Crypto and AI could offer a better investment opportunity through digital tokens than through AI stocks, according to investor Jordi Visser. He expects software agents to drive demand for crypto payments and tokenized assets, although he warns that a severe AI downturn could also hurt crypto markets.

Key Takeaways

  • Visser has broadened his crypto holdings beyond Bitcoin, Ether and Solana.
  • He says the potential for AI stock gains has become harder to repeat.
  • A sharp AI-driven equity selloff could prompt crypto to retest recent lows, he warns.

Crypto and AI investment thesis

Visser, the founder of Visser Labs and head of 22V’s AI Macro Nexus Research, expects AI agents to let people instruct software to execute trades and other financial transactions on their behalf. In his view, that could increase activity in crypto payments and tokenized assets.

His thesis is a forecast, not evidence that those uses will generate higher returns than AI stocks. Visser also sees a risk that a severe downturn in AI stocks could drag down equities and cause crypto to retest recent lows, even if it does not end the broader crypto bull market.

Why Visser is more cautious on AI stocks

Visser said he began reducing his exposure to memory chipmaker Micron in mid-May after concluding that hedge funds and retail investors had crowded into the AI trade. He still expects several years of growth in computing demand from AI agents, but believes investors should temper their expectations for stock returns.

The cost of building AI infrastructure is one pressure on the sector. Oracle reported $55.7 billion in capital expenditures and $32 billion in operating cash flow for fiscal 2026, and raised $43 billion in debt financing.

A broader basket of tokens

Until August, Visser’s crypto holdings consisted solely of Bitcoin, Ether and Solana. Bitcoin remains his largest position, but he has since begun acquiring a wider range of tokens. He watches Dogecoin for signs of returning retail enthusiasm, which he considers important to a broader rally.

Visser said he tracks an equally weighted index of 42 tokens and four publicly traded stocks that has outperformed Bitcoin since June. He plans to hold all of its constituents. Privacy is another investment theme for him; he identifies Zcash and Monero as projects that fit that thesis.

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