A former Morgan Stanley director and Wall Street veteran believes that AI is the catalyst that pushes Bitcoin out of the bear market.
In a new Substack post, Jordi Visser says Bitcoin has been trading hand-in-hand with tech stocks over the past three years.
He highlights that BTC had to compete for inflows and attention as investors preferred to stay in large-cap tech names rather than own a risky and volatile asset like Bitcoin.
“For much of the past three years, Bitcoin was correlated to software and had to compete with short-term yields above inflation. In that environment, investors could earn a real return in cash while also owning the dominant growth stocks in technology. Bitcoin had to fight for attention. Even when it rallied, many still viewed it as a side story rather than a central macro asset.”
But according to Visser, the relationship between Bitcoin and tech names is now changing amid the emergence of AI. He highlights that BTC is the only growth asset built on code that is not facing any pressure from the exponential growth of artificial intelligence.
“Bitcoin stands apart from that pressure because it is not a software company. It does not rely on seat growth, pricing power, margins, or enterprise spending. It is digital scarcity. In a market that is reassessing everything built on code, Bitcoin may be the one code-based asset that emerges stronger as AI advances. That is a profound change, because for years investors treated Bitcoin like an extension of tech beta.”
Software stocks are being pummeled as of late, as investors price in the risk that AI agents will replace human users, destroying traditional per-seat licensing models. With the announcement of Anthropic’s Mythos, cybersecurity names are also vulnerable, as the AI model can find software vulnerabilities faster than existing cyber tools.
Visser also highlights that Bitcoin’s technical indicators are flashing signs of bullishness just as the macro picture enters a “rare alignment.”
“Bitcoin’s weekly MACD has just crossed. Technical signals matter most when they line up with a major regime shift beneath the surface. That is what makes this moment so important. The technical picture is improving just as real rates are on the verge of turning negative, just as Bitcoin is breaking its correlation with software, just as AI is exposing the vulnerability of fiat-linked systems, and just as inflationary pressure is rising from the physical needs of the new economy…
Add in the incredibly lost sentiment in crypto and Bitcoin despite all of this and it suggests that Bitcoin may be doing more than bouncing. It may be entering its regime.”
Earlier this week, Visser said Bitcoin will be off to the races once BTC takes out $76,000. At time of writing, Bitcoin is trading at $74,294.
Photo by André François McKenzie on Unsplash
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