Chapter 1: What is the main topic discussed in this episode?
Because what I do believe is happening this year is the most important year for crypto ever from a utility basis.
Chapter 2: Why is Bitcoin experiencing a significant crash?
And if you were to ask me what needs to happen for Bitcoin to get to a million, I will say the same thing I've said repeatedly.
What's going on, guys?
Chapter 3: What factors are causing software multiples to collapse?
Today's conversation with Jordy Visser is going to blow your mind. He talks about why Bitcoin is crashing, why software companies may be zeros, and how all of the multiples are coming down, why that's happening, what it means to your portfolio. And then we even get into all the data centers, the hardware, PMIs. We talk also about what's going on with all the AI agents.
And then we have a little bit of fun, and we talk about Elon, Tesla, SpaceX, XAI, and much, much more. Jordy is here. He's got data.
Chapter 4: How are hardware and commodities outperforming software?
He's got insights. He's got real views on the real world and how it's going to impact you. Here's my latest conversation with Jordy Visser. All right, Jordy, Bitcoin is crashing. Everyone is crying. They need to hear from you. What is going on and should we be worried?
Chapter 5: In what ways are AI agents disrupting legacy enterprise software?
I'm losing money with everyone else.
What do you think is driving the crash? Okay, so... We're almost at our one year anniversary and none of my views have changed in terms of the bigger picture. So, you know, I hate saying this because I started buying more around as it got close to 100, then under 100. Then I made the statement that once we close three days above 92,000, I want to buy more. I did.
And then once it went back below 92,000, I went, all right, let's just be patient because there's something else going on here.
the thing that's going on and i just want to live in the world of facts right now um you cannot separate bitcoin from the traditional fee finance world you just can't okay and if you were to ask me what needs to happen for bitcoin to get to a million i will say the same thing i've said repeatedly
When an investor sitting at home or a pension fund or a sovereign wealth fund or an endowment or a foundation can invest in the seven most liquid companies in the world, the biggest companies in the world, and get a similar or better return than Bitcoin, You don't need to invest too much money in Bitcoin.
Is that because Bitcoin is serving in the US market and for sophisticated investors as a speculation tool, and it's all about like max alpha or max return? Or is there something else as to why they're looking at Bitcoin versus, you know, max seven or other, you know, kind of asymmetric type assets?
Well, let's go through this. I think the hardest part for people to accept, and I know there's, you know, it's a polar, Bitcoin's very polarizing. There is no fundamental narrative that you can go on. Now, when people ask me, I go, yeah, I think the market cap of crypto will eventually be the monetary base of the world, which is about $120 trillion.
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Chapter 6: What is Jordi's turbulence model and its implications for the market?
The assets are 800 trillion. So you could focus on a percentage of the financial assets, but I think those assets are going to delever. So I really did think what had to happen is there had to be no growth. So let's replace speculative and just say growth. Because what I do believe is happening this year is the most important year for crypto ever from a utility basis.
Chapter 7: What are the risks and opportunities for Tesla and Elon Musk's ventures?
Stablecoins, like nobody's talking about the fact, I don't know if you saw the volumes for January, $10 trillion. Last year, they were 33 trillion. The network effects are kicking in, and the reason is because of OpenClaw and MaltBook. AI agents are real and they're happening now. And that's the most critical part for me for the network effects. So stable coins are already happening.
With that, you're going to have more volumes. You're going to have people focusing again on, hey, how do I make money off that? Oh, I'll go to Ethereum. Right now, everyone's panicked and I get it.
Chapter 8: Should Elon Musk merge Tesla, SpaceX, and xAI?
It makes sense to me that everyone would be panicked, but tokenization's coming at the end of the year. The Clarity Act is now over 70%. There are things that people have to focus on that are growth. The problem with SaaS, as people are realizing, is SaaS is directly at odds with artificial intelligence. And I've been writing about it. We've talked about it here.
People that love the show seem to be okay with me. The second I started talking about the fact I don't wanna be involved in tech, they're like, oh, that's already happened. I wrote a piece on software needing to be re-rated in December. That's what's happening. The problem is SaaS had its biggest bubble ever and the most VC investments the same year the crypto space did. They are combined.
They are connected. So I think people are missing the fact that so far this year, the IGV, which is the software ETF, as of yesterday's close, was down 24%. Bitcoin, as of this morning when we walked in here, was down 24%. These are year-to-date. You can't, the overlay of the two is eerie.
So I think when you can find something that says Bitcoin is being treated like a software group, but here's the thing about it. There are a lot of hedge funds who also have private arms. They have investments. I'm not going to go through the names, but a lot of them have had a lot of trouble in 2022.
These are like the crossover funds you're saying?
The crossover funds.
Yes. They have a large hedge fund where they're buying public stocks, but they also have private investments they're making like a VC, but it's a crossover.
And you also have endowments. You have other places that have made significant investments in private equity, private credit, VC. Well, all of a sudden, the entire long duration asset market has been It's been questioned. So what is happening with software? You're starting to read stories about how it's impacting private debt, private equity. Well, there's also hedge funds. And you know what?
If hedge funds want to hedge, how do you hedge all of your illiquid private investments in SaaS? Well, if you want to do something liquid that's very correlated, I think Bitcoin is your best alternative. So I think there's a lot of that happening too.
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