Macro investor Jordi Visser stated on Wednesday that the US Treasury's intervention in the yen market signals underlying financial trouble for the US government. He identified Bitcoin (CRYPTO: BTC) as his top investment bet to capture the money printing he expects to follow this move.

Speaking on the Wolf Of All Streets podcast, Visser outlined his thesis that Bitcoin and artificial intelligence intersect not through short-term price correlation but through long-term structural disruption. He argued that AI will disrupt every business globally over the next five years, driving a wave of deflation that pushes the cost of goods and services toward zero.

The Macro Case For Bitcoin

Visser posited that in an environment of AI-driven deflation, investors will prioritize preserving value over chasing inflation hedges. He highlighted Bitcoin’s fixed supply as a distinct advantage in this scenario.

The macro backdrop for this view centers on US fiscal pressures. Visser noted that the US carries enormous debt and a worsening deficit while facing rapidly growing capital needs for AI infrastructure. He argued that the government cannot raise interest rates because interest expense already exceeds defense spending. This leaves running the economy hot and hoping for AI productivity gains as the only viable option.

"The intervention in the yen is the signal that the US is in trouble," Visser said. "And I don’t think the pressure on the yen is going to go away."

He pointed to Treasury Secretary Scott Bessent’s call to raise the FIMA repo facility cap as a blueprint for future liquidity injection. Under this mechanism, Japan collateralizes its US treasury holdings at the Federal Reserve, receives dollars, buys yen, and the Fed prints the dollars. Visser compared this structure to the actions taken after the Silicon Valley Bank collapse.

Market Signals And Technical Levels

Despite the bullish macro thesis, Visser acknowledged that Bitcoin has not yet rallied significantly. He compared Bitcoin’s current trajectory to Micron Technology (NASDAQ: MU) in early 2025, when the AI memory trade was evident but the stock failed to break out for months before rising eight to ten times within a year.

Visser is monitoring the 200-day moving average as the critical clearing level for Bitcoin. He cited several factors as evidence of underlying strength:

• Bitcoin absorbed selling from Strategy (NASDAQ: MSTR).
• The asset held steady despite the Coldcard hack.
• Prices remained stable even as Clarity Act odds fell below 20%.
• Market sentiment withstood fears of a US-Iran war.

Visser described Bitcoin’s ability to absorb this negative news without breaking as the most bullish signal possible.

What the Numbers Show

Visser’s analysis links two distinct macro developments: the structural constraint of US fiscal policy and the technological shift toward AI. By connecting the fact that interest expenses exceed defense spending with the inability to raise rates, the data implies a forced reliance on monetary expansion. This creates a divergence between traditional inflation hedges and assets with fixed supply like Bitcoin, which Visser argues are better positioned for an environment where AI drives deflationary pressure on goods while government debt drives currency debasement.

Broader Crypto Market Watch

Beyond Bitcoin, Visser emphasized that Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL) must participate alongside Bitcoin for a true bull market to begin. He is watching Dogecoin (CRYPTO: DOGE) as a retail sentiment indicator, noting it briefly broke its 20-day moving average for the first time in months before pulling back.

Looking further ahead, Visser expects 2027 to be the year of consumer AI agents transacting on-chain. He called this development the biggest catalyst crypto has ever seen.

Gold reached nine-week highs on Wednesday, climbing to $4,435 per ounce, its highest level since June 5. The precious metal gained 1.5% following the latest Consumer Price Index (CPI) print, even as Bitcoin (CRYPTO: BTC) slipped 0.4% on the same economic data. This immediate divergence highlights differing short-term reactions to inflation metrics, yet longer-term data suggests a strengthening link between the two assets.

Divergent Immediate Reactions

Peter Schiff highlighted the contrasting responses to Wednesday’s CPI data, noting that gold and Bitcoin remain distinct asset classes in the short term. Gold’s rise was supported by significant retail interest, with the SPDR Gold Shares ETF (NYSE: GLD) recording $50 million in single-day retail inflows on August 5. This marked the highest retail inflow for the fund since mid-March.

Total inflows into gold ETFs reached $637 million that day, compared to $244 million flowing into U.S. spot Bitcoin ETFs, according to The Kobeissi Letter. This disparity in capital flow underscores the current preference for traditional safe-haven assets among retail investors amid inflation concerns.

Correlation Rebounds to Digital-Gold Levels

Despite the immediate price divergence, CryptoQuant CEO Ki Young Ju flagged that Bitcoin’s 90-day correlation with gold has rebounded significantly. The correlation shifted from nearly negative 0.9 in early 2026 back to around positive 0.7. Ju described this level as indicative of the "digital-gold era," suggesting Bitcoin is once again being priced as a scarce, non-sovereign asset rather than purely as a high-beta technology trade.

Spot ETFs may be reinforcing this connection by allowing institutions to hold both Bitcoin and gold within similar portfolio frameworks. However, XWIN Japan added a caveat that a positive correlation is not automatically bullish, as both assets can move together in either direction. Confirming Bitcoin as a genuine safe haven would require sustained demand and consistent responses to real yields, the dollar, and inflation across multiple timeframes.

What the Numbers Show

Long-term performance data reveals a stark divergence between the two assets over extended periods. Macro analyst Lawrence McDonald compared their returns across one, two, and five-year horizons:

McDonald noted that five-year track records may be less meaningful for Bitcoin given its history of severe drawdowns. He pointed out that drops of 70% to 80% every few years often force investors out of positions before any recovery can materialize, limiting the practical utility of long-term average returns for many market participants.

Market Outlook

Analyst Michaël van de Poppe attributed Bitcoin’s recent drop to a liquidity grab from leveraged longs rather than a structural breakdown. He pushed back against narratives of diminishing returns, arguing that Bitcoin is poised to follow gold’s recent breakout. Van de Poppe stated his general belief that Bitcoin could run to $500,000+, citing gold’s historic breakout as a precursor.