According to veteran investor Jordi Visser, Bitcoin (CRYPTO: BTC) cannot rally at the moment because every speculative dollar is chasing AI stocks instead.
Visser Says Bitcoin Has No Fundamental Pull Right Now
Visser argued on the latest episode of Anthony Pompliano’s podcast that Bitcoin and SpaceX function the same way for investors: both are belief-driven bets on the future with no current earnings to anchor a valuation.
Bitcoin draws energy from two sources, wealthy individuals hiding money from governments and retail momentum chasing returns, and right now neither source is showing up.
“It is very difficult for Bitcoin to be traveling higher if all the money is going into stuff that is based on earnings,” Visser said.
He added that Bitcoin remains in a bear market until it breaks and holds above its 200-day moving average, something it has failed to do on every recent attempt at the 20-day moving average.
Q2 Earnings Could Be The Catalyst That Redirects Capital Back To Crypto
Visser said the thing to watch is how much money AI companies are spending on chips and data centers. That spending is growing close to 100% this year, but is only expected to grow 30% in 2027.
He said that slowdown becomes a real problem if any major tech company announces it’s cutting back on that spending.
Microsoft stands out as the most likely candidate, given CEO Satya Nadella’s public comments about model commoditization and a possible shift toward hosting DeepSeek internally.
Visser expects Q2 earnings to disappoint more than Q1 simply because expectations have climbed too high, projecting around 22% earnings growth that the market may not fully deliver.
If AI stock momentum stalls even briefly while the broader market holds flat, Visser said that environment favors Bitcoin far more than one where AI continues compounding 50% per quarter.
Retail Capital Goes Where The Momentum Is, And Right Now That Is Not Bitcoin
Visser noted that retail traders in markets like South Korea, historically heavy Bitcoin participants, have rotated their attention elsewhere as AI captured the speculative spotlight.
He framed this as a simple capital rotation dynamic rather than a verdict on Bitcoin’s long-term thesis.
On his own portfolio, Visser said 18 of his 20 holdings were down on a recent trading day, including Bitcoin, with only two AI-related positions finishing higher and covering the losses elsewhere.
He said he still likes Bitcoin at current levels but is waiting for a pause in AI’s rally before expecting crypto to participate meaningfully again.
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