Jordi Visser

But these charts are overlaid for a reason because they're directly linked between the VC world and the investment side of the ecosystem, but also because of

It's built on code.

So it should go down.

And my ultimate theme has been that eventually when software is deemed to be problematic and AI is kind of this hard thing to invest in, which is where we are, Bitcoin would start to outperform.

And then all of the meetings going on that you should invest in digital assets, you'll start to see the money flow in from the public companies and from the enterprises, from the wealth management people.

But it's the only growth asset that is scarce.

All these other places, commodities are not growth assets.

Industrials are not growth assets for the now.

They are.

Those are cyclical.

Those are value.

They're not growth assets.

And most money is in a growth bucket.

So if Bitcoin can break away when SAS bottoms and that's what needs to happen is SAS needs the bottom.

And once it bottoms and we've discounted enough, we're at the lowest.

multiples we've seen in the space since before the iPhone.

So we're at a point where you could find a bottom at any point, and that's what I'm hoping is going to happen.

But the repositioning that happens says, and the reason I say a month, normally these things carry into the end of a month when it's been this bad, and then you get another week of it, and then you bottom out.

That's what I'm kind of looking for is that the risk is for the next three weeks.

And at that point, maybe Bitcoin's down at 40,000, or maybe it hangs in here and it seems to rotation.