Coin Stories | Jordi Visser: Bitcoin Selloff a "Silent IPO" Moment? Capitalism's Breaking Point and AI Money Revolution

Date: December 2, 2025
Host: Natalie Brunell
Guest: Jordi Visser (Macro investor & writer, Macro AI Nexus)

Overview

In this engaging episode, longtime macro investor Jordi Visser joins Natalie Brunell to dissect the interplay between Bitcoin's recent price action, broader macroeconomic questions, and the rise of AI. Visser unpacks his viral "Bitcoin IPO Moment" thesis, explores capitalism’s breaking point, and discusses how technological innovation and wealth concentration are reshaping the future of money. The conversation ranges from market dynamics and global wealth disparities to cultural anxieties around AI and societal change.

Key Discussion Points & Insights

1. The “Silent IPO Moment” for Bitcoin

(00:39–03:22)

• Jordi explains his concept of Bitcoin’s current selloff as a “silent IPO moment”—an event where long-time holders (“OGs”) finally convert dormant holdings into liquid assets, akin to early investors cashing out after a company goes public.

"The people who are selling, based on everything I've heard, are long term holders and a lot of them are dormant owners who haven't had their coins out in the market for a long time. And that's really like an IPO."
– Jordi, 02:13

• Despite negative sentiment, Visser believes this unlocking of supply parallels historical tech IPOs (e.g., Google, Salesforce) that laid foundations for future bull runs.

2. Macro Forces: Leverage, Velocity, and Tokenization

(03:48–06:24)

• Visser outlines two main frameworks:
  • Leverage-driven market expansions (stimulus, QE, weak dollar)
  • Upcoming era of tokenization—the process of making illiquid or “dormant” traditional assets tradable via digital tokens.
• He argues crypto’s future lies in the increased velocity of money through tokenization, not just leverage.

"Tokenization to me is the ability of anyone who has a dormant asset in the fiat world being able to transact in it all of a sudden... bitcoin fits into this because the digital economy and the financial guardrails are dependent on crypto."
– Jordi, 05:09

3. AI, Innovation, and Narrative Investing

(08:59–12:47)

• AI dominates the innovation narrative, temporarily distracting investor attention from Bitcoin.
• Bitcoin, Visser posits, is misunderstood by traditional finance due to its narrative-driven, not fundamentals-based, valuation.
• Traditional growth stocks (“Magnificent Seven”) may soon slow, making investors seek new “innovation” plays—where Bitcoin could shine.

“Bitcoin is innovation. It's a story that doesn't have fundamentals the way the traditional finance world is used to. It has a narrative. And unfortunately, that narrative is very difficult for the traditional finance, which matters a lot to the ultimate value of bitcoin, because those people live on narratives.”
– Jordi, 09:11

• AI is likened to electricity: ubiquitous, but more an infrastructure than a discrete investment theme.

4. AI’s Impact on the Labor Market and Entrepreneurial Future

(15:09–19:00)

• Natalie asks about job displacement due to AI. Jordi notes automation has already been quietly reshaping the workforce since the smartphone era and post-GFC period.
• Rather than classic recession, the U.S. faces a “K-shaped” economy—booming for asset-owners, struggling for others.
• The era of entrepreneurship will boom as AI lowers participation thresholds.

"This will be the age of entrepreneurism. And this is one of the reasons why in my weekly video I spend a lot of time trying to help the parents think about how do I have my kids become entrepreneurs? Because that's the world we're going into."
– Jordi, 18:43

5. Wealth Inequality, Creative Destruction, and Capitalism’s Limits

(19:28–22:52)

• Jordi references Schumpeter’s “creative destruction”: innovation eventually leads to wealth concentration, pushing capitalism to a breaking point and risking a slide into managed economies or socialism.

"Capitalism gets to the point where very few people are benefiting. The government needs to offset the deflation, and so they keep this thing going. The stock market becomes such a big part of the economy that they're not allowed to actually have a recession again. And that's where we are."
– Jordi, 21:16 / 00:00

6. Who is Buying Bitcoin Now? Institutions vs. Retail

(22:52–27:00)

• Natalie worries that institutional flows dominate Bitcoin, diluting its populist ethos. Jordi counters that ETF inflows are mostly retail in disguise, funneled via institutional platforms.

“I don't agree with the statement that institutions are buying it... when BlackRock has buyers, that's retail.”
– Jordi, 23:55

• Visser details four phases of Bitcoin demand: ideological OGs, early “debasement” buyers, new diversifying retail via ETFs, and a burgeoning global user base (especially outside the U.S.).

7. Bitcoin’s Role in the Next Decade

(27:00–32:25)

• Five- to ten-year vision: Generational wealth transfer (baby boomers to younger, more Bitcoin-friendly cohorts) will boost adoption.
• Bitcoin’s strength over gold: Digital-native, built for velocity and cross-border transactions.
• It possesses a rare “moat” as an enduring, decentralized, digital-native asset immune to forced obsolescence by AI innovation.

"What bitcoin becomes in 15 years is the only thing on the planet as an idea that actually has a moat. That's part of the digital economy."
– Jordi, 29:31

8. Price Predictions, Market Lessons, and the Leverage-Velocity Debate

(32:25–34:16)

• Jordi admits his optimistic 2025 price predictions were far off—this humility led to deeper research and the “silent IPO” thesis.
• Reiterates the importance of understanding the shift from leverage-driven markets to velocity-driven ones (per Caitlin Long’s arguments).

9. Personal Backstory: From Skeptic to Believer

(34:16–38:05)

• Jordi’s son’s early crypto investments (age 13) inspired him to research the space.
• Binge-listening to Michael Saylor, he recognized the connection between innovation, macro trends, and the need for non-sovereign monetary systems.
• Sees Bitcoin as "the purest artificial intelligence trade" due to its fit in a future automated, digitized world.

10. On MicroStrategy (MSTR) and Market Structure

(38:05–40:57)

• Visser is bullish on MSTR (“long on the way down”), believing its Bitcoin treasury will eventually provide unique strategic flexibilities and premium valuation.
• Predicts a future “major short squeeze” in Bitcoin as selling supply depletes.

11. Mass Adoption: The Global Network Effect

(41:28–44:13)

• Jordi compares global Bitcoin adoption to global demand for the U.S. dollar—millions want access to non-sovereign capital outside their own unstable systems.
• Stablecoins are a bridge to broader crypto and Bitcoin usage.

12. Obstacles to Global Adoption: Dollar Strength, Stablecoins, and Local Conditions

(44:13–46:55)

• Stablecoin usage may initially slow direct BTC adoption but sets up infrastructure for faster future migration.
• As wallets proliferate, so too does access to other digital assets.

13. Housing Affordability, Deflation, and the Near-Term Future

(46:55–49:20)

• Visser sees little short-term relief for affordability; only AI-driven deflation will structurally lower costs in sectors like housing and healthcare.
• Some policy tweaks (portable mortgages, rate cuts) could help, but real change relies on technological breakthroughs—such as humanoid robots lowering construction costs.

14. Cultural Change, Privacy, and Technological Adaptation

(49:20–52:43)

• Natalie and Jordi muse on social changes wrought by technology, privacy erosion, and the inevitability of adaptation—even as individuals seek "off-grid" escapes.
• Jordi celebrates his time in Maine away from technology as essential for mental health and perspective.

15. Social Cohesion, Political Polarization, and the Fourth Turning

(52:43–55:51)

• Discussion on whether growing economic frustration will lead to violence or revolution—Jordi thinks not, predicting ongoing polarization and friction, but ultimately an optimistic “new cycle.”
• Both reflect on their grandmothers’ resilience and how prior generations’ struggles contrast modern disaffection.

16. Generational Attitudes and the Importance of Struggle

(59:08–61:54)

• Natalie laments entitlement/victim mentality among youth; Jordi notes that while grievances are more visible now, stories of grit still exist and may reemerge as AI rewrites social structures.
• Hope that future leaders will come from those with perseverance forged by adversity.

Notable Quotes & Memorable Moments

• On Bitcoin’s IPO Moment:
  “People were getting too negative and they needed to calm down. Because I literally feel at the same time that we're at the beginning of a major bull market in the space because of the government and because of the innovation now becoming more relevant at this time.”
  – Jordi (02:14)

• On Outsized Wealth and Systemic Risk (Echoing Schumpeter):
  “At some point, capitalism gets to the point where very few people are benefiting. The government needs to offset the deflation, and so they keep this thing going. The stock market becomes such a big part of the economy that they're not allowed to actually have a recession again. And that's where we are.”
  – Jordi (00:00, 21:16)

• On Bitcoin for the Masses:
  "You can't be in the developing country and purchase a fraction of a beachfront property in Miami and hope it goes up in value. But you can buy satoshis, right? Or earn satoshis."
  – Natalie (23:21)

• On Off-Grid Escapism:
  "I am a very... I really try not to be around technology. That's why Matt and I get along so poorly. ... I like to be in Maine and be away from everything because I can have kind of the normal thing."
  – Jordi (52:06)

• On Opting for Bitcoin in Uncertain Times:
  “This is the reason why I started to originally invest in Bitcoin and why I think it should be in everyone's portfolio... you need to have a percentage of your portfolio, whether it's 1%, 5%, 10%, at least for younger people”
  – Jordi (53:59)

Timestamps for Key Segments

| Timestamp | Segment | | :-----------: | ----------------------------------------------------- | | 00:39–03:22 | Bitcoin’s “silent IPO” explanation | | 03:48–06:24 | Macro: Leverage, velocity, tokenization | | 08:59–12:47 | AI is the new “innovation story,” effect on narrative | | 15:09–19:00 | Jobs & entrepreneurship in the AI era | | 19:28–22:52 | Wealth concentration, creative destruction | | 22:52–27:00 | Who’s buying Bitcoin now? | | 27:00–32:25 | Bitcoin’s future role, gold comparison | | 34:16–38:05 | Jordi’s Bitcoin backstory: Michael Saylor, his son | | 38:05–40:57 | Thoughts on MicroStrategy | | 41:28–44:13 | Mass adoption, global network effect | | 44:13–46:55 | Stablecoins, global adoption obstacles | | 46:55–49:20 | Housing affordability & AI-driven deflation | | 52:43–55:51 | Social/political tension and the Fourth Turning | | 59:08–61:54 | Entitlement vs. struggle: generational reflection |

Tone & Style

Conversational, intellectually rigorous, and candid. Jordi offers macro insights with humility and personal storytelling; Natalie injects energy and probing questions, often referencing her personal background and journalistic skepticism.

Conclusion

This episode provides a layered, realistic view of crypto’s place in an era of rapid technological and societal change. Jordi Visser’s analogies (IPO, Schumpeter’s destruction, AI as electricity) offer new frameworks for assessing Bitcoin’s price action and structural role. While there is anxiety about AI, wealth gaps, and social trust, both host and guest express optimism that, through struggle and adaptation, a better financial and cultural order may emerge—with Bitcoin as a central pillar.