Jordi Visser thinks Bitcoin is the ultimate winner in world where capital rotates out of the stock market and into the hands of the AI entrepreneurs. The global financial system is over-financialized. The S&P’s market cap is ~220% of US GDP, double what was once considered dangerous. His base case: the economy grows for a decade while the S&P goes nowhere. Wealth stuck in the stock market is quietly debased. Capital leaves stagnant public markets and flows to entrepreneurs, private companies, and new networks. Bitcoin wins as the scarce asset those gains rotate into.