Key Takeaways
- • Jordi Visser called Bitcoin "the most asymmetric bet I've ever made in my life" on Galaxy's Galaxy Brains podcast, hosted with Alex Thorn, Galaxy's Head of Firmwide Research.
- • Visser argued tokenization could bring 24/7 trading to hedge fund portfolios, exposing them to weekend price moves when liquidity is thin and prompting prime brokers to scrutinize risk more closely.
- • Visser cited Korea's plan for full tokenization by 2027 as a potential catalyst, noting US hedge funds already monitor the KOSPI index each morning.
- • Visser's bullish scenario of $600,000 to $1 million for Bitcoin would require a rally of roughly 635% from the approximately $81,612 price cited in the article.
Summary
Wall Street veteran Jordi Visser, a former hedge fund manager, called Bitcoin "the most asymmetric bet I've ever made in my life" during a Friday appearance on Galaxy's Galaxy Brains podcast with Alex Thorn, Galaxy's Head of Firmwide Research. According to the article, Visser said his Bitcoin position was not tied to a two- or three-year horizon but depended on what he sees happening to fiat assets relative to an asset with no fundamentals.
Visser argued that the next major disruption from crypto could land on hedge funds through tokenization. He said hedge funds were already contacting him about what tokenization means, and that the callers were names most people would recognize. In his view, round-the-clock trading would be the "destruction of hedge funds" because portfolios would keep repricing through weekends, when liquidity is thin. Prime brokers that lend to these funds would take notice of different valuations and P&L, he said, adding that it "puts a much bigger microscope on risk management."
Visser pointed to South Korea as a possible catalyst, noting that Korea intends to pursue full tokenization by 2027 and that its equity market is heavily weighted toward memory chip makers central to the AI trade. He said US hedge funds already check Korea's KOSPI index first thing in the morning, and that if Korean stocks traded 24/7, investors would seek to hedge US portfolios simultaneously. He acknowledged the timeline could be longer than expected, saying, "It might take longer than we all think, but again, we're at zero right now."
Visser has been consistently bullish on Bitcoin. Last month, he said AI-driven demand and tokenization, combined with Bitcoin's scarcity, could push the cryptocurrency to $600,000 to $1 million if the crypto market expands toward $100 trillion. At the time of the article, Bitcoin traded at $81,612, down 0.7% over 24 hours, and the article notes that Stocktwits retail sentiment was "bearish" with low chatter. Reaching the lower end of Visser's target would require a 635% rally from current levels.
Visser argued that the next major disruption from crypto could land on hedge funds through tokenization. He said hedge funds were already contacting him about what tokenization means, and that the callers were names most people would recognize. In his view, round-the-clock trading would be the "destruction of hedge funds" because portfolios would keep repricing through weekends, when liquidity is thin. Prime brokers that lend to these funds would take notice of different valuations and P&L, he said, adding that it "puts a much bigger microscope on risk management."
Visser pointed to South Korea as a possible catalyst, noting that Korea intends to pursue full tokenization by 2027 and that its equity market is heavily weighted toward memory chip makers central to the AI trade. He said US hedge funds already check Korea's KOSPI index first thing in the morning, and that if Korean stocks traded 24/7, investors would seek to hedge US portfolios simultaneously. He acknowledged the timeline could be longer than expected, saying, "It might take longer than we all think, but again, we're at zero right now."
Visser has been consistently bullish on Bitcoin. Last month, he said AI-driven demand and tokenization, combined with Bitcoin's scarcity, could push the cryptocurrency to $600,000 to $1 million if the crypto market expands toward $100 trillion. At the time of the article, Bitcoin traded at $81,612, down 0.7% over 24 hours, and the article notes that Stocktwits retail sentiment was "bearish" with low chatter. Reaching the lower end of Visser's target would require a 635% rally from current levels.
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