Jordi Visser

The Middle East is much more open to the idea of Bitcoin than Asia is.

And so really last year, the talk was like the Chinese central bank, right?

The Asian countries, they're the ones who are de-dollarizing, de-fiat currencying.

Now we're talking about the Middle East and the Middle East seems, and you can see it in the headlines, right?

Some of their sovereign wealth funds, they've bought the ETFs.

We've seen them participate with the stable coin stuff.

They're trying to really kind of financialize and tokenize and do all this stuff.

Maybe that is part of that decoupling of gold and Bitcoin, or maybe the inverse correlation is that actually we're moving from a China capital flow dominant narrative to a Middle East capital flow dominant narrative.

And if that's the case, then their asset is more Bitcoin than gold, whereas China was the opposite.

Does that resonate?

Oh, that's like one minute of this entire podcast.

Perfect.

Well, let me talk about from my personal perspective first.

Going into the year, when people would ask me in private, what's your outlook for Bitcoin?

I would describe to them that I am a tempered optimist.

And the reason was because I thought that deflation was the big risk going into the start of the year.

And if you have deflation, that's a headwind for asset prices.

If you have deflation, then liquidity is not drastically increasing.

And so therefore, if Bitcoin is very sensitive to liquidity,

It doesn't mean that it's going to drop 80%, but it does mean that it is going to have some struggle in terms of driving a huge return.