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Veteran macro investor Jordi Visser said Bitcoin (BTC) is in the same bucket as SpaceX (SPCX), Anthropic (ANTHZZX), and OpenAI (OPEAZZX)—four assets he estimated are worth around $8 trillion combined, none of which turn profits at the moment.
In an interview with Anthony Pompliano published on Saturday, Visser claimed that the grouping revealed how poorly the markets were positioned. "You have four things. None of them made money, and I threw Bitcoin into it," he said. "That is, $8 trillion worth of things that, in my opinion, are so important to the future. People are still talking about the level of the Fed funds rate and oil," he added.
However, Anthropic reported a $47 billion revenue run rate in May, and SpaceX reported a positive Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of $6.6 billion alongside a GAAP net loss of $4.9 billion for full-year 2025.
Vissers' figure assumed each was worth around $2 trillion. Scores are lower now. Bitcoin's market cap is close to $1.5 trillion. SpaceX went public on Nasdaq on June 12 and closed its first day at an estimated $2.1 trillion. Anthropic was valued at $965 billion in May, while OpenAI was last valued at $852 billion in March, based on their most recent private financings. That brings their total market capitalization closer to $5.3 trillion.
Visser said OpenAI was the most undervalued of the bunch, saying that after Astra, investors were "probably missing the boat" on the company. He said he used the model, to build a trading indicator model on Labor Day.
Bitcoin's price was trading over $76,000, down by 0.9% over the past 24 hours. On Stocktwits, the retail sentiment around Bitcoin remained in the 'extremely bearish' zone, accompanied by 'low' chatter levels over the last 24 hours.
His argument was based on the idea that value was shifting away from earnings. "We are leaving a world of revenues, and we are entering a world of two things that have value—trust and velocity," he said, adding that AI-driven hacking risk was compressing terminal value for companies dependent on continuity. Visser's comments come a day after Dario Amodei warned that the AI race could spin out of control within a year and called for a slowdown.
Visser said he had seen the pattern before. He recalled traveling to Silicon Valley in 2013 to work out how Amazon (AMZN), which he said was up 17,000% since its 1997 initial public offering, could keep making new highs while barely turning a profit. "It's a bubble. It can't possibly be real on the metrics that I know," he said he had thought at the time. The trip, which included a stint at Singularity University, changed how we evaluate companies, he added.
The comments came days ahead of the Federal Reserve's rate decision. Visser said he does not expect Chair Kevin Walsh to hike, but a dovish hike would be better for equities than a hold. In other words, Visser would rather see the Fed raise rates once and signal it is done than hold and leave a hike hanging over the market.
Before Friday's inflation print, markets had priced in about a 70% chance of a quarter-point hike. The August Consumer Price Index (CPI) showed core inflation, which strips out volatile food and energy prices, at 2.4% year over year, the lowest reading since March 2021, while headline inflation was 3.4%.
