Jordi Visser Calls Chamath Palihapitiya’s Bitcoin Going To Zero Tale ‘Completely Just A Joke,’ Says AI Sell-Off Could Bottom In Two Weeks
Veteran Wall Street investor Jordi Visser dismissed Chamath Palihapitiya’s warning that Bitcoin (BTC) will go to zero as “completely just a joke,” predicting that the sell-off in AI stocks could bottom within the next two weeks.Speaking on Anthony Pompliano’s podcast on Saturday, Visser pushed back, saying, “I really do believe that in the end he doesn’t have the credentials to say what he said.” He added that there was still time to address future security risks to Bitcoin.Visser also argued that banks have now become allies, and as they move into crypto, they “now have a vested interest every single day to speed up where the Bitcoin solution is.”Hedge Funds Take A HitVisser said hedge funds were having “a historic month, more so than even July.” He explained that there had been only three days since 2020 when long-short equity, quantitative and multi-strategy funds all fell more than 80 basis points in a single day, and all three came this year. Visser said that the fourth followed on Thursday, with each strategy down more than 1%.“This is not just long short equity,” Visser said. “This is everything going at the same time.”Bottom In SightDespite the turmoil, Visser said the AI trade remained intact. “AI is not a bubble. It’s inevitable,” he said.He pointed to three possible turning points, including the earnings from the big cloud companies, the U.S. midterm elections and the Treasury’s quarterly refunding.“I think the low for this AI portion will happen within the next two weeks,” Visser said.What Did Chamath Say?Palihapitiya made the call on Wednesday, on the Moonshots with Peter Diamandis podcast. When he was asked whether Bitcoin was “cooked,” Palihapitiya said, “I just think it’s capped, and then I think eventually it gets hacked and then it goes to zero.” He argued that Bitcoin would need to adopt stronger cryptography to stay secure, but doubted that would happen. He said the Bitcoin community “can’t even agree where to meet.”Visser rejected that argument, adding that the risk “needs to be taken seriously,” but that “we still have seven years to prepare for this.” He added that banks’ growing stake in crypto gives them a reason to help find a fix. is up by 1% during the past 24 hours. On Stocktwits, the retail sentiment around BTC remained in the ‘bearish’ zone, while chatter around it shifted to ‘normal’ from ‘low’ over the past day.