Bitcoin Wins By Simply Not Playing The Time Game | Jordi Visser
8/15/2026 · 60 min · transcript via mlx
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Key topics
— AI stocks have rebounded strongly off recent lows, with the Nasdaq 100 up 70% year-to-date despite a sharp drawdown; Jordy emphasizes this reflects earnings growth outpacing S&P valuation growth, not a market "bottom call."
— Figure Technologies is growing revenue at over 100% year-over-year and EBITDA at 50%+ (a "rule of 150"), driven by removing friction from loan origination and settlement via blockchain technology and AI automation.
— Tokenization and AI agents will accelerate transaction velocity, allowing real estate closings and financial operations to move from 30-60 days to minutes, fundamentally reshaping GDP and deflationary dynamics.
— Bitcoin is positioned as a time-independent asset that will not suffer from the exponential acceleration of AI and business cycles; Jordy calls it "the S&P 500 of ten years from now."
— Legacy banks like JPMorgan face structural headwinds because they operate at "human speed" and carry bureaucratic overhead; AI-native and crypto-native firms (Figure, Robinhood, PayPal, Coinbase) will outgrow them.
— Large language model companies (Anthropic, OpenAI) face deceleration risk once growth plateaus; the real value lies in specialized, open-source models and AI agents integrated into business operations, not frontier models alone.
Market & price signals
— Earnings for the S&P 500 are growing at 30%+ year-over-year, while the index itself is up ~20% annualized—indicating multiple compression rather than euphoria. Core CPI surprised to the downside at 2.5% year-over-year, well below expectations given tariffs, energy prices, and nominal GDP acceleration; Jordy attributes this to early deflationary effects from AI-driven productivity and lower-cost providers (e.g., insurance startups using AI). Two-year Treasury yields remain elevated above the Fed funds rate, pricing in future rate hikes that may not materialize. Oil prices remain subdued (~$65 expected year-end) despite geopolitical risk, suggesting markets are pricing in longer-term pipeline and Hormuz-mitigation infrastructure. Nasdaq 100 (COSPI 200) bounced 50% off its lows on low volume, typical of capitulation reversals. Micron trades above $900 after Jordy sold at lower prices; he re-entered at $700+ on improved earnings and DRAM demand from AI compute acceleration.
Actionable insights
— Adopt a Bayesian, mosaic-thinking approach rather than trying to pick tops and bottoms; reset your thesis when new information arrives (better earnings, structural contracts, accelerated demand), and accept that past prices do not anchor future decisions.
— Watch for companies with "rule of 150" growth (revenue growth + margin expansion summing to 150%+) in AI, crypto, and fintech—they are displacing legacy intermediaries and will compound significantly as transaction friction disappears; Figure, Robinhood, and specialized AI-integrated businesses are rare examples.
— Monitor tokenization and AI-agent adoption in real estate and lending; when closings compress from 30 days to days and velocity increases, deflationary pressures will emerge despite headline inflation fears—position accordingly in assets that benefit from speed and automation over time-based earnings.
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