In a recent interview with Anthony Pompliano, Jordi Visser, experienced macro investor and founder of Jordi Visser Labs, explained that the global economy is under unprecedented “double pressure.”
According to Visser, Bitcoin has a unique immunity against both rising inflation and the deflationary wave caused by technological progress.
Contrary to general market expectations, Visser says inflation will not fall, pointing out that PMI (Purchasing Managers Index) data for the manufacturing and services sector reached their highest levels since 2022.
Visser says: “I am confident that consumer inflation (CPI) will exceed 4% over the next three months,” predicting that the raw materials bull market and logistics bottlenecks will continue to drive up prices.
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Visser attributes the decline in software (SaaS) stocks to “shrinking margins” created by artificial intelligence. Referencing Jeff Bezos’ famous quote, “Your profit margin is my opportunity,” the investor claims that terminal value (the infinite lifetime value of the business) no longer exists in code-based businesses. As AI reduces software production costs to near zero, this is turning into a deflationary disaster for traditional software companies.
According to Visser, Bitcoin presents itself as the “winner” right in the middle of these two polar opposites. As global liquidity increases and negative real interest rates (inflation being higher than interest rates) become permanent, BTC gains value as the most vulnerable growth asset. In a world where software and technology stocks are losing value, investors are turning to Bitcoin, the only asset where “scarcity,” not code, has value. Visser attributes Bitcoin’s divergence from software stocks to this situation.
Visser said portfolio management has now entered an era of “scarcity capitalism” and said he focuses on five main themes: semiconductors, electrical (electrical) equipment, chemicals, physical servers and Bitcoin.
Visser argues that over the next 20 years, artificial intelligence will challenge capitalism and the fiat currency system as we know it, and that in this “world of abundance,” the only truly scarce asset that can be traded will be Bitcoin.
*This does not constitute investment advice.