Jordi Visser is a veteran macro investor with 30+ years of experience and the author of the VisserLabs Substack. In this conversation, we discuss why bitcoin is down 50% and whether the bear market is over, why he's still buying through the dip, how AI agents will drive bitcoin adoption, and why the rotation from AI hardware to human software is the biggest investment opportunity right now.

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• 0:00 - Intro
• 0:45 - Why bitcoin is down 50% & is the bear market over?
• 6:48 - What would convince Jordi to sell his bitcoin?
• 9:07 - Bitcoin as the S&P 500 of crypto
• 14:02 - Why bitcoin is safer than any company past 2030
• 17:45 - Bitcoin volatility vs. the stock market
• 22:22 - The five-layer AI stack & where revenues are missing
• 26:22 - Token budgets & the shift to specialized AI
• 35:10 - Are LLMs now commoditized?
• 40:30 - Peptides as the API key for the human body
• 49:24 - Healthcare, entitlements & the future outlook