Macro investor Visser says AI trade is over, flags Bitcoin rotation for 2026

Macro investor Jordi Visser says the era of easy gains in AI stocks has ended, opening the door for capital to rotate into Bitcoin and Ethereum.

Bitcoin and Ethereum stand to benefit as capital rotates from AI stocks after the era of sevenfold returns ended, macro investor Jordi Visser said.

Visser, founder of AI Macro Nexus and a macro investor with more than 30 years of experience, said the opportunity to generate seven- or eightfold returns from simply owning the sector's most obvious winners has likely passed.

Speaking with Anthony Pompliano on a podcast July 25, Visser said returns of about 30 percent annually from AI infrastructure investments could still be attractive, but investors should no longer expect the extraordinary gains seen during the early phase of the boom. Bitcoin has held up relatively well despite trading about 50 percent below its all-time high, and Visser said he has been personally adding exposure during the downturn.

A crypto ecosystem index Visser created recently moved above its mid-June highs even though Bitcoin had not, while Ethereum has begun outperforming Bitcoin. "All these things are suggesting that the market is starting to look more toward the revenue side of the equation, which would be more toward Ethereum and less toward Bitcoin," Visser said. He described the development as constructive for the long-term health of the crypto market.

Capital Rotation Signals

Visser pointed to several indicators suggesting a shift is underway. Bitcoin has shown resilience despite macroeconomic headwinds, while the broader digital asset market is beginning to outperform. The divergence between Bitcoin's price action and the crypto ecosystem index suggests investors are broadening their exposure beyond the largest cryptocurrency.

The macro backdrop supports the rotation thesis. High interest rates and physical hardware limitations, including chip and memory shortages, are pressuring margins at AI companies. Giants such as Google and Anthropic are burning significant capital trying to build infrastructure, with profitability delayed by these physical constraints, Visser said.

AI and Crypto Convergence

Visser expects AI and crypto to become increasingly interconnected as autonomous agents begin carrying out financial transactions. Stablecoins could become the primary payment system for AI agents, while blockchain networks provide always-on, programmable infrastructure that operates without relying on conventional banking hours.

He argued that stablecoins, not Bitcoin, are more likely to replace parts of the SWIFT payments system. Governments, banks and technology companies are already positioning themselves around these new financial rails, he said. "We are merging these two worlds of the past and the future, and it's happening at a very, very fast pace," Visser said.

This article is for informational purposes only and does not constitute investment advice.