Bitcoin vs Gold vs Stocks: The Chart Everyone Misses | Jordi Visser - The Pomp Podcast Recap

Podcast: The Pomp Podcast

Published: 2026-01-31

Duration: 38 minutes

Guests: Jordi Visser

Summary

Jordi Visser discusses the Federal Reserve's pause on interest rate changes, the rapid advancement of AI, and the scarcity trade in assets like bitcoin, silver, and semiconductors. These elements are shaping the current investment landscape as physical constraints meet software abundance.

What Happened

Jordi Visser, a seasoned macro investor, dives into the Federal Reserve's decision to pause interest rates. He critiques this decision, suggesting that the Fed should adopt a more forward-looking approach, especially in light of rapid AI advancements that are reshaping inflation and deflation expectations. Visser notes that oil prices have surged by over 10% in the past ten days, further complicating the inflation outlook.

The conversation shifts to the scarcity trade, highlighting bitcoin, silver, energy, and semiconductors. Visser emphasizes that bitcoin, considered a scarce asset, is expected to increase in value over time. He cites the dramatic rise in silver prices, which have remained stagnant since 2012 but are now experiencing a significant uptick due to increased demand in solar production and military uses.

Visser also discusses the ongoing software selloff and the challenges faced by big tech companies. With AI models becoming more prevalent, software creation has become easier, leading to increased competition and pressure on traditional software giants like Microsoft to pivot and adapt to new AI developments.

In a surprising twist, Visser points out that the stock market has been flat in gold terms since the global financial crisis. He references Nick Szabo's observation that bitcoin has peaked in gold terms, suggesting investors should watch different cycles to understand market dynamics better.

Looking at the investment landscape, Visser advises investors to consider trimming positions in assets that have experienced significant run-ups. He sees potential in early-stage growth opportunities like Corning and silver miners, which could benefit from the increasing demand for critical minerals.

Visser also discusses Elon Musk's strategic moves with Tesla, SpaceX, and XAI, highlighting Musk's focus on rapid scaling and vertical integration. These companies are poised for significant growth, with SpaceX expected to reach a valuation of over a trillion dollars and XAI between 300 to 500 billion. Tesla is lauded as the purest play in AI and robotics in the public market.

Finally, Visser emphasizes the urgency of understanding and utilizing AI, particularly for future generations. He explores the macro side of NFTs connected to AI, viewing it as a philosophical issue that extends beyond mere art.

Key Insights

• The Federal Reserve's decision to pause interest rates is critiqued for lacking a forward-looking approach, especially as AI advancements reshape inflation and deflation expectations. Oil prices have surged by over 10% in the past ten days, complicating the inflation outlook.
• Silver prices, stagnant since 2012, are experiencing a significant uptick due to increased demand from solar production and military uses. This positions silver as a key player in the scarcity trade alongside bitcoin, energy, and semiconductors.
• The stock market has remained flat in gold terms since the global financial crisis, with bitcoin having peaked in gold terms. This suggests a need for investors to watch different cycles to better understand market dynamics.
• Tesla, SpaceX, and XAI are poised for significant growth, with SpaceX expected to reach a valuation of over a trillion dollars and XAI between 300 to 500 billion. Tesla is considered the purest play in AI and robotics in the public market.