Wall Street never learns. It just recycles the same mistake with a new haircut and a podcast deal.
Yesterday, veteran macro investor Jordi Visser went on Anthony Pompliano’s show and delivered what he clearly thinks is a devastating verdict on Bitcoin:
"You have four things. None of them made money, and I threw Bitcoin into it. That is, $8 trillion worth of things that, in my opinion, are so important to the future."
The four things: Bitcoin, SpaceX, Anthropic and OpenAI. Combined, he estimates, $8 trillion of "future importance." None of them "make money," in his words.
Put aside the fact that SpaceX posted positive adjusted EBITDA of $6.6 billion last year and Anthropic is running at a $47 billion revenue run rate. Put aside the fact that "none of them make money" is doing a lot of heavy lifting. The real tell is what he did to Bitcoin specifically.
He grouped the hardest money ever created – a network with no employees, no office, no burn rate, no income statement – with venture-backed startups that are legally required to produce revenue or die.
That is a category error so profound it should embarrass anyone who claims to understand markets.
Bitcoin does not "make money." Bitcoin IS money. Asking whether Bitcoin turns a profit is like asking whether gold pays a dividend, or whether the Atlantic Ocean is profitable. It is the wrong question. And only a Wall Street guy can ask it with a straight face, fifteen years into the experiment.
Here is the sick part. Visser has seen this movie before. In 2013 he flew to Silicon Valley to figure out how Amazon – already up thousands of percent since its 1997 IPO – could keep ripping higher while barely turning a profit. His conclusion at the time, in his own words: "It’s a bubble. It can’t possibly be real on the metrics that I know."
Amazon is up roughly 17,000% since 1997. The trip changed how he evaluates companies forever. And yet here he is, thirteen years later, running the exact same earnings-based playbook against the most important new asset class of his lifetime.
He still doesn’t get it.
But here is what is genuinely funny. Listen to his actual thesis, because he is one sentence away from becoming a Bitcoiner:
"We are leaving a world of revenues, and we are entering a world of two things that have value – trust and velocity."
THAT IS THE BITCOIN THESIS. That is literally the elevator pitch. Bitcoin is the trust layer – the first money in history whose value depends on no one’s promise, no government’s signature, and no company’s earnings report. "Trust and velocity" is not an argument against Bitcoin. It is the bull case, wearing a Ferragamo tie.
He knows it, too. That is why he threw Bitcoin into an $8 trillion bucket of things he calls "so important to the future." A bucket where the market disagrees with him, by the way: Bitcoin’s market cap sits closer to $1.5 trillion. If he is right about the destination, that is a massive gap still waiting to close.
He even knows the score on the incumbents. Remember, SpaceX – the company he lumped in with Bitcoin – was the one that quietly revealed a $1.45 billion Bitcoin stash in its IPO filing earlier this year. Even the rocket company holds the coin. The smartest balance sheets in the world are already paying the "trust and velocity" premium.
Then there is the part that should make every Bitcoin holder smile. After declaring that $8 trillion of future-defining assets trade on trust and velocity, Visser – a macro investor – pivoted straight to obsessing over the Fed funds rate and oil. "People are still talking about the level of the Fed funds rate and oil," he said, seemingly without noticing that he is one of those people.
The Fed. Oil. CPI prints. That is the old world’s operating system – the world that gave you 17% inflation in the 1970s, zero-percent rates that blew up pension funds, and a banking system that needs a bailout every decade like clockwork. It is the world that still cannot figure out why the new one keeps going up.
One more detail worth your attention. On Stocktwits, retail sentiment toward Bitcoin is in the "extremely bearish" zone with "low" chatter, while BTC hangs around $76,000.
Extremely bearish at $76K. Low chatter. A Wall Street veteran sneering at the asset class on a podcast, even as he accidentally describes – trust and velocity – the exact mechanism that has historically taken it to new highs.
Every time this exact setup has appeared in Bitcoin’s history, the sneering stopped real fast.
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So here is the question: when the guy who called Amazon a bubble in 2013 – and was humiliated by history – tells you Bitcoin "doesn’t make money"… do you take his word for it, or do you buy the dip?
THE GUY WHO CALLED AMAZON A 'BUBBLE' JUST CALLED BITCOIN A 'MONEY-LOSER' - HE STILL DOESN'T GET IT
