#1556 Jordi Visser | Are Bitcoin Bonds the Next Big Investment?

— BitBonds structure and adoption: Bonds combining principal protection with Bitcoin upside participation through call options, with New York City pioneering municipal-level implementation following Michael Saylor's corporate model.

— Tariffs and capital controls: International Trade Court ruled reciprocal tariffs illegal; appeals court reversed the decision. Jordi predicts the dispute heads to Supreme Court and expects capital controls may become the preferred policy tool if tariffs face legal barriers.

— AI inference compute demands: OpenAI's o1 (VO3) creates exponential token consumption—100x higher than typical prompts for eight-second video generation—driving unprecedented demand for GPUs, power, and data center capacity.

— Labor shortage as growth driver: U.S. loses ~300,000 workers annually below replacement rate; AI and robotics will substitute labor through productivity gains rather than mass layoffs, supporting margin expansion and equity valuations.

— Tokenization of real assets: Real estate, securities, and private equity increasingly moving on-chain to expand buyer pools and reduce friction; democratizes access previously reserved for institutions and high-net-worth individuals.

— Portfolio positioning: Recession fears create buying opportunities in overlooked semiconductor plays (Micron, optical semiconductors); Bitcoin as hedge against wealth distribution inequality exacerbated by AI; retail outpacing institutional participation.

— Micron Technology trading below 10x forward PE; fell to ~$60 during tariff panic, now ~$100.

— NVIDIA consolidated for a year despite AI enthusiasm; declined during DeepSeek moment, recovered to $140+ (higher than pre-DeepSeek levels).

— Bond yields pressured upward; markets have already priced tariff uncertainty through higher rates and equity volatility.

— Bitcoin positioned as beneficiary of wealth distribution concerns and monetary expansion inevitability.

— Retail investors actively buying equities while institutional exposure remains light, signaling asymmetric participation in rally.

— On AI trades: Focus on semiconductor and infrastructure plays (power, cooling, nuclear energy) rather than crowded Mag 7 names; compute bottlenecks and 300 GW nuclear expansion target represent multi-trillion-dollar capital deployment over 25 years.

— On recessions and timing: Use dollar-cost averaging during elevated recession fears (when assets sell off most); traditional bear markets unlikely given policy backstop, making dip-buying historically favorable; avoid panic selling in downturns.

— On Bitcoin and wealth inequality: Dollar allocation to Bitcoin functions as hedge against structural wealth distribution problems being exacerbated by AI productivity gains; complements equity upside for hedged portfolio positioning.