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What's going on, guys? Today we have a great conversation with Jordy Visser. And boy, is this one fun. We talk about Bitcoin and the 22% surge this week in the price. What's driving it? Is it sustainable? And how should you think about Bitcoin in your portfolio? We also talk about Stripe, Ramp, Anthropic, OpenAI, and many of the AI companies that are embracing various aspects of the industry. And then we talk about what's going on with public companies and why the multiples are compressing, how competition is now such a cutthroat part of this industry. And then we even talk about how investors are going to navigate all of the volatility, all of the change, and where exactly will Bitcoin end up over the coming months and years. I hope you enjoyed my latest conversation with Jordy Visser. All right, Jordy, Bitcoin is ripping higher. A week ago, you said that the prior two weeks were the two biggest weeks in Bitcoin's history, potentially. Here we are with Bitcoin now up 22% over the last seven days. Explain what has happened and why you think that this is a sustainable bull market now.

Well, when we talked two weeks ago, it was the week after situational awareness. It was the week after Kevin Warsh did nothing and basically said the bond market was doing the work for him. And then finished off that week with the most important thing. And I do believe the thing that most people either missed or for macro people in general, debating whether this will work or not. And that was the intervention into the yen. It was the beginning of what I would call intervention by Scott Besson to highlight in a contextual way with the economy racing, with stocks at all-time highs, and yet he felt the need to intervene for the first time since 1998 in the yen in a way that basically said, we don't want yields going higher. Then you have the quarterly refunding announcement shortly after, where they changed some language in there, leading into what happened this week, which is a change in the debt buyback. So rather than everyone sit there and argue about whether this is going to happen or not, I just want to remind people one thing. And I'm going to cover this extensively in the video this weekend. The tape doesn't lie. And the one thing that had been going on is despite everything that was happening, Bitcoin was acting better. It was handling bad news. We had the hacking into a wallet. We had Michael Saylor selling Bitcoin. We had all kinds of negative news, Clarity Act not getting through. And yet it was still trading well. It was hanging in there. The tape was telling you that something different was happening. But then when you get this week, and everyone should go read the ex posts that I've put out there, so far this is a seven sigma week in Bitcoin. There's only been three in the last decade that were greater than five. And so people understand what a sigma week is. This is taking the movement of Bitcoin for a weekly basis, in this case, over 20%, as of when we got on here, about 23%, and going through and dividing it by what a normal weekly move would be. And in this case, a seven, you know, we had a vol, a 60-day vol, which is what I'm using for my actual sigma calculation of 23. So it's a daily volatility. So when you go through it, you have basically a seven standard deviation move. The prior two that were above five, they happened in January, April of 19. And January of 23. And I hate to say that those were the beginnings or the end of the prior four-year cycles. Uh, since I've said on here, I don't subscribe to any four-year cycle. But in this case, we are getting the exact same Sigma move. And in those other two cases, believe it or not, we also broke above the 200-day moving average. So, all that leads into something I've said, which is I don't care about even trying to pick the bottom of this thing from a saying it's positive until we break above the 200-day moving average. In both of those prior times, we stayed above the 200-day moving average going forward. And Bitcoin started leading to a very large rally. I happen to think with all of the things that we've talked about, the AI agents, the fact that the government is showing that they want to run things hot. You have a secretary, a treasury secretary who is quoting Satoshi in exposts. You have Kevin Warsh, who's a Bitcoin lover. You have everybody in the administration that people should be paying attention, that something more important is going on here as the financial guardrails of the agentic world are starting to play out. And I'll leave with one more thing, which we can either talk about or not. But I'm spending a lot of time with what Stripe is doing. And my whole thesis is that the merging of AI and crypto and for Bitcoin, it will always be the purest AI trade at a time where we have AI not working as well as people want it to getting frustrated. And you have a move in Bitcoin, which is 23% in a very short amount of time.

Before we get to Stripe, Bitcoin itself feels like there's a couple of key components here. Earlier this week, I recorded a podcast and was asked, you know, what is my thoughts about Bitcoin and why it's been so stable. And I explicitly called out the fact that I didn't see a catalyst on the calendar. It wasn't obvious where the catalyst was going to come from. This seems like a very big kind of surprise announcement from the Treasury. Now, I think you understood kind of what was happening with the yen and the fact that they likely would have to do something, et cetera. But I think to the general market, they were not expecting the treasury to come in with, you know, kind of doubling of the capital going in here. And you see this, the stock market, Bitcoin, everything, you know, kind of rallying in response. And so I guess part of this is if you go and you look at these past moves, Rafael, who's one of the co-founders of GlassNode, he did the analysis and said in the past, there's been about 14 different five Sigma moves or larger. The forward return off of those moves over the next six months was 80% appreciation. So put aside for a second, 80% sounds like a great number. Who knows, you know, kind of how specific the numbers, but just a very large move happens after that. Do you put any weight on the vibe shift and the feeling that it kind of like awoken the Bitcoin community? And all of a sudden you see the persistent bid this week is going to be one of the biggest ETF inflow weeks since the all-time high Bitcoin price. Like it just feels like the world kind of got shaken awake and reminded Bitcoin is the answer to this government undisciplined monetary policy.