Jordi Visser

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.

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.