One Wall Street Veteran Believes AI Could Be Bitcoin’s Biggest Bull Market Yet

• Jordi Visser said the AI capex cycle is structurally bullish for Bitcoin with compute demand now flowing to crypto.
• BlackRock's IBIT shares outstanding hit record highs, indicating “boomers are buying” Bitcoin on weakness.
• Private credit, private equity, VC, and SaaS have become uninvestable, and tokenization is a structural necessity, Visser said.

Macro investor Jordi Visser said on Sunday that the AI capex cycle is structurally bullish for Bitcoin (BTC), as Ethereum (ETH) will benefit from the tokenization boom.

Speaking on The Pomp Podcast, Visser said the strength of Bitcoin is a direct result of the AI buildout, as the same compute demand that drives chip and power parabolas now drives crypto. "You always have to remember the linkage between artificial intelligence and crypto, the linkage between crypto and code – all of these go together," he said.

Following Bitcoin's move from $60,000 to $80,000, Visser noted that shares outstanding in BlackRock's spot Bitcoin ETF (IBIT) have reached an all-time high, surpassing levels seen when BTC traded at $126,000, indicating that wealth managers are accumulating on weakness. Investors themselves were also unyielding, Visser believes, with Morgan Stanley buying around $200 million over two weeks alone.

"The boomers are buying it, they're adding it to asset allocation," Visser said. "If they're buying during a down move, when this [goes] higher, they will be buying in an up move.”

Bitcoin’s price was trading at $80,934, flat in the last 24 hours. On Stocktwits, retail sentiment around BTC remained in the ‘neutral’ zone, while chatter stayed at ‘normal’ levels over the past day.

HUT 8 Is Compute, Not Crypto

Visser also redefined Bitcoin miners like HUT 8, which recently landed a development deal worth nearly $10 billion, from pure crypto proxies into core compute infrastructure. The IGV software index includes miners, but they perform very differently, he added. 

"If you take out the Bitcoin miners, the software names as an index are still sitting near the lows while the Bitcoin portion is going higher," he said, citing BlackRock CEO Larry Fink's recent comments on computing becoming a new asset class.

Visser argued that tokenization’s boom is a structural, not a narrative trade. With tons of capital trapped in illiquid private vehicles and forward-looking valuations busted, on-chain markets are forming as the only true price-discovery mechanism. “The growth asset bucket has died. Private credit is not coming back, private equity is not coming back. VC, not coming back. SaaS not coming back," he said.

Tokenization Boom

He added that stablecoins and tokenization are the rails for AI agents to run on crypto speed infrastructure. “AI agents are with us. They need food, and that food is not physical food; it is tokens,” he said.

Visser said he is investing heavily in hard assets and crypto, including silver, Bitcoin, and Ethereum, as tokenization and an artificial intelligence-driven appetite for digital assets are expected to ramp up later this year. 

Read also: Veteran Trader Peter Brandt Flags 'Major Bottom' On SUI — Token Surges As Volume Tops $3B

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