Jordi Visser Warns Betting Against Treasury Intervention Is ‘A Very Dangerous Game,’ Favors Bitcoin Over Equities

Visser referred to Bitcoin as the “S&P 500 of the crypto world,” and saw it as a significant store of value in the digital economy.

• Betting against government efforts to contain Treasury yields is a "very, very, very dangerous game,” warned Jordi Visser.
• AI is intensifying competition and making traditional growth and valuation models less trustworthy, he said.
• He said he could see Ethereum potentially outperforming Bitcoin as crypto applications and the wider ecosystem proliferate.

Bitcoin (BTC) investors need to be careful about using traditional economic data and historical models to predict the direction of U.S. Treasury yields, veteran macro investor Jordi Visser said on Sunday. 

Visser said governments are increasingly willing to intervene in markets to keep borrowing costs in check. “They’re saying they don’t want yields to go higher because we have a debt and deficit problem,” Visser said, adding that betting against government intervention is “a very, very, very dangerous game.” 

Speaking on Treasury Secretary Scott Bessent's decision to double long-end buyback capacity, Visser said, “He's leaning on the Fed because you see multiple storyboards going on, you have to be careful. At best, he says he's a political actor. He's focused on the midterm. This is all noise, guys. This is just stuff going on.” 

AI Is Changing Traditional Economic Models

Visser said traditional businesses are facing more pressure as AI speeds up competition and destroys the growth assumptions that investors use to value them. Crypto is minor compared to traditional equities markets, he said, but it might grow much quicker since it would provide the financial “guardrails” for the new AI-driven economy. He also rejected persistent pessimistic macro narratives on higher rates, rising long-term yields, debt and deficits, saying investors frequently fall into an “end-game bias” by assuming those outcomes are inevitable. 

S&P 500 Faces Structural Disruption

Visser said AI-driven competition is shortening the window investors have to appraise companies and making long-term discounted-cash-flow assumptions less dependable. The speed of technology development is altering company models and growth expectations, he said, making it hard for investors to price many public businesses with confidence three years out. 

At the same time, he noted the S&P 500’s (SPX) profit growth remains robust, although valuation multiples are under pressure from rising competition. Visser is especially bullish on Bitcoin as the AI-driven digital economy grows. Bitcoin is “basically the S&P 500 of the crypto world,” he said, adding that it might become the leading store of value in the digital economy. He also stated he had pared back some of his AI-trade exposure and moved money into Bitcoin and silver, while keeping some AI-infrastructure bets intact. 

Ethereum Could Outperform Bitcoin

Bitcoin’s price was trading at $77,231, nearly flat in the last 24 hours. While Ethereum’s price was trading at $2,443, up over 1% in the last 24 hours. On Stocktwits, retail sentiment around BTC and ETH was both in the ‘extremely bullish’ zone over the past day. 

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