Veteran Wall Street investor Jordi Visser warns via X that market-moving headlines about tariffs are masking a deeper secular turn—one that, in his view, is already accelerating the re-pricing of every long-duration asset and handing Bitcoin an historic tail-wind.
Instead, he points overseas, singling out the recent volatility of the New Taiwan dollar. “The real canary in the coal mine? The Taiwan dollar. It just made its fastest move in decades. This signals a massive shift: Asia may be unwinding $2.5 trillion in dollar reserves. The era of dollar privilege is ending.” For Visser, that prospective draw-down in foreign-held Treasuries is not an abstract worry but a mechanical source of upward pressure on interest rates. “Losing reserve currency status = rising interest rates. Why? No more artificial demand for Treasuries. Rates are rising despite Fed cuts,” he noted.
Higher borrowing costs, he argues, land hardest on assets whose cash-flow realisation lies furthest in the future. Artificial-intelligence breakthroughs compound the challenge, making it harder for long-duration business models to justify lofty multiples while simultaneously accelerating competitive disruption. “Any asset priced based on a valuation on the hope of the future is now hurt by rising rates and exponential AI,” Visser said, adding that venture capital, private equity and large-cap tech—“once winners in a low-rate world—are now vulnerable.”
Visser stops short of forecasting a specific price for Bitcoin or a target level for US yields, but his framework implies that a world of structurally higher real rates and rapidly advancing AI capabilities tilts the risk–reward balance toward scarce, non-sovereign collateral.
At press time, BTC traded at $104,718.
