Jordi Visser's a pretty fund mind to read expressions from... I liked this writing he recently penned for his Substack:
Quote:
How AI, Inflation, and Scarcity Are Driving Bitcoin Into Its Strongest Regime
Jordi Visser
Apr 11, 2026
Something important is happening right now, and I believe it marks the beginning of Bitcoin’s next phase. For years, one of the biggest objections from investors has been simple: Bitcoin trades like a risk asset. It moves with technology. It rises and falls with software, liquidity, and speculative growth. As long as that was true, many investors felt comfortable staying in the fiat system and owning large-cap tech instead. They did not need Bitcoin because the best-performing assets were still built on code, still tied to traditional markets, and still housed inside the legacy financial system.
That relationship is starting to change.
For much of the past three years, Bitcoin was correlated to software and had to compete with short-term yields above inflation. In that environment, investors could earn a real return in cash while also owning the dominant growth stocks in technology. Bitcoin had to fight for attention. Even when it rallied, many still viewed it as a side story rather than a central macro asset. Today, that setup is beginning to break apart. Bitcoin has started to separate from its software correlation just as software itself is coming under growing pressure from exponential AI. That matters because it opens the door for Bitcoin to become something very different in investors’ minds: the only major growth asset built on code that actually benefits from AI rather than being threatened by it.
That shift is central to the whole thesis.
Software is facing a genuine disruption cycle. Mythos changed the conversation because it forced investors to think about what happens when models are no longer incremental improvements, but capability jumps. The challenge is no longer limited to software margins or enterprise budgets. It now reaches into labor, knowledge work, cyber risk, pricing power, and the durability of business models that were built for an earlier era of code. AI agents are accelerating this process because they are not just generating answers. They are searching, planning, negotiating, coding, and increasingly acting. That changes what software can charge for, what labor is worth, and what parts of the old technology stack deserve premium multiples.
Bitcoin stands apart from that pressure because it is not a software company. It does not rely on seat growth, pricing power, margins, or enterprise spending. It is digital scarcity. In a market that is reassessing everything built on code, Bitcoin may be the one code-based asset that emerges stronger as AI advances. That is a profound change, because for years investors treated Bitcoin like an extension of tech beta. What if it is now becoming the opposite: a digital asset that benefits as exponential AI weakens the rest of the code economy?
That is the first reason I believe we are entering Bitcoin’s regime.
The second reason is macro. The next phase of rising inflation appears to be arriving at the same time the jobs market is losing momentum. That combination creates exactly the kind of policy tension that can trap central banks. When inflation moves higher while labor conditions soften, the Fed has less room to fight inflation aggressively. It has to pause, hesitate, and eventually lean toward easing into an environment where purchasing power is still deteriorating. That is the backdrop in which Bitcoin historically begins to stand apart.
The key signal is simple. Year-over-year CPI is about to cross above 3-month bill yields. In other words, real short-term rates are on the verge of turning negative again. Historically, that line has been one of the most important markers for Bitcoin’s performance. When cash yields are above inflation, investors can sit in short-duration instruments and preserve purchasing power. Bitcoin has to compete with a real return. When inflation rises above those short-term yields, the equation changes quickly. Cash stops functioning as a store of value in real terms. The safest-looking nominal asset begins losing ground against inflation. That is when capital starts searching for an alternative.
Based on the framework I have used repeatedly, the strongest regime for Bitcoin is when CPI year over year is above 3-month bills and the Fed is on hold or easing. That is the quadrant where annualized Bitcoin returns have run above 200%. We are now getting very close to entering that exact window. This is not a small macro detail. It may be the most important setup Bitcoin can have.
What makes this moment especially important is that inflation is returning for a different reason than in the last cycle. This is not simply a reopening burst or a temporary commodity squeeze. Inflation is rising because the physical needs of the economy are becoming more unstable just as AI is increasing demand for real-world inputs. Energy, power, cooling, semiconductors, memory, grid equipment, industrial metals, transport, packaging, and logistics are all becoming more central to growth. AI was supposed to be a software story. Instead, it is becoming a scarcity story. The more intelligence gets pushed into the economy, the more physical capacity the economy needs to support it. That means inflation pressure is being reinforced by the same technologies that investors once thought would create only abundance.
Creative destruction has been building toward this point for decades. Every wave of innovation has made the system more efficient, more deflationary, and more unequal by rewarding capital over labor. That is a big part of how we ended up with today’s global wealth distribution problem. Each time deflation and job losses threatened the system, central bankers responded the same way: cut rates, add liquidity, launch QE, support demand, and try to offset the deflationary impact of technological change. That worked well enough in prior cycles. It will not work the same way against AI. This wave is far more powerful. Affordability is already stretched, and now policymakers are facing a collision they cannot easily solve. AI is pushing deflation into labor, software, and knowledge work just as it is pulling inflation into the physical economy through power, commodities, cooling, chips, and infrastructure. In other words, the same force that weakens wages and jobs is also raising the cost structure of the world it needs to grow. Central banks can print money, but they cannot print copper, electricity, fertilizer, or stable purchasing power. They can support markets, but they cannot stop exponential intelligence from disrupting labor. That is why this policy fight is different. Technological deflation and scarcity inflation are now arriving together, and the old QE playbook is not built for that world. Also remember, the next act brings humanoids into our lives so this is just the beginning.
There is another layer to this thesis that has become more important with Mythos: the vulnerability of the fiat system itself. For years, critics focused on quantum computing as the future threat to Bitcoin. The pressure today is coming from a far more immediate direction. Mythos has shifted attention toward hacking risk and cyber vulnerability inside the existing financial architecture. The Treasury called an urgent meeting with bank leaders, and Project Glasswing was assembled by Anthropic in response to the risks for companies. Those are meaningful actions. They show that exponential AI is forcing institutions to confront how exposed the financial system may be.
If banking systems, payment rails, software stacks, and core digital infrastructure become more vulnerable in an era of rapidly advancing models, then the fiat system starts to look less secure than investors assumed. That is a major shift in perception. Bitcoin was built for a world where trust in centralized systems erodes. The more AI exposes fragility inside those systems, the more relevant Bitcoin becomes. The conversation around safety starts moving away from abstract future risks and toward present-day institutional vulnerability.
This is why I have repeatedly said that Bitcoin is the purest AI trade. That may sound unusual because Bitcoin is often discussed separately from semiconductors, data centers, robotics, or cloud infrastructure. The deeper connection is macro. AI is reorganizing the economy around scarcity, instability, and exponential change. It is forcing massive physical investment, increasing commodity intensity, raising power demand, and transforming the software layer at the same time. Bitcoin sits at the intersection of those forces. It benefits from negative real rates. It benefits from distrust in fiat systems. It benefits from scarcity becoming more valuable than abundance. It benefits from a world in which nominal safety and real purchasing power begin to diverge more sharply.
There is also an important stablecoin driven network-effect dimension that investors may be underestimating. Bitcoin already benefits from one of the strongest networks in finance. It has the largest and accepted store of value brand in the digital economy, the deepest liquidity, the broadest global recognition, the strongest institutional acceptance, and the most secure decentralized monetary network. AI agents will strengthen that advantage even further.
As agents begin transacting across platforms, settling value, allocating capital, purchasing services, and interacting with one another at machine speed, they will favor the asset with the deepest liquidity, the clearest monetary rules, the highest uptime, and the broadest acceptance. Networks compound through trust, scale, and interoperability. Bitcoin is uniquely positioned on all three. In a world where agents are participating in economic activity alongside humans, Bitcoin’s network could become even more powerful because it offers a neutral, global, liquid rail that both people and machines can recognize. Most importantly, AI agents don’t have the bias of the comfort of the old fiat system. They will make decisions based on the best decision which will ultimately benefit Bitcoin the most.
All of this matters because the rise of AI agents may create an entirely new layer of economic activity. We are moving toward a world in which software does not just recommend or analyze. It acts. Agents will search, negotiate, purchase, settle, and optimize on behalf of users and businesses. In that kind of economy, a digital asset with fixed supply, global portability, deep liquidity, and growing institutional rails becomes more valuable. Every new participant strengthens the network. Every new wallet, institution, treasury, payment integration, custody platform, and settlement layer makes Bitcoin more useful to the next participant. If AI agents become a major source of future transactions, Bitcoin’s network effect may become one of its most powerful long-term advantages.
The credit side adds another layer to the case. As the AI disruption to software accelerates, the impact moves from public SaaS multiples into private equity marks, private credit books, software-backed loans, and broader financial conditions. Investors understand this intuitively. As confidence in growth built on code fades, capital rotates toward scarcity. That is exactly what this market has been showing. The risks of AI disruption are pushing investors toward power, metals, semiconductors, infrastructure, and increasingly toward Bitcoin. There is only one growth asset that can live in the digital world and still benefit from AI’s transformation of the code economy. That is Bitcoin.
Then there is the global dimension. The Iran war raises the probability of higher food and energy prices around the world, especially in emerging markets that depend on stable input costs. Developed markets can absorb some of that through policy flexibility, reserve currency status, and deeper capital markets. The weakest of emerging markets often feel the pressure much faster. When food, diesel, fertilizer, and imported energy costs rise, currencies come under stress and purchasing power erodes quickly. In that kind of environment, Bitcoin starts to serve a different role. It becomes more than a speculative asset or portfolio diversifier. It becomes a monetary escape valve. It becomes a place where capital can move when local currency weakness accelerates and when households or investors want an asset that cannot be diluted by domestic policy decisions. If this next inflation wave spreads globally, Bitcoin’s relevance expands with it.
The technical backdrop is now starting to align with the macro. Bitcoin’s weekly MACD has just crossed. Technical signals matter most when they line up with a major regime shift beneath the surface. That is what makes this moment so important. The technical picture is improving just as real rates are on the verge of turning negative, just as Bitcoin is breaking its correlation with software, just as AI is exposing the vulnerability of fiat-linked systems, and just as inflationary pressure is rising from the physical needs of the new economy. That is a rare alignment. Add in the incredibly lost sentiment in crypto and Bitcoin despite all of this and it suggests that Bitcoin may be doing more than bouncing. It may be entering its regime.
This is the setup investors have been missing. They keep looking for Bitcoin to behave like the old version of a risk asset. The next move may come because Bitcoin is no longer being priced that way. It is becoming the only code-based growth asset that benefits from AI rather than being disrupted by it. It is becoming the asset that fits a world of rising inflation, softening labor, scarcity, hacking risk, negative real rates, and fragile confidence in the legacy financial architecture.
That is the real point. Bitcoin does not need a new story. It needs the world to enter the conditions it was built for.
That may be happening now.
BTC sure looking pretty ok at the moment...
ZEC also showing good relative strength, above ALL key moving averages even (though the 200 should be on the bottom  )...
SOL, lagging, but tight as a tiger. 
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┼ ··∙ long live the shroomery ∙·· ┼
...╬π╥  ╥π╬...
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