Prediction evidence

jv

Jordi Visser

@jvisserlabs

July was a historic month for technology equity factor volatility. The most crowded AI trades suffered one of the most violent momentum unwinds ever recorded with the highest volatility in history. Yet Bitcoin was higher for the month and its realized volatility remained near cycle lows. I do not think those are separate stories. AI is compressing investment time. Products are built faster. Competitors arrive sooner. Corporate moats decay more quickly. The cash flows may still be strong, but the terminal values supporting today’s equity valuations are becoming harder to underwrite. AI is printing intelligence, and that intelligence is printing competition. In my latest Substack post I go through how this new chapter of Intelligence abundance combined with the birth of the new agentic economy leaves Bitcoin as the purest AI trade. On one side, intelligence abundance cannot dilute Bitcoin’s supply, weaken its issuance schedule, or disrupt its scarcity. On the other, Bitcoin will benefit from a financial system increasingly shaped by AI agents: machine-led investment decisions, programmable guardrails, verifiable collateral, and less dependence on human narrative or institutional discretion. The economy may create more value than ever while making it harder to know who keeps it. No company (stock) is safe in Intelligence Abundance. Bitcoin is different. https://t.co/YuzUIpDSxX