A former executive at banking giant Morgan Stanley, Jordi Visser, believes that it is only a matter of time before Bitcoin (BTC) recaptures investor interest, despite prevailing bearish conditions.
The News
In a new post on X, Visser says investors should take a close look at Nvidia CEO Jensen Huang’s five layers of the AI stack, consisting of energy, chips, cloud computing services, AI models and applications.
According to Visser, almost every layer is facing bottlenecks, and investors will soon look into plays that have no physical constraints.
“The next stage of crypto and BTC from an investment perspective should come in the application layer of Jensen Huang’s five-layer cake which is basically related to software for the agentic world. Right now, stocks are being driven by the chip, energy and infrastructure layers of the stack. I expect soon, the investor attention to look for ideas not subject to the bottlenecks, and that is when I would expect BTC and crypto to break away from stocks, but this time on the upside.”
In May, Visser said that while investors appear to be pricing in an AI buildout facing no headwinds, he’s starting to see signs of supply-side constraints.
“The AI buildout is real.
This is not an ‘AI bubble’ call. The demand is there. The revenues are coming. The capex cycle is just getting started.
But the next phase may not look like the last one.
We are now seeing bottlenecks, supply stress, rising oil, higher rates, and there are signs of momentum breaks across sectors and the globe.
The stock market is pricing a smooth AI boom.
The physical world may have a different plan.”
What It Means for Investors
Visser appears to be creating a new bullish narrative for Bitcoin as BTC struggles amid an influx of bearish headlines. In simple terms, the veteran market strategist believes that Bitcoin will gather bullish momentum once savvy investors sniff out that BTC is not limited by physical constraints. Therefore, its value will never be tied to potential delays in chip production and energy generation.
But until then, micro and macro forces are conspiring to push Bitcoin to new bear market lows. Bloomberg senior ETF analyst Eric Balchunas says Bitcoin exchange-traded funds (ETFs) witnessed $4.4 billion in outflows over the last 30 days, sending year-to-date numbers into negative territory.
Meanwhile, the crypto data analytics platform Glassnode shows that long-term holders are dumping their BTC holdings amid the correction to $60,000.
“Aggregated realized loss spiked to $1.3B/day as price contracted back to $62k. Long-term holders accounted for $770M of that, roughly 59% of total losses realized. The cycle-top buyers who held through the drawdown are now exiting at a loss.”
As long-term and ETF investors appear to be capitulating, these signals are typically seen when an asset is close to forming a major bear market bottom. Amid the bearish headlines, the chart suggests that Bitcoin is trading at a crucial area at $62,000, while respecting the 200-week moving average at $61,824.
For bulls, Bitcoin needs to close the week above $62,000 to have a shot at a bounce. Failure to do so could see BTC drop to its next weekly support area around $55,000. The latest weekly candle indicates strong selling momentum, and the absence of an immediate rally suggests that bears are in total control.
Visser’s long-term investment thesis for Bitcoin may ultimately prove correct, but for now, the chart and the data suggest that sellers are driving the market.
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