Jordi Visser

When it breaks the correlation, nothing will stop it at that point.

Because once it breaks,

You'll go.

We are seeing multiple compression at the stock level, which I believe is part of the deleveraging that I expect to happen.

It's happening from the deflationary situation that's going on with intelligence that is driving things and at the same point, increasing competition to make the world uncertain.

But people have to understand, Bitcoin at the end of the day, if I believe it's going to a million,

It's a long duration asset, because I don't think that's happening this year.

I think that's happening in the future.

If you think anything is going higher in the future, five, 10 years from now, and you can say it with kind of certainty in your head, you're thinking in a long duration, whether it's credit, whether it's venture capital, whether it's private equity, private credit, doesn't really matter to me.

You have a 10 year horizon.

Well, 10 years from now, humanoids will be in the elevators with us.

How do you value even a physical company at that point?

How do you value NVIDIA at that point?

I don't know how you do it.

So Elon Musk talks about this world of abundance.

At some point when abundance is truly everywhere, then you only want to preserve the wealth that you have made in your lifetime as opposed to...

just having it invested in stocks that you know nothing about and saying, this is the way the world works.

I never thought it worked that way.

Maybe I'm stupid.

I just didn't think investing in stocks was a guaranteed winner for all of our lifetime.