Veteran macro investor Jordi Visser stated on June 20 that SpaceX and Bitcoin share a fundamental similarity. Speaking with Anthony Pompliano in a podcast episode published that day, Visser argued both assets are based on beliefs about the future rather than current fundamentals. The comparison followed SpaceX's IPO filing in May, which revealed the spaceflight and AI company holds 18,712 BTC — the eighth-largest Bitcoin treasury among publicly listed firms according to bitcointreasuries.net.
Visser Compares SpaceX and Bitcoin on Valuation Absence
Visser explained that neither SpaceX nor Bitcoin can be measured by traditional financial yardsticks. "SpaceX and Bitcoin are basically to me the same thing," he said. "They're both based on a belief that people have in the future. They're not about anything fundamental right now."
He elaborated that both lack conventional valuation metrics. "It's very hard to make an argument as to the fundamentals behind this... When something doesn't have a valuation, it can't be overvalued or undervalued. It has no valuation. It's a complete guess," he remarked.
Visser States Bitcoin Remains in Bear Market
Visser stated Bitcoin currently "has no energy" and remains in a bear market until it reclaims its 200-day moving average. He noted every recent attempt to push higher has stalled at a moving average and reversed.
He cited a recent trading day when 18 of the 20 positions he holds, including Bitcoin, silver, and Eli Lilly, finished lower. Visser added that a turn for crypto will come only when the AI trade pauses, stating a flat stock market into September would help crypto more than an AI rally running at 50% a quarter, since retail money will then "migrate to what's working."
"Never believe you're smarter than the market. Ever. The market knows," he said.
Visser also flagged souring sentiment around Bitcoin treasury companies and pointed to the weakness in Michael Saylor's Strategy's (NASDAQ: MSTR) STRC preferred shares, which dropped to historic lows. "It is very difficult for Bitcoin to be traveling higher if all the money is going into stuff that is based on earnings," he said.
At press time, SpaceX stock was trading at $167.85, down 9% in a day. Bitcoin was trading at $65,000, up 1.3% in the last 24 hours.
FAQ
What did Jordi Visser say about SpaceX and Bitcoin on June 20?
Jordi Visser stated on June 20 that SpaceX and Bitcoin are fundamentally similar because both are based on beliefs about the future rather than current fundamentals. He argued neither asset has a conventional valuation and both represent "a complete guess" rather than measurable investments.
Why did Visser compare SpaceX to Bitcoin?
Visser made the comparison following SpaceX's IPO filing in May, which revealed the company holds 18,712 BTC — the eighth-largest Bitcoin treasury among publicly listed firms. He explained that both assets lack traditional financial metrics and cannot be valued using fundamental analysis.
