Macro Investor Jordi Visser Groups Bitcoin With SpaceX and AI Labs as Non-Profit Assets

Macro investor Jordi Visser has categorized Bitcoin alongside high-growth entities like SpaceX, Anthropic, and OpenAI, arguing that these assets are valued on their potential to shape the future rather than traditional profitability.

Speaking on 'The Pomp Podcast,' Visser grouped the cryptocurrency with the aerospace pioneer and leading AI labs into a single investment category. He noted that none of these entities currently make money in a traditional sense, yet they continue to command significant valuations. By placing Bitcoin in the same "bucket" as these frontier tech firms, Visser suggests that the market views the digital asset not as a traditional financial instrument, but as a bet on a foundational system.

The Shift in Valuation

This perspective marks a departure from the traditional cash-flow valuation model, which typically assesses an asset's worth based on its ability to generate consistent revenue and profit. For decades, institutional investing has relied on discounted cash flow analysis to determine fair value. However, the rise of "moonshot" companies—those pursuing breakthroughs in artificial intelligence or interplanetary travel—has normalized a venture-style approach to valuation. In this model, the primary driver is the scale of the potential disruption rather than the current balance sheet.

Why It Matters

Framing Bitcoin as a venture-style bet aligns it with the risk profile of the most ambitious technological endeavors of the 21st century. By comparing it to OpenAI or SpaceX, Visser implies that Bitcoin's value is derived from its role as a potential cornerstone of a new financial architecture. This shift in narrative moves the conversation away from whether Bitcoin has "intrinsic value" in the form of dividends or earnings, and toward whether it will become a critical piece of future global infrastructure.

Market Implications

Visser, a veteran macro investor with over 30 years of experience and author of the VisserLabs Substack, provided these insights while discussing the broader macroeconomic environment and the influence of Federal Reserve policy. As institutional adoption of Bitcoin grows, the debate over how to properly value the asset remains central. Whether Bitcoin continues to track with the volatility and optimism of frontier tech assets or eventually develops its own distinct valuation metric remains a key point of observation for macro strategists.