Jordi Visser

Now, do any of them own Bitcoin?

I'm gonna say no.

Do any of them own the hyperscalers?

100%.

The reason I bring that up as part of your question, that is the reason why when software is going down, Bitcoin has to go down.

The only time this is gonna change is when those people reading the paper either give their money to their kids or they get greedy.

And it's when the SaaS, the hyperscalers don't go up,

and where Bitcoin does.

That is the multiple compression story.

So Bitcoin, to me, has to be connected to multiple compression.

It cannot be.

If we have a collapse in the markets this year and we get a 20% correction, which I think is a reasonable chance, not because of earnings, not because of the economy, not because of rate hikes, but because of what I've talked about, the deleveraging that I mentioned, especially for

diversified asset managers who use covariance matrix to kind of hedge their book.

At some point, if we stay in this world, which I think we were, where multiple compressions are happening, it's because people don't know how to value things out three years.

I will talk a lot about this in this weekend's video.

If you don't know what the world's going to look like in three years, then volatility has to increase because you don't know the value of a company.

So Bitcoin has no disruption from this.

It is still connected to the fiat system and software in particular.

That's why I will keep saying it.

It has to be correlated to some degree.