Visser: Bitcoin and Top Tech Firms Worth $8 Trillion Without Profits
Jordi Visser, a veteran macro investor, has drawn parallels between Bitcoin (BTC) and companies like SpaceX (SPCX), Anthropic (ANTHZZX), and OpenAI (OPEAZZX). According to him, these four assets are worth around $8 trillion combined and do not rely on profits. In fact, Visser estimates that none of them make money.
'You have four things. None of them made money, and I threw Bitcoin into it,' he said in an interview with Anthony Pompliano. 'That is, $8 trillion worth of things that, in my opinion, are so important to the future.' Visser believes that markets are shifting away from traditional earnings metrics to 'trust and velocity' as key sources of value.
Visser also pointed out that Anthropic reported a $47 billion revenue run rate in May and SpaceX had positive adjusted EBITDA in 2025 on a GAAP net loss. However, their current valuations are lower than his estimates: Bitcoin's market cap is close to $1.5 trillion, while OpenAI was last valued at $852 billion in March.
The investor expects the Federal Reserve's rate decision to have an impact on equities and thinks a dovish hike could be better for stocks than a hold. 'I don't expect Chair Kevin Walsh to hike, but a dovish hike would be better for equities than a hold,' Visser said.