Jordi Visser

The equation that I care about in the chart that I'm looking at is Bitcoin relative to software.

When that starts to go higher, everything changes for me.

Yeah, so this has been a...

the last four months let's take it from october 10th since that seems to be the date that the crypto community has has um leaned on as the day that everything changed and let's combine that with the chart that everyone has now seen which is the software stocks relative to bitcoin and the fact that it's like a one for one overlay and and i will say not just now but for this so

When people like Lynn Alden and Sam Callahan wrote this really good piece on liquidity and how Bitcoin is basically ahead of the NASDAQ, but they're all this positive liquidity story.

It's like Bitcoin is the most sensitive to liquidity.

The most sensitive.

And Raoul Pal talks and shows the charts about liquidity to Bitcoin.

I'm not a subscriber to this now.

That made sense to me, let's say from 2009 or 2010, up until AI started to accelerate.

At some point, there's a breaking point for me, which is deflation starts to take over.

So when you're in a point where the government is able to print enough money to stop the Jeff Booth kind of, we're fighting against deflation, exponential innovation is deflation, at some point there's no fight.

um and you only get to that point when it's replacing labor now it's also a democratizing thing so i wrote a paper in substack this week about the democratization and i got into the end about how this destroys the capital structure of the world so what i believe we're entering into and the reason software is going down is because anything that can be recreated with ai meaning on code for now

becomes worthless.

It might take 10 years.

It might take one year.

I don't agree with anyone that comes up with an argument that SaaS is fine.

They are in a multiple compression because three years from now, we don't know what's going to happen.

But what we do know is the cost of intelligence.

I pay the same amount of money for Claude as I did a year ago.