. So make sure you listen to the full thing. These are unique thoughts. You're not going to find anywhere else. Jordy's amazing. And I hope you guys enjoy my latest conversation with Jordy Visser. Anthony Pompliano runs Pomp Investments. All views of him and the guests on his podcast

are solely their opinions and do not reflect the opinions of Pomp Investments. You should not treat any opinion expressed by Pomp or his guests as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his personal opinion. This podcast is for informational purposes only. Today's episode is sponsored by Figure Markets, the place to go to earn yield and borrow against your Bitcoin or Ethereum. Figure Markets crypto-backed loans let you borrow against your Bitcoin or Ethereum with up to a 75% loan-to-value ratio, one of the highest in the industry. Whether you're looking to reinvest and double down back into more Bitcoin,

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And if you want to see what your Bitcoin is securing, join millions of others in exploring the largest Bitcoin DeFi ecosystem. There are over 100 live apps in the network and the deepest liquidity in all of Bitcoin DeFi. Get off zero and start earning yield on even just 1% of your Bitcoin by going to stake.cordow.org slash pomp. Again, that's stake.cordow.org slash pomp, or go click the link in the description. All right, Jordy, I thought a great place to start this conversation is this idea of like a commodity. short squeeze. And I think people quite don't understand very asymmetric, violent moves in assets and how they can come together. So what are you seeing here that's giving you the sense that this could be kind of setting up? Yeah, this is an important thing. As a

derivative person my whole life, one of the more interesting conversations I had with someone who I'll refer to on this podcast, the same way I've referred to him in Substack, I'll call him Dr. X. okay um highlighted to me the acer met the asymmetric pricing or the the strange pricing in bitcoin calls verse puts and the first time i saw this uh i was looking at the deribit exchange which as of this week was there's a takeover by coinbase and it's a big story but what i looked at was that just for example with a hundred thousand as the price for spot Bitcoin out to September. So we're talking four months. A $30,000 out of the money call was close to $5,000. Yeah, close to $5,000. While a put at $70,000 was close to $1,700.

So in equity markets, you typically get this skew where the higher the prices, lower the vol. In this case, there's a variety of factors that fit in with the Bitcoin, which makes the Bitcoin option market unique. But what really scares me about this is that as an equity person, and you see that, you can buy spot Bitcoin and you can sell 30% out of the money calls and you can collect what's effectively higher than the Fed funds rate for just four and change months, which means on an annualized basis, whether it's the calls or the futures, they're trading at a really big premium to spot price, which means you're going to get a lot of people that are willing to kind of sell options on this. So one of my beliefs overall has been that Bitcoin is not a currency. It's not an

equity. So when people call it a risk asset or they call it a currency, I'm like, it's not that. It's kind of a hybrid thing. It has a finite amount. And this is what's different with the fiat thing. This is what Michael Saylor talks about. This is what makes it interesting. So the upside can be asymmetric. You can get short squeezes. And I believe what we're going to see this year at some point is a period where someone gets caught short, primarily because of the options stuff and where these calls are priced, but also not recognizing how fast this thing can move to the upside where the vol can be extremely, it can move very, very quickly. And the reason I think it is going to happen is because there's a lot of miners that seem to overwrite their calls.

This is a production related thing. And it reminds me of what happened to nickel in 2022, where we had this massive spike in nickel. So it actually this year will probably look more like a commodity at some point where people have to come in to cover the calls that they've shorted against it. So I think it's going to happen this year. When people hear short squeeze, they think huge asymmetry, hundreds of percent of upside. How significant or severe do you think that the upside movement in a short squeeze of Bitcoin, given its size now of a couple trillion dollars, like what does that look like so here's the issue on a short squeeze um going on x and just reading how many people are involved in this market and think of gamestop and

all these situations i think bitcoin fits in with these kind of it has this huge community following and if people believe that someone is caught short i think it can get extremely violent now once it's done you'll get a pullback obviously but at some point here i think you're going to get a big move. Michael Saylor has done one thing to Bitcoin through the MicroStrategy convert market. He's brought a lot of short options out there in terms of people are now long a bunch. So there's gamma out there. So it's longer dated. All that means is we can get an asymmetric move and then it will come back. But I think we're going to see it because I think the community will feel the short squeeze. They'll be pressuring it and there'll be a story floating

around. So I think at some point this year, Bitcoin will be a front page news story as to how it's gone higher on a short squeeze. Now, as this occurs, we obviously see lots of public companies that are now starting to buy Bitcoin. We see a lot of private companies trying to become public companies. But one of the areas that I don't hear a lot of people talking about, but I think it's very interesting. I know that you've been paying attention to strategy and what's going on there or these like income generating funds or these yield type funds. I think the strategy one is MSTY, if I remember correctly. And I see some chatter online of very high yields being paid out, but there's always the concern of these like nav

erosion type situations. And so how do you look at the equities of these Bitcoin treasury companies versus maybe what I'll call like the derivatives or kind of the things built on top of them that are optimizing for different things, depending on what the fund or the instrument is? So number one, I think they're healthy. And the reason I say I think they're healthy, they're bringing they're creating structures that'll bring more people slowly into it i saw one i believe it's kalamos um they've offered an etf uh that is one year it's principal protected so worst case scenario you get your money back you participate in bitcoin up to i'm going to say 12 like i said the futures are trading at a premium so if you buy spot bitcoin and you saw the futures

out front, you can get anywhere from 15 to 20%, depending on the time period. So I think this is allowing people through creativity to bring people into the market. And again, it gets into, you have to be more worried about an asymmetric upside than downside in this. Everyone has always been more worried about the asymmetric downside. I think what these products are doing is taking advantage of the asymmetric pricing that's up there, bringing structures that fit insurance companies that fit i mean whether michael does uh you know a perp whatever he wants to go through he's trying to figure out different structures that allow people to invest in it where he can raise fiat money and then turn it back into bitcoin so i think this is going to continue

i don't think the structures necessarily are as interesting at this point as the corporate balance sheet side just from a if people get a chance strategy he spoke at at micro strategies uh uh earnings release the annual report and i think it's an important listen in fact if you get the chance if you watch that one and just listen to what he's saying about the competition how much the mag seven have have dominated how the majority of companies are suffering and then you go back to thinking where micro strategy was in 2020 and then if you want to get more optimistic about the future from another angle again on bitcoin go watch the stripe sessions videos which are fantastic and especially the the opening keynote report they talk about the ecosystem that's going

on they talk about stable coins they talk about ai they talk about just an amazing growth story around the globe but in the us as well with startups now this is all happening with a macro backdrop of what was i think a lot of uncertainty but maybe we're getting more clarity one of the things i find most interesting is uh just this week where the president united states tweet and say like now's a good time to go buy stocks which uh last time he did that hours later, stocks ripped. When he tweeted that on Thursday, Friday, crypto was up, stocks are up, everything looks great. We have a trade deal that is not signed, but seems to be constructed, which my takeaway from the trade deal was somehow we got the UK to lower their tariff.

We increased our tariff and we got some market access. And I don't know if that's good or bad, but it seems like they at least got what they said that they were going to get. and then you have like some currency uh competition going on around the world where you're seeing certain currencies devalue against the dollar etc so like how do you see bitcoin and crypto playing into this macro environment and then like how are you reading the macro environment right now in terms of good through the rest of the year or do you see cracks in in the wall yeah so i think you and i um during the midst of the the panic thought it was an overreaction we both agreed on it um were we right we were right um the market has has migrated higher and

and i think there's still uh one more capitulation in terms of positioning normalizing because most of the sentiment stuff has kind of eked back the other direction but there's still going to be i think there's going to be one more capitulation probably when china um and the u.s come to some agreement but overall i i would like you know i'm i'm at the point where i would temper enthusiasm So I think for the second half of the year, people have to start focusing on what is going to happen and what it means. There's been a few things that have happened this year that should be raising alarm bells for people.

When Scott Besant was at his confirmation hearing, he did mention 10% tariffs. So it's not surprising that start up here and then kind of guide everything back to 10% with China being the outlier. The problem is when he was asked the question, well, isn't this going to be inflationary? He said, not very. So if we have 10% tariffs, the companies will eat 4%. The dollar will strengthen by 4%, and that'll leave 2% left for individuals for one-time costs. That was what he said. The dollar has not strengthened. The dollar has weakened. And as I talked about here, which I feel very strongly about, the global reserve currency function of the dollar is over. And

what comes with that is a lot of repricing so this week we had the taiwanese dollar finally have a strong move against the dollar so the dollar weakened against the taiwanese dollar and it was a multiple standard deviation event two days in a row that is again if you go through this year we had a huge move in bond markets in the u.s one day where bond stocks and currencies went down hadn't happened before you had a historic move in german um bun yields you had a similar move in terms of breakout of 30-year yields in gilts and in jgb so in in the uk and in jgbs you're getting more and more of these multiple standard deviation moves in something that is related to what's happening i actually believe the mistake here is that people focus on the negative side

of growth. The dollar weakening as much as it has and beginning a downtrend, which I think will continue around the globe. People don't realize how much a strong dollar has actually worsened growth in the Midwest, in the US, but also around the globe. This is unleashing growth. This is why when you see these charts of global liquidity is going higher, the reason global liquidity is going higher is because the dollar is weakening and you're getting these countries that weren't stimulating to stimulate like China and Germany. This has huge implications for Bitcoin because I think what is going to happen is by the second half of the year, because of the dollar weakening, the deficit, Doge, has not been successful. We're not going to meet your budget deficit based on

everything I've seen. It's worsening. We're still at debt, 120% to GDP, and the rest of the globe has a lot of debt, $100 trillion, of which 40% is maturing over the next two and a half years. We haven't fixed that. So we're going to have inflationary pressures from the government. We're going to have inflationary pressures from the weaker dollar. I do believe that the AI situation is going to create power problems coming in the second half of the year even though spain's situation that went on may not be directly related to ai i think people are underestimating what's happened and we had a very unique situation in oil this week where you had this hey we're gonna surprise release more barrels into the system and yet somehow crude ended up opening lower on the

week and has traded higher i use those kind of reversal signs on what should be theoretically the kind of news that would make it go lower as a sign that we may have seen the low in energy prices this year, and we're going to start to migrate higher. Now, if that inflation comes, which we probably, you probably think it's going to be higher than I think it's going to be, but let's say it happens. What is the impact to asset prices? Is it 2020, 2021 all over again, inflation runs, so do asset prices. And then what do you think the response of the government will be in that scenario? Because I think that one aspect that always shocks me is how many people especially online they look at static pictures of a market right so they say terrorists

oh terror you know whatever they don't realize that well if there's deregulation if there's taxes if there's ai if there's like all of this is happening and it's dynamic and it can change day to day and so it's very hard to look at these static photos so let's say inflation does come asset prices how are they affected and what is the government response to that so let me let me be be clear. I don't think we're getting inflation much higher. But let's assume instead of heading back towards two, we head back towards four. And that would be kind of my belief. The other thing Scott Besson mentioned at his Senate confirmation was that rates were going to come down on the long end. That has not happened. We're up 440 this morning on 10-year yields. And I believe

the surprise is going to be they go higher. So this is a little bit of a history lesson on this, then it'll get directly into into your question about about assets because i think there's a very important redistribution of wealth thing that is a a story here that'll surprise people so when i was in brazil in 1997 the asian crisis started with the thai bot so their currency came under attack that was in june of 97 and then it took another year and change to get to the russian default to ltcm to tiger blowing up in terms of dollar yen all of these different things occurred over that timeline what people don't realize is before that month nominal gdp in the u.s versus 10-year rates 10-year rates would normally be about 100 to 150 basis points above

nominal gdp nominal gdp right now in the us is somewhere between four and a half and five which means if we were you you know back where we were before 97 we'd be somewhere around five and a half to six. The reason that's important is because we stayed below nominal GDP on tenure rates for a long time. So who benefited from that? Well, part of that was QE, but this has really been long duration assets. So long duration assets for people who involve VC, private equity, technology stocks, things where you're looking way into the future and discounting cash flows. My belief is that we are going to see tenure rates start to migrate higher, and I don't see how the administration can control tenure rates.

They've already kind of lost control, and this is what brought the equity market back up, is they saw tenure rates. They went, whoa, whoa, whoa, the tariffs are causing a problem with tenure rates. We can't have that. I don't think they can control tenure rates, and I don't think Powell is going to be able to help because of the inflationary pressures. So what will happen just from a redistribution, I think long-duration assets, you saw that not only Harvard, but all of the elite universities are talking about selling

off their private equity and VC. I don't think people realize, but they have about 30 to 35% of their portfolio in these long duration assets. The globe is overweight long duration assets because that's what US assets are. So I think we're going to get into a situation, as I've talked about on here, where you don't want to be in long duration assets. And one of the benefits from that, it's not just commodities, it's not just healthcare, financials. The other place that is very, very good in long-duration assets is Bitcoin. The opposite is Bitcoin. So I actually agree with this. And it's something I've been talking about now for about a year with some of our teams, also some of our investors, is as someone in their mid-30s,

my entire generation over-rotated to privates. I joke that they watched the social network and everyone either wanted to be Zuck or they wanted to invest in Zuck, right? And so literally it poisoned the water and everyone went and did that. Now, the good news is it was a great time to do it over the last 15 years. I believe that because of the undisciplined monetary and fiscal policy stuff, because of some of the structural stuff that you're discussing, there is going to be a lot more opportunity in the public market versus the private market because there's this structural tailwind for liquid assets that are not these illiquid long-term type things. And so what you're going to see is you're going to see this migration back of many of the people in the private market

having to go into the public market. It's a different skill set. There is a very, very different kind of liquidity management. One of the beauties of VC is you think about buying and usually you don't have to think about selling, right? It's buy and hold until the founder makes a decision to sell the business, to go public, whatever. And so as that occurs, the portfolios of the institutional investor are going to look different. Obviously the endowments and stuff like that are already starting to look like they're going to change. But I also think that you're going to see in the liquid market a lot of different aspects. And so one of the things that I always like to talk to public hedge fund managers about is they say, oh, we had 8,000

public companies. Now we have 4,000. I say, yeah, you see a decline in public companies. I see an explosion of public liquid assets because a whole generation went and now they're just playing in this crypto world. It's not on your exchange, right? But we went from 8,000 to 4,000 companies, but we got 20 million or whatever the number is now coins of which 99 are nonsense. But there's a lot of capital, trillions of dollars now that went and got diverted into these public liquid assets that otherwise would have gone into stocks or something like that. And so to me, it's like we're going through this regime change. And it is not only capital markets wise, it's also from like a demographic standpoint. And if an entire generation was very focused on privates, if that

capital starts to now come into these kind of shorter duration, more liquid type assets, that should serve as a tailwind for those asset prices. And also I think the people who are doing this, they're trying to hide from inflation. So in a weird way, stocks became kind of an inflation hedge, even though that's not how they're kind of pitched, if you will. And so you start like checking these boxes and you say, wait a second, like the public market is going to have a renaissance in a way that all the people for the last decade have been predicting, like, you know, we're going to have no public companies in the future. I actually think it's going to be completely off sides. What do you think? So this is an interesting thing because I think

we're in agreement here on on what's happening um but i want to i want to make sure the the phrasing i'm going to use a different phrasing for private and public so i'm going to take the public sector as the government the private sector as all of us as individuals and then there's a third booming part and stripe highlighted this um have you seen their keynote yet i saw that happened but having the interviews up it's work to our cash and stuff here so i'm going to reference a couple of things that were interesting, but the Collison brothers, they termed it as borderless financial services. So when people go, if the dollar is not the global reserve currency, what is it going to be? And I go, well, Bitcoin is not a currency, but the digital economy

will be the economy. And that means stable coins. It means Bitcoin. It's a fragmented thing, But it's just a different capital system, capital structure. And that's why when you say private companies, public companies, I think capital structure is just changing what the Collison Brothers highlighted. Really interesting chart. They've shown how quickly AI companies are able to get to an ARR of $5 million and then showed cursor, which we've talked about on here, just booming, getting up to 300 million in revenues very, very quickly.

When you go through that, they also talk about how SaaS had a stickier retention than AI. Now, when you think of coins and you go, well, they're 90% of them don't matter. At some point, the coins go from zero to a billion and then they come back down. What they were basically saying about the retention is that people use AI as a tool, but then they're like, oh, there's a better tool. That's exactly the way I describe it to people. So what I've said about the public and the private market, it's going to be a lot of activity happening outside of the S&P 500, outside of kind of the VC and private equity world where they're taking public companies, moving them

private, doing this. I think Michael Saylor, when you combine what he said, which is there's very few companies that are actually winning, the majority of them are zombies. And I agree with that. Now, when you watch Stripe, they're talking about massive growth of startups and how quickly they're able to go up. Now, these zombie companies are not using AI. All of Stripe companies are using AI. So if you get the chance and you watch it too, that's why I think we're on the same page here. I think crypto is the capital structure of the future for all of these little businesses, and they don't have to go through the concept of the public market. And that's what Michael Saylor talks about. So if you combine the Collison brothers, who are young, with Michael

Saylor, who's not young, and you take those two presentations and you combine them, you're looking at the new capital structure it's a very interesting dynamic to look at both of them where are you seeing opportunity right now given macro environment what we're seeing with bitcoin and crypto prices um obviously bitcoin you're very bullish on ai you're very bullish on uh are there other things in your portfolio that you're looking at and saying you know either i think it's kind of a unique risk reward or uh there's areas that you're paying attention to that maybe other people aren't yet i i'm gonna say it a lot of times on here i love the hardware side at this point uh under investment for the last 17 years uh humanoids are going to happen power we need

a ton of it uh we need a lot of commodities and construction now it's not the old school commodities of you know we don't need steel we don't need aluminum we don't need a lot of stuff but we need to build the power that's necessary full self-driving vehicles there's a lot of different stuff and i've talked about micron micron sk hynix and samsung i mean they have a stranglehold on memory memory is a really big thing i don't think people fully grasp the age of intelligence and what what it actually means that we're finally going to be able to replace humans in a way we're actually replacing their brains it's not going to kill jobs it's going to allow people to create businesses and move to the side the collisons go through how quickly the creator

economy is growing uh which you and i are both part of this is on youtube this is a podcast we're part of the creator economy i do my own youtube i do my own sub stack i do research for other people um this is a the side of the economy that's going to continue to grow so i think everyone looking at the old economy yeah it's in a recession guys like i don't know what to tell you if you take the mag 7 out we're in a recession but if you guys think that this is a recession when startups are growing through the roof and growing their businesses faster than ever before you're missing the ai picture and so everything related to ai is where the growth is and i would focus again for for at least now on hardware and then boring companies that are still getting

government tailwinds which means the financials because of deregulation and the health care because the entitlements continue to grow and just remember if the government can't shrink the deficit this was supposed to happen it's not going to happen this is the biggest change is that if If rates have moved higher, the dollar was weaker, and we weren't able to cut as much as the trillion dollars or $2 trillion that we hoped, I'm sorry, guys, but you have to go back to the inflationary playbook. Right now, inflation is low, but I think this is the trough of inflation for the rest of the year.

When you think through what's playing out right now, let's talk specifically about rate cuts and trade deals, because I think those are two potential catalysts. obviously, we saw just, again, the announcement of a concept of a deal with the UK. And I don't think the UK was very high up on most people's list of the most important deal to get done. But the market, very positive. The reaction was, oh, here comes clarity. Oh, here comes some ability to show that you can execute these deals. Do you expect a windfall and we're going to have 10 different deals and stocks go back to all-time highs? How do interest rate cuts play into this? It feels like those two potential catalysts really are the thing that is going to

kind of drive us higher if that does happen. So I don't think each deal now, the first one getting done is probably the biggest reaction initially. And we didn't even react that well to it yesterday. I mean, we drifted lower. It's been about three weeks where continuously the market would close above word open. And that just showed that there were buybacks happening, there's systematic buyers that have to buy as the market goes higher, but there are a lot of people covering shorts too. So sentiment has started to migrate back. So I still think there's upside pressure. And I still think the reality is we'll probably get to new all-time highs this year, but because I think rates are going higher and I think inflation is going higher, I wouldn't

be, if we get any rate cuts this year, I believe it'll be one. And I'll tell you why. Number one, I do believe that we're going to get pressure from commodities that's going to start to show up in the second half of the year. The second thing is what people, and I don't know why this hasn't been talked about, if he's successful with these tax cuts, and let's even throw in the tax on the two and a half million and above. The reason we had strong growth during COVID is because we gave money out. Did you get a STEMI check? I didn't get a STEMI check. I still spent. So when you hand money out to people that are getting tips and you're redistributing tax cuts lower for people that's not deflationary because that means 100 million people get to spend more

money than they did you know a year ago it brings hope back it brings enthusiasm because it's not just a one-time thing it's looking forward as well so i think one of the things people have underestimated is if he's successful in the redistribution of the taxes people wealthy people don't change their spending habits because they're paying an extra two percent they can and complain about it and the republican you know people that have wealthy people in the thing go go through. We don't raise taxes. But the reality is if that's what ends up happening, I find it to be inflationary as well. It may be good for the average person, which is why he got elected. And that's what I think he's doing. And that's why in the end, the globe, 7 billion people are

going to benefit from the dollar weakening. And I just want to make sure people understand this because I've said it and I haven't given an example. When I left, when I was in Brazil, the exchange rate was one to one versus the real. Here we are now, I left in 99. So we're 26 years later, it got up to six, okay? When the currency weakens, inflation, pressure, they can't cut rates. So in countries like emerging markets, if the dollar is stronger, I mean, if the dollar is weaker now, finally, and it gives up its overvalued, it's good for the Midwest, but it's also good for Brazil. It's good for these other countries that have been under pressure, which means the globe actually, a weaker dollar unleashes growth. And that's why for Bitcoin, it's incredibly powerful

because you want, I mean, where are most of the users of crypto in the world? They're outside the US. The US does not dominate as a holder of crypto. That is dominated in terms of the number of users around the globe. We might have the most dollars in there, but in terms of the usage, I think I forgot the last numbers, but it's no more than 15 to 20% is US in terms of the users. We're 70 something percent of the market cap of stocks. So if you're going to have this transfer, I believe a weaker dollar is incredibly bullish for the crypto side. It's incredibly bullish for Bitcoin, and it's very, very positive for emerging markets. So that's kind of the way that I've looked at this whole thing is that the dollar being on this side is a much bigger story.

I think we're only going to get one rate cut. And when we get that rate cut, I think the 10-year rate is going to go higher, just like it did in September. China, allegedly, cut rates printed 1 trillion yuan. Is that negotiating? ammunition? Is that our economy's in trouble? How does that affect U.S. asset prices? It's all of the above. China's economy is not good. I mean, they've been trying to get locals to spend money now since COVID ended and their zero COVID policy was in place. It's been five years since COVID and five years in China right now is a long time because you're dealing with demographics that are worsening at a very fast pace. And unlike us, where we've got

a majority of our worth in stocks, a majority of their worth is in housing, they can't get the housing market to go. It's much easier to get stocks to go in the US than it is there, as we're seeing. The president just tweets. He just tweets out and says, go buy stocks and make money over the weekend, which I've never seen in the US. So it's a little emerging market for me. I was at a breakfast recently with a buddy of mine, and he said that the first time that Trump did it, he immediately messaged every single one of the traders at their firm and was like, buy. And they were like, why? And he's like, he's telling you to buy, right? They're like, dude, like, who else are you going to listen to if it's not this guy? And they did buy some, but he's like, many of the traders were like, but that's not a reason. And so obviously a couple of hours later, everything ripped. And now they're like, if he ever tweets that again, we like, you know, it was almost like

they got like the feedback loop. And so I thought it was a hilarious anecdote of what was actually the third time. Now, again, only the second time he said it, but what I think people forget. So he said it on April 9th, the market rallies, then it started to come down and it was going to retest the lows. And the night before, Scott Besant was at a dinner and he said, oh, there's going to be de-escalation with China. So that marked a low then.

And then we got another rally. So the administration has been using the jawboning, the deals. That's why I think you can only use that deal thing. And it's just ironic that the countries with the two major countries with the worst trade deficit, the UK and the US are the ones who make a deal first. Yeah, of course. So I don't think it's going to be easy for all the other ones. So I do think we'll get deals.

i think the tariff situation is going to flow through and there'll be impact but overall i i think we've we've gotten the benefit we can get from it when the president says buy it for the weekend i think we might be at a point where you start to fade kind of the out of the white house you want to know what one of my uh one of my goals for uh this administration can't wait to hear this to the end of it we got to get a buy bitcoin tweet just one of them right it doesn't have to be not from eric no no no from the potus account yeah because if you screenshot the potus account saying buy bitcoin it's like uh officially we've established the flag we've climbed the wall of uh of fear uncertainty doubt haters critics let's see i i thought the the the

The stablecoin bill yesterday getting held up, not getting passed, I thought was one of the more positive things for Bitcoin. And it's very funny because I think the more that the Democrats push back on Bitcoin and they push back on Trump for what he's doing, I just don't think they're getting the picture that crypto is a growing thing for the masses. And that if the stock market, which I do not believe the US stock market is going to be able to produce returns that it did over the prior 15 years. So as much as we've been positive on this, if we get a true redistribution, which is what he's after, I think private equity suffers. I think elite universities suffer. I think VC suffers.

I think major tech companies, long duration assets suffer. And it's not go down. I just think they don't go up the way they did and there's multiple compression and money is drained out of it. If that's the case, crypto is going to do very well. And I think the Democrats are making a very, very big mistake, not understanding that this is where it's going. I don't know when they're going to stop this fight. Buy a Bitcoin tweet. You're right. To me, it's just, again, I actually am not in love with any politician talking about public liquid assets, right? But if we're going to talk about them and we're going to say buy stocks,

even buy stocks and Bitcoin, yeah, it's closer to the target. But I think that Bitcoiners, one, would have a field day, but two, just having it, it's like a historic tweet, right? As you went from Satoshi Nakamoto, the pseudonymous individual or group creating a decentralized digital currency in the wake 2008 it has this epic rise over 15 years and it's capped off with the leader of the free world saying buy bitcoin nothing else in this we don't need anything just potus handle buy bitcoin and like i think that is uh a psychological victory for the Bitcoiners that would just be like a cherry on top. Just remember when he tweeted out what they were going to add to the reserve the first

time he left Bitcoin out. He had to quote retweet himself. Oh, of course, Bitcoin. He's not used to it yet. All right. Where can we send people to get your weekly video? The video, Jordan does a lot of stuff. He writes, records the video, does many interviews, does the research with the firm, all this

stuff. The video is my favorite thing that you do. And to kind of help people understand this, you sit up there in the little corner on video. You got a bunch of charts, graphs, news highlights, kind of different things that visually help people understand. I watch it every single week. And what I like about it is every single week when I watch the video, there's at least two to three things that I haven't heard before. Right. And usually it's even things that it's not like, oh, I've heard people talking about this. This is a unique view. You have those. But a lot of times it's I haven't even heard anyone talk about this specific point, like the Besson confirmation hearing stuff. First time today I heard about that. right and i'm gonna go highlight it on the video this week so where can people find that video they can find it at viscer labs on youtube um same thing on sub stack and then for people on the institutional side particular things with hardware ai embodiment i do a lot of ai research for 22v research i did i did a video this week with the technician at 22v on the importance of the asian currency um side i do i do some of this on the video that is meant more to take people on

a journey that they can understand whether it's a crypto person whether it's uh mom and dad just sitting at home that don't follow markets and they're just wondering what what's going on in them this kind of takes people to bring them somewhat at ease so i appreciate you you watching it i appreciate you talking about it and trying to learn i always love to be here you got knowledge that i don't have i need the knowledge all right that's it for this week we'll see you guys next next week.