Bankless Has Bitcoin Bottomed? Jordi Visser on AI, Inflation, and Moats
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Apr 27, 2026 
Jordi Visser, investor and writer linking AI, macro, and crypto, argues AI is reshaping moats and pushing capital to scarce assets like Bitcoin. He connects AI-driven compute constraints to inflation swings. He discusses why stocks may struggle, how cycles could be muted, and which crypto and hardware sectors still have upside.
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AI Drives Capital Toward Scarcity
- AI accelerates wealth concentration by replacing labor and amplifying returns to capital, driving people to seek scarce assets as stores of value.
- Jordi argues Bitcoin is the chosen scarce digital store of value, comparable to gold and religion, because communities decided it so.
AI Unwinds Software Moats
- AI undermines moats across software and knowledge work, eroding future discounted cash flows and making many companies' terminal values uncertain.
- Jordi calls this the ‘SaaSpocalypse’ where abundance from models destroys software pricing power and investor confidence.
AI Is The New Quantitative Easing
- Jordi frames AI as the new QE because companies can replace labor with AI, creating a capital-led productivity boost that parallels monetary stimulus effects.
- That forces underinvestment in physical capacity (power, chips, memory) and creates short-term inflation in commodities and hardware.