Jordi Visser

You need things that are gonna grow with you.

I'm not saying everyone should put all their money into Bitcoin, but should it be zero, which it is for the majority of people?

No, and you've just allowed the financial advisors and you've just allowed the banks to start getting involved.

The portfolio diversification crowd, the one that's buying iBid every day, that will continue to grow.

They're buying from the first quadrant, some of the second quadrant.

So I believe that's what needs to happen is this has to go from ideology to wealthy people saying, no, I don't believe in the government, to people that are doing it for diversification and for actually surviving through government debasement.

And I think that's a very powerful story in the long run.

And when you add in the tokenization and the things where the wealthy people have these illiquid assets and they're going to need to get a price form, private credit will be trading a lot better.

Commercial real estate would be trading a lot better if someone didn't have five potential buyers and actually had 8 billion potential buyers.

So I'm going to reemphasize it because I think you need to sit back and you need to think about this.

So let me go start with the stock market and just say two things.

I do believe international stocks are going to outperform US stocks.

One of the themes that people should be paying attention to when you go through a year where AI was the dominant theme and we own it.

So go back to kind of the internet, go back to the post 2009 period with mobile.

This was not a great year for the Mag7.

They've underperformed Europe, they've underperformed China, they've underperformed emerging markets.

That should be something people should be thinking about.

Normally when tech is dominating,

The S&P's outperforming.

NASDAQ's outperforming.