The Pomp Podcast Bitcoin Is About to Absorb a Historic Rotation | Jordi Visser
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Feb 21, 2026 
Jordi Visser, a 30+ year macro investor and author of VisserLabs, discusses capital rotations into scarce assets. He covers how AI-driven deflation could compress software multiples. He explores tokenization, on-chain security risks, and rising automated hacking threats. He also outlines real-world AI adoption and potential shocks from private credit and hyperscaler exposures.
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Deflation Kills Software Moats
- AI-driven deflation destroys moats for code-based businesses and compresses software multiples.
- In that world, scarce assets like Bitcoin and gold gain value as stores of hidden wealth.
Deleveraging Drives A Multi-Decade Rotation
- Deleveraging and long-term rotation from fiat to scarce assets can drive Bitcoin much higher over decades.
- Visser expects a slow decline in nominal monetary aggregates toward economic reality, not an overnight crash.
Multiples Fall Even With Strong Earnings
- Multiple compression can occur even while earnings are high, because future uncertainty collapses valuations.
- Bitcoin remains correlated to fiat and software until it decisively breaks that linkage.