Wall Street Veteran Calls Bitcoin, Gold And Silver Selloff A 'Debasement Capitulation' As Home Prices Stall

Jordi Visser remains bullish on crypto, saying AI agents and tokenization could unlock a new growth phase.

• Jordi Visser said the AI-driven stock market rally was benefiting financial assets but not home prices, leaving many Americans behind.
• He described the recent selloff in Bitcoin, gold, and silver as a "debasement capitulation" caused by the unwinding of a crowded macro trade.
• Visser argued that Bitcoin's weakness stems from portfolio rebalancing, short-selling, and institutional skepticism rather than deteriorating fundamentals.

The artificial-intelligence (AI) rally driving stocks higher was bypassing the asset most Americans actually own, their homes, and that disconnect is fueling public frustration, according to veteran investor Jordi Visser.

Visser, who heads AI-macro research at 22V Research and has Wall Street experience of over 30 years, said that the AI boom lifting financial assets was not reaching residential real estate, where home prices were "not moving." 

Because most household wealth sits in housing rather than in the stocks and infrastructure names benefiting from AI, the rally "does not benefit everyone the same way," he said, pointing to a widening split between the information- and computing-driven part of the economy and stagnant residential investment.

The 'Debasement Trade' Is Unwinding

The comments came as Visser framed the simultaneous selloff in Bitcoin (BTC), gold, and silver as a "debasement capitulation," the unwinding of a crowded trade that paired long positions in those assets against bets that bonds would fall.

Visser argued the trade had become heavily owned by wealth-management firms and pension funds before beginning to unwind after Federal Reserve Chair Kevin Warsh adopted a more hawkish tone, strengthening the US dollar.

Visser maintained that the underlying thesis remained intact, citing persistent government deficits and rising debt levels. "Nothing changed fundamentally," he argued.

Bitcoin, Visser said, had been unfairly "lumped in" with the broader unwind and with struggling software stocks despite outperforming both equities and bonds until last October. He attributed recent weakness to quarter-end portfolio rebalancing, aggressive short-selling, and continued skepticism from many institutional investors.

Bitcoin’s price was down by 0.5% during the past 24 hours. On Stocktwits, the retail sentiment around BTC moved to ‘neutral’ from the ‘bearish’ zone, while chatter around it stayed in the ‘normal’ levels over the past day.

Why Visser Still Sees A Crypto Rebound

Visser maintained that the weakness was temporary. He tied his recovery case to AI agents and tokenization, accelerating the velocity of money, describing the trend as crypto's "third wave."

He argued that hundreds of trillions of dollars in currently illiquid assets, including real estate, could become easier to trade as tokenization expands, potentially reshaping economic activity by reducing the role of intermediaries.

According to Visser, the thesis remained intact as long as AI adoption continued to advance.

The recent market weakness has tested investor conviction. Bitcoin's slide has swung the average BlackRock IBIT investor from a 30% gain to a 40% loss, according to one analysis, while pressure on Strategy has intensified amid a class-action investigation and bankruptcy warnings from longtime critic Peter Schiff.

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