#1556 Jordi Visser | Are Bitcoin Bonds the Next Big Investment?

Unknown Source May 31, 2025 44 min

artificial-intelligence ai-infrastructure investment generative-ai startup google nvidia

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51 Companies

77 Key Quotes

5 Topics

1 Insights

🎯 Summary

Podcast Summary: #1556 Jordi Visser | Are Bitcoin Bonds the Next Big Investment?

This episode of the Pom Podcast features Anthony Pompliano in conversation with Jordy Visser, a veteran of Wall Street with 30 years of experience, to discuss major weekly developments impacting portfolios, focusing heavily on the intersection of traditional finance (TradFi) and Bitcoin/crypto innovation.

The main narrative arc centered on the emerging financial structures bridging the fiat and digital economies, specifically Bitcoin Bonds (“Bit Bonds”) and asset tokenization, alongside a discussion on recent US political and trade policy shifts.

1. Focus Area

The discussion primarily focused on Crypto/Web3 Finance and Investment Structures, specifically:

• The practical implementation and implications of Bitcoin-backed bonds (Bit Bonds) for governments and municipalities.
• The future of asset tokenization (real estate, private equity) and its impact on market liquidity and accessibility.
• Macroeconomic policy debates concerning tariffs, trade wars, and capital controls.
• The role of corporate treasuries (like MicroStrategy) in pioneering new capital-raising instruments.

2. Key Technical Insights

• Bit Bond Construction: A Bit Bond structure can be synthesized by combining a low-coupon, principal-protected zero-coupon bond (often backed by US Treasuries) with the excess coupon yield being used to purchase call options on Bitcoin. This separates the principal guarantee from the upside potential tied to BTC performance.
• Tokenization as Liquidity Enhancement: Tokenization is viewed as a mechanism to dramatically increase the demand pool for traditionally illiquid assets (like private equity or real estate) by fractionalizing ownership and enabling retail participation, mirroring historical market structures like “perks” during the internet boom.
• Bitcoin as a Hurdle Rate: Bitcoin is increasingly being viewed not just as an asset, but as the “hurdle rate for innovation”—the benchmark return that new capital structures must offer to attract investment away from the traditional system.

3. Market/Investment Angle

• Demand Migration: Capital markets are naturally migrating toward areas of high demand; currently, any crypto-related fundraising is oversubscribed, indicating strong investor appetite for Bitcoin exposure with principal protection.
• Institutional Adoption Proof: Michael Saylor’s success with MicroStrategy’s convertible notes has proven the viability of these hybrid instruments, paving the way for governments (like NYC) to adopt Bit Bonds to tap into this demand while funding budget shortfalls at potentially lower effective interest rates.
• Banks Will Follow: Given the proven demand and profitability potential, it is inevitable that major financial institutions will develop and sell various forms of Bitcoin-debt structures.

4. Notable Companies/People

• Jordy Visser: The guest, providing a TradFi perspective on the merging of capital structures.
• Anthony Pompliano (Pom): Host, emphasizing transparency (via Bitwise’s public wallets) and the need for Bitcoin open-source development funding.
• Michael Saylor (MicroStrategy): Highlighted as the pioneer who demonstrated the demand for Bitcoin-linked corporate debt instruments, effectively opening the door for municipal adoption.
• Sandy (Franklin Templeton/formerly City): Mentioned for her early, compelling vision of asset tokenization dating back to 2019.
• Bitwise: Mentioned as the first Bitcoin ETF provider to publish wallet addresses and donate 10% of ETF profits to open-source developers.

5. Regulatory/Policy Discussion

• Tariff Uncertainty: Recent conflicting court rulings regarding the legality of presidential tariffs have created volatility, suggesting the issue will likely be settled by the Supreme Court.
• Capital Controls as the Next Frontier: Visser argues that if trade tariffs are legally restricted, the administration may pivot toward capital controls as an alternative mechanism to manage trade imbalances and capital flows, especially concerning foreign investment in the US.
• Government Spending Shift: The recent debt ceiling bill is interpreted as signaling a shift away from cost-cutting mandates toward a focus on economic growth, potentially increasing the deficit regardless of political rhetoric, similar to how Elon Musk refocused on productivity after encountering government bureaucracy at Twitter.

6. Future Implications

The conversation suggests a future where the fiat and Bitcoin economies are deeply intertwined through standardized financial products. Bit Bonds will likely become commonplace for corporate and sovereign debt issuance globally. Furthermore, tokenization is seen as a necessary decentralizing force that will democratize access to securities currently reserved for institutions and the wealthy.

7. Target Audience

This episode is most valuable for Finance Professionals, Institutional Investors, and Crypto Strategists who need to understand the practical application of digital assets within traditional capital markets and macro policy shifts.

🏢 Companies Mentioned

ChatGPT ✅ AI Tool (Related to Crypto/Web3 discourse via token economics)

X ✅ N/A (Social Media Platform)

Sachin Adela ✅ unknown

Tiger Woods ✅ unknown

Tom Brady ✅ unknown

Michael Jordan ✅ unknown

Big Short ✅ unknown

And Matt ✅ unknown

And The ✅ unknown

So Tom Lee ✅ unknown

Tom Lee ✅ unknown

Ray Kurzweil ✅ unknown

Dario Amodei ✅ unknown

Demis Hassabis ✅ unknown

And Elon Musk ✅ unknown

💬 Key Insights

"Anyone that was in the deep seek moment going, that's it, we're not going to need as many GPUs as got a short Nvidia. Wrong, wrong, wrong. Like this inference moment for me, because that's what this is. This is an inference moment."

Impact Score: 10

"I remember the first time I did something on this, it was an argument for why the blockchain was so important. Meaning, at some point you need documentation to prove of what's real and what's not real."

Impact Score: 10

"More than 50% of people, probably 60% or so, if I had to guess, think they're real. This is the worst the technology is going to be. Yeah. It only gets better from here."

Impact Score: 10

"I remember years ago walking through the streets of New York City and had kind of like this weird epiphany where I was like, none of these people know or understand about Bitcoin... I just thought of the Big Short movie where he's walking around, he's like, no one knows, no one knows, right?"

Impact Score: 10

"I think we're at that moment because we've talked about inference that people have to start to focus on the fact that inference is the key change. It's the thing that allows AI to impact."

Impact Score: 10

"It's this thing of if you're wealthy, you don't need Bitcoin. And if you're not wealthy, you're looking for something to change your life and to be in."

Impact Score: 10

📊 Topics

#artificialintelligence 62 #aiinfrastructure 10 #investment 9 #generativeai 4 #startup 1

🧠 Key Takeaways

💡 be thinking about the tariffs and the ability for the courts to maybe remove them or maybe not