Here's the one thing I will say about innovation. When you want to invest in innovation, in a deflationary world, you're trying to find what Jeff Bezos said during the last 15 years, which is when Bitcoin was created. And what did Jeff Bezos say? Your margin is my opportunity. There's no more margin now in code-based stuff. It is in a free fall. That is why software stocks are getting up. So where Bitcoin benefits is it doesn't get hurt by that.

What's going on, guys? Today we got a great conversation with Jordie Visser. In this conversation, we talk about the decoupling between Bitcoin and software stocks.

We talk about inflation versus deflation and what his expectation is. And then we get into the five different thematic baskets that he's been paying attention to, why they're up so much and what exactly is happening in each one of them. And then, of course, we talk about the scarcity trade and why Jordy is surfing through all of the different markets, trying to find things that are full of shortages or scarcity and how he's thinking about investing his portfolio right now. Here's my latest conversation with Jordy Visser. All right, Jordy, it looks like software stocks have taken a beaten into the

end of the week and Bitcoin has stayed pretty strong here. So help me understand our software

and Bitcoin decoupling. And is that a good sign for Bitcoin or is that more of a bad sign for

software stocks? Yeah, I think I think the reaction to, well, first of all, IBM reported, service now reported.

And the market did not like either of the commentary in there.

The earnings are still fine.

But the overhanger, the reality that I think probably started with just Silicon Valley

recognizing that as the agentic world came, we have no terminal value on these companies,

has set back in.

So I've posted about this a few times over the course of the last month when we originally

had the correlation break.

It was a day where Oracle broke out,

software names were bouncing. But yesterday, or not yesterday, Wednesday I posted it next. And I said

that if you look at what's performed so far this month, within the IGV, which is the software

ETF, almost all of the top 10 names were related

to crypto. So let's separate Bitcoin for a second. What is happening is the miners were kind of the

ones that led way before Bitcoin. And I mentioned them last week, I think here, but definitely on my weekly

where I just said we've reached a point of compute shortage. And if you can scramble and get

anything related to AI, that's where you want to go. We have bottlenecks throughout the world now.

It was only memory four months ago, but now it's spread to CPUs. And because of Iran,

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