Macro investor Jordi Visser says the era of effortless gains in AI stocks is ending, which potentially creates room for Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and the broader crypto market to attract capital in 2026.
AI Trade Is Over
Speaking with Anthony Pompliano in a podcast on July 25, Visser noted AI remains a transformational investment theme, but the opportunity to generate seven- or eightfold returns from simply owning the sector’s most obvious winners has likely passed.
Visser added that investors are entering a more difficult phase of the AI cycle, where returns will depend on identifying companies with durable infrastructure, access to capital and real competitive advantages.
“The AI trade’s over,” Visser said, clarifying that he did not mean AI itself was finished.
Visser says he believes returns of around 30% annually from AI infrastructure investments could still be attractive.
However, investors should no longer expect the extraordinary gains seen during the early phase of the boom.
Could Capital Rotate Toward Bitcoin?
Visser pointed out that Bitcoin has held up relatively well despite remaining nearly 50% below its record high. He expects it to eventually move higher and has been personally adding exposure during the downturn.
The key signal, however, may be coming from the broader digital asset market.
A crypto ecosystem index he created recently moved above its mid-June highs, even though Bitcoin had not. At the same time, Ethereum has begun outperforming Bitcoin.
“All these things are suggesting that the market is starting to look more toward the revenue side of the equation, which would be more toward Ethereum and less toward Bitcoin,” he stated.
Visser described that development as constructive for the long-term health of the crypto market.
AI And Crypto Are Converging
Visser expects AI and crypto to become increasingly interconnected as autonomous agents begin carrying out financial transactions.
Stablecoins could become the primary payment system for AI agents, while blockchain networks provide always-on, programmable infrastructure that operates without relying on conventional banking hours.
He argued that stablecoins, not Bitcoin, are more likely to replace parts of the SWIFT payments system.
Governments, banks and technology companies are already positioning themselves around these new financial rails, he said.
“We are merging these two worlds of the past and the future, and it’s happening at a very, very fast pace,” Visser highlighted.
Image: Shutterstock
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