The Pomp Podcast The Next Bitcoin Bull Run Could Start In A Crisis | Jordi Visser
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Mar 14, 2026 
Jordi Visser, a veteran macro investor and author of VisserLabs, shares big-picture market risks and opportunities. He discusses growing cracks in private credit and how hidden leverage could spark contagion. He links rising oil and geopolitics to inflation and Fed dilemmas. He also explores AI disruption, collapsing software moats, and why Bitcoin and tokenization may gain in stressed markets.
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Private Credit Is A Symptom Of Hidden Leverage
- Private credit is a small headline but part of a much larger leverage build-up across private markets and off-balance-sheet finance.
- Jordi Visser links mark-to-market avoidance, huge flows into private equity/VC, and hidden leverage as the real systemic risk behind recent cracks.
Small Credit Events Can Trigger Large Cascades
- In a fractional reserve system any small credit event can cascade because assets are levered many times over the monetary base.
- Visser quantifies the scale: global assets ~ $800T vs GDP ~$120T, meaning leverage and liquidity tides reveal who is exposed.
AI Deflation Meets Oil Driven Inflation
- The economy shows simultaneous deflation in technology assets and inflation in commodities, driven partly by AI disruption and oil shocks.
- Visser points out software deflation (AI disruption) while oil-driven inflation raises inflation expectations and complicates Fed response.