Bitcoin's 'No Energy' as AI Trade Sucks Up Speculative Capital
Veteran investor Jordi Visser recently made some striking comments on the similarities between Bitcoin and SpaceX. He argued that both assets are driven by belief in future outcomes rather than traditional valuation metrics.
In an interview, Visser compared Bitcoin to SpaceX, saying they share a trait where neither can be valued using traditional financial metrics. According to him, investors buy into SpaceX because they believe in a future of Mars colonies, lunar infrastructure, and commercial space expansion.
However, despite the comparison, Visser noted that Bitcoin is currently struggling to attract fresh buyers. He pointed out that the asset has 'no energy' as investors continue pouring capital into AI-related stocks. This rotation away from crypto and towards AI has left many wondering what's driving this trend.
Visser also mentioned weakness in Strategy's STRC preferred shares, which is another factor weighing on sentiment around Bitcoin treasury companies. He believes that the next move higher for Bitcoin may require the AI trade to cool off first, allowing investors to rotate back into other risk assets.