AI is reshaping how capital markets think about software—turning “automation” into an economy of agents that can act on users’ behalf. According to Visser Labs founder Jordi Visser, that shift could ultimately deliver a better payoff for cryptocurrency investors than the AI stock trade itself.
Visser, who previously held senior roles at Morgan Stanley and served as chief investment officer at Weiss Multi-Strategy Advisers, told Cointelegraph’s Trade Secrets that the crypto market is benefiting from AI-driven demand for crypto payments and tokenized assets. “Without AI, I don’t think crypto would be going through this bull market,” he said.
Key takeaways
- Jordi Visser argues AI agents can extend crypto’s opportunity beyond compute providers through payments and tokenized assets.
- He warns that a broader AI downturn could push equity markets down and “retest” crypto lows, even if it doesn’t end the bull market.
- Visser reduced his exposure to AI chipmaker Micron after concluding the AI trade became crowded.
- He has broadened his crypto holdings beyond Bitcoin, Ether, and Solana into a wider set of tokens, guided by an equally weighted basket.
- Privacy and identity protection are central to his longer-term thesis, with projects such as Zcash and Monero fitting that view.
Why Visser thinks crypto can benefit more than AI stocks
Visser’s core framework is that AI agents will operate like a “smartphone moment” for finance: users can instruct software to execute trades and other transactions while the agent handles the mechanics. In his view, rising use of such agents increases demand for crypto rails—especially where tokenized assets and crypto payments become useful parts of everyday workflows.
He positions crypto as an investment theme that can capture value from adoption, not only from companies building the underlying AI infrastructure. That distinction matters because AI equity rallies can be driven by expectations around hyperscalers and semiconductor suppliers, while crypto value accrual can be tied to activity across on-chain payment and tokenization ecosystems.
What could derail the thesis: crowded AI and equity drawdowns
Despite his bullish stance, Visser isn’t arguing that AI will rise in a straight line. He points to two pressures that could hurt investors even if the macro story remains intact.
First, he says the AI trade became too crowded. He began trimming Micron in mid-May after concluding hedge funds and retail investors had piled into the AI complex. Visser linked the difficulty he saw for major crypto assets to that narrow focus on AI rather than a broader rotation into crypto.
Second, Visser highlights downside risk from equity markets if an AI downturn materializes. He doesn’t believe such a scenario would automatically end crypto’s bull phase, but he expects it could lead to renewed tests of recent lows. For traders, that’s a reminder that crypto’s correlation with broader risk sentiment can tighten quickly when investors de-risk across traditional and digital assets.
From “fireworks” to tougher expectations for AI infrastructure
Visser’s explanation also reflects a shift in how markets price AI progress. He argues that the “fireworks” phase for AI investing is fading—meaning fewer outsized stock moves without proof that the economics are holding up.
In the period when he was still seeking AI exposure, he pointed to strong revenue narratives from parts of the AI supply chain. For example, Microsoft said its cloud and AI business was generating revenue at an annualized rate of $37 billion in an April 29 update. Micron, in a March report, said its fiscal second-quarter revenue nearly tripled to $23.86 billion.
But Visser says the market has grown less forgiving since then, with financing and infrastructure costs proving difficult to match with existing cash-generation. He cited Oracle’s fiscal 2026 results as an example of the capital intensity—$55.7 billion in capex against $32 billion in operating cash flow—along with $43 billion raised in debt financing.
He summarized the change in tone bluntly: “I didn’t say AI was over. AI fireworks show is over.” While he still sees several years of growth in computing demand from AI agents, he suggests investors should temper expectations for stock returns from the AI trade.
How Visser is adjusting his crypto portfolio
Until August, Visser’s crypto exposure consisted of Bitcoin, Ether, and Solana. He has since expanded into a broader range of assets, even though Bitcoin remains his largest holding.
Visser says he watches Dogecoin as a signal of whether retail enthusiasm is returning—something he considers important for sustaining a wider rally. In his view, retail-driven momentum can act as “fuel” that keeps participation expanding rather than stalling at institutional holders.
To track that broader market, he maintains an equally weighted index of 42 tokens and four publicly traded stocks. He claims the index has outperformed Bitcoin since June and says he plans to hold all constituents. The approach is different from concentrating on a small number of “top” networks: instead, it tries to capture breadth in how investors rotate through the token ecosystem during crypto bull phases.
Privacy is another theme he says he is willing to underwrite. Visser argues that as AI advances, privacy and identity protection become more important because fraud and abuse can scale alongside automated systems. He pointed to Zcash and Monero as examples of projects aligned with that thesis.
Looking ahead, investors may want to watch whether AI agents translate into measurable growth for tokenized assets and crypto payments—and, just as importantly, whether an AI-driven equity slowdown spills into crypto risk appetite. If Visser’s warning proves accurate, the next market test may come from macro and financing conditions rather than from crypto’s own fundamentals.
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