AI Agents Set to Drive Crypto's Next Phase, According to Former Macro Investor

Jordi Visser, a former institutional macro investor and current thematic portfolio manager, argues that the bond market crash narrative is fundamentally misguided. He believes that AI agents are becoming the native users of cryptocurrency, marking a new phase in crypto's adoption cycle.

Visser bases his argument on three pillars: first, he claims that the bond selloff is a controlled, globally coordinated phenomenon, and credit markets show no distress; second, the AI trade is far from over, with NVIDIA, OpenAI, and Anthropic forming a circular economy where model pricing determines profitability; third, AI agents working in swarms are crossing a threshold that makes crypto infrastructure structurally necessary.

Visser frames Bitcoin as an asymmetric bet with limited downside and substantial upside. He uses a probability-weighted framework to assess the potential returns, suggesting that if there's a 5% chance of the thesis playing out, one should hold a 5% position in Bitcoin.