Bitcoin Is Jordi Visser's ‘Most Asymmetric Bet Ever’ As Tokenization Threatens To Upend Hedge Funds

Visser wrote that tokenization meant "the destruction of hedge funds," and said hedge funds were already reaching out to ask what it meant for them.

• Jordi Visser called Bitcoin "the most asymmetric bet I've ever made in my life" on Galaxy's podcast on Friday.
• He said tokenization will push markets toward round-the-clock trading, so prime brokers could remark on hedge fund portfolios on weekends when liquidity is thin.
• He pointed to Korea's plan for full tokenization by 2027, saying investors would want to trade on Korean prices around the clock to hedge their US portfolios.

Wall Street veteran Jordi Visser called Bitcoin (BTC) "the most asymmetric bet I've ever made in my life," adding that the next big disruption from crypto could land on hedge funds.

Speaking on Galaxy's Galaxy Brains podcast on Friday with Alex Thorn, Galaxy’s (GLXY) Head of Firmwide Research, Visser said his Bitcoin bet was not about the next two or three years, but depended on what he thought would be “happening to all fiat assets relative to something that has no fundamentals.”

Why Tokenization Could Upend Hedge Funds?

Visser, who is a former hedge fund manager, said that hedge funds were already calling him about tokenization. "They're reaching out on what tokenization means," he said, adding that the callers were names most people would recognize.

He explained tokenization meant "the destruction of hedge funds,” because they traded around the clock. In a 24/7 market, prices would keep moving through the weekend. Visser said that meant a hedge fund's entire portfolio could be marked lower on a Sunday, when liquidity was thin, and prime brokers that lend to the fund would notice.

Lenders "know that the price is different and they know that the P&L you're going to have is different," he said. "It puts a much bigger microscope on risk management."

Why Korean Markets Matters

Visser pointed out that the Korean market could force the shift, as it wanted full tokenization by 2027, and its stock market was heavily tied to the memory chip makers at the center of the AI trade. 

US hedge funds already checked Korea's KOSPI index first thing in the morning, he said. If Korean stocks traded 24/7, investors would want to hedge their US portfolios at the same time. 

"So I challenge anyone who says it isn't going to happen," Visser said. "It might take longer than we all think, but again, we're at zero right now."

Bitcoin Needs A 635% Rally To Reach Visser's Price Target

Previously, Visser has made many bullish calls on Bitcoin. Last month, he said AI-driven demand and tokenization, combined with Bitcoin's scarcity, could push the apex cryptocurrency's price to $600,000 to $1 million if the crypto market expands toward $100 trillion.

Bitcoin's price was trading at $81,612, down by 0.7% during the past 24 hours. On Stocktwits, the retail sentiment around BTC remained in the ‘bearish’ zone, while chatter around it stayed at ‘low’ levels over the past day. 

For Bitcoin to reach the lower band of Visser’s prediction, it would need to rally 635% from its current levels.

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