Podcast Notes | Wall Street macro investing veteran Jordi Visser: When believers give up on crypto, that's the eve of the biggest rally.

Jordi Visser, macro strategist and head of AI macro research at 22V Research, argued on the Convergence podcast that crypto's next major move will arrive only after true believers capitulate, comparing current sentiment to the post-dot-com "death by a thousand cuts" period from 2003 to 2007. He pointed to a rare 7-sigma reversal in bitcoin as it climbed from $60,000 to $69,000, combined with its hold above the 200-day moving average and its refusal to make new lows despite repeated negative headlines, as evidence that sell-side exhaustion is complete. Visser contended that 5% annual growth in global liquidity cannot lift bitcoin's roughly $2 trillion market cap to $1 million per coin or support a $100 trillion crypto market, and that new demand must instead come from shifting trust among the world's roughly $900 trillion in existing wealth. He described crypto's buildout over the past 15 years as a "ghost city" awaiting its true residents—autonomous AI agents transacting in stablecoins around the clock—with Ethereum, Solana, and Arbitrum positioned to capture fees as infrastructure toll roads. He also flagged Robinhood's tokenized-equity push and Hyperliquid's weekend perpetual pricing as forces merging old and new finance, with private credit and real estate tokenization as the next battlegrounds. Watch whether tokenized asset volumes and stablecoin velocity accelerate as AI-agent activity scales, and whether capital rotates from the roughly $70 trillion U.S. equity market into crypto's sub-$4 trillion base.