Jordi Visser
Macro investor with three decades on Wall Street, formerly president and chief investment officer of Weiss Multi-Strategy Advisers; now runs Visser Labs, advisi...
“People are just going to have to get used to the fact that the reason that Bitcoin isn't moving as much as it did before is because the volatility is just much lower. And it's been lower than AI names all year.”
The Pomp Podcast · October 2026
Context
His co-host had called Bitcoin's small drop after a multibillion-dollar hack bullish. He points out that big AI stocks fell much further in the same stretch, so Bitcoin's muted move reflects lower volatility.
Transcript
…heard from people in the last month are fears on quantum. And so I think when people kind of get into Binance and, well, what's going to happen with Quantum? It obviously is going to force people to take some risk off in the space for a period of time until we get the next catalyst on the upside.
…net and instilling confidence, we're giving up a little bit of the like crypto hardcore ethos, which means like the ETFs, do they become more popular? Like, what are the ramifications of maybe the crypto hardcore becoming a little less or a little more soft and now these backstops being in place?
…but it is bigger. I only bring that up because when you can have Intel down 25%, when you can have Google down 13, 14%, and especially Google, multi-trillion-dollar company, I think the move in Bitcoin, when you normalize it for what's happening in the biggest assets in the world, let's go the flip side. I mean, Eli Lilly's up 10% in two days. That's a trillion-dollar company. So, I think people are just going to have to get used to the fact that the reason that Bitcoin isn't moving as much as it did before is because the volatility is just much lower. And it's been lower than AI names all year. But let's go back to the general thing. I can remember in 1999 coming back from Brazil. This may sound funny to people, but the NASDAQ had all kinds of issues that were going on. And the NASDAQ was very similar to the crypto market, the electronic trading side. I mean, there was the NASDAQ and the New York Stock Exchange. Now they're both electronic. But back then, it was a very different world.…
If the volatility on the downside related to a hack like this is so muted, are you worried about the upside volatility in a bull market being more muted as well?
No, because again, my primary thing from the bull side of this, nobody owns. It. And I mean, I can say this a million times over, but aside from, you know, the subscribers you have, some of the subscribers I have, institutional people and wealthy people are just not involved in the space. And…
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