Jordi, your work both on Substack and on YouTube videos is much anticipated by me, and apparently by so many others.
Thank you for your work and insights over the past year. All the best to you and your family in this holiday season and in 2026.
FWIW I’m a senior citizen, BtC MSTR hodler.
I have an M.Sc in economics from the LSE and gave it up over 50 years ago (yikes!!!) because it was too boring to consider as a lifelong profession—writing meaningless papers, and watching the 1971 gold rug pull by Nixon along with the inevitable dollar debasement to further enrich the already rich without any remedy then in sight.
I have been encouraged to see so many new, younger voices explaining and opening this new world that bitcoin and AI are presenting to all of us.
Always thrilled with your commentary on the markets and beyond. Looking forward to hearing more about your own personal journey with HRV. Happy holidays! May your stocking be full of bitcoin 🎄
This is the most lucid description of the current regime change I’ve read. Period.
I operate daily in that exact gap you described—between the dying comfort of "Realism" and the chaotic necessity of "Abstraction." You are right: the spreadsheets aren’t just failing; they’re lying. The alpha now is entirely in the capacity to stomach ambiguity while waiting for the rest of the market to update its epistemology.
Your point on Bitcoin "absorbing" uncertainty rather than resolving it is a masterstroke. It reframes the volatility from a defect into a distinct, defensive utility.
That's a profoundly insightful piece—thank you for sharing it. The analogy from Picasso's shift away from mastery of realism (once photography commoditized perfect representation) to abstraction as the new frontier resonates deeply in today's AI-driven world. It's a powerful frame for understanding phase transitions in markets and cognition.
Gurley's observation (from his recent Tim Ferriss appearance) about institutional capital flowing almost exclusively into AI deals highlights exactly that: investors are piling into the "new realism"—the measurable, benchmarkable infrastructure layer (models, compute, applications)—because it still fits traditional valuation tools. But as Jordi points out, AI is automating away the scarcity of analytical precision, forecasting, and optimization that once defined elite edge in investing (and beyond). What becomes valuable is the harder-to-quantify: multi-perspective synthesis, tolerance for ambiguity, tracing higher-order effects in complex systems.
This ties beautifully to Daniel Pink's thesis in A Whole New Mind, which AI doesn't refute but accelerates into overdrive. We're not just shifting toward right-brain aptitudes; we're entering a era where meaning, interpretation, and abstraction precede legibility. Stable categories dissolve—Tesla as energy/AI/robotics play, companies with massive backlogs but execution cliffs—and spreadsheets fail to capture migrating value.
Jordi's epilogue on Bitcoin lands perfectly as the "abstract" asset par excellence: no cash flows, no central issuer, no neat DCF model, yet it thrives precisely by absorbing uncertainty in a world of fragile trust and exponential change. It's not anti-AI but orthogonal—a neutral, constrained layer that persists amid the multi-dimensional instability AI unleashes.This epistemological shift—from knowing through measurement to knowing through perspective—feels like the core insight. Realism isn't wrong; it just ceases to be sufficient when reality itself becomes unstable and high-dimensional. Abstraction, once dismissed as chaotic or speculative, becomes the adaptive response.
Fantastic framing Jordi. I'm a sucker for anything Crypto + Art + Investing + AI. Cubism was a reaction to the emergence of photography and art / artists needed a new way to represent reality. The public caught up later, what looked chaotic became, in hindsight, the only honest way to see and make sense of our world. In the same way, Bitcoin's creation was a reaction to a doomed fiat system. The public, most of whom still view crypto as the wild west (chaotic) will catch up later.
I appreciate this thoughtful insight. Aside from feeling overwhelmed from an investing standpoint, I've also been struggling to get my team to think in new terms about where our software business should be headed. It's a challenging time to maintain focus on the core business, where success has been quite good, knowing that we need to adapt to changes at an increasing in pace even as we can't yet clearly see what the impacts and outcomes may be. Your observations really resonate and I think can help me frame things better both as an investor and a leader of my business. Thank you!
Thanks for the comment Tom. I hear this message from people across industries and demographics. All we can do is find a way to embrace the disruption and find a way to navigate the ups and downs once. We will survive it but adaptability is critical to success. Keep learning and I will trying to help. Best, Jordi
Hi Jordi, Your connecting the dots of Picasso, Daniel Pink,AI, BTC to the current state of investing is brilliant. I’ve been wondering about this but did not have a way to frame my “gnawing” feelings until reading this. Many thanks for your generosity in sharing your insights and giving us a masterclass in how to use AI with every post and YouTube video. Also look forward to your HRV journey. I’m curious to see if it is your Picasso moment from realism to cubism. Happy Holidays to YOU and yours!
Jordi, I have enjoyed hearing your views and interviews with Pomp. Just read your recent article about your discovery of HRV. I attended the HeartMath institute in California 20 years ago who were the first ones I had ever heard of discussing the power of HRV. Is that where you were first exposed to it also? I am a Senior Citizen (hard for me to accept) been in BTC since 2018 and a retired therapist which is how I got exposed to HRV and HeartMath. All the best to you and your family in 2026 and beyond.
Very informativ to read your post. I have followed you on the Pomp YouTube for a while and learned so much from the way you analyze and think. Thank you!
You are truly one of the great minds that has a way of delivering information that is thought provoking. I always look forward to your writing and can’t wait to start my HRV journey with your guidance.
Jordi, this was excellent. The Picasso analogy really lands, and I liked how you connect Gurley, the Santa Fe complexity lens, and your point that the future AI creates is harder to read using traditional categories and valuation anchors.
The piece also connects directly to a paper I just posted on SSRN, “Scarcity in an Age of AI Abundance.” My core claim is that even if AI delivers technological abundance (cost compression and capability expansion), it does not eliminate scarcity. It reorganizes scarcity by shifting which constraints bind and where rents form, across five layers: resources and space, infrastructure (compute, fabs, data centers), capabilities, institutions that govern access, and jurisdictions that supply enforcement and security.
Jordi, your work both on Substack and on YouTube videos is much anticipated by me, and apparently by so many others.
Thank you for your work and insights over the past year. All the best to you and your family in this holiday season and in 2026.
FWIW I’m a senior citizen, BtC MSTR hodler.
I have an M.Sc in economics from the LSE and gave it up over 50 years ago (yikes!!!) because it was too boring to consider as a lifelong profession—writing meaningless papers, and watching the 1971 gold rug pull by Nixon along with the inevitable dollar debasement to further enrich the already rich without any remedy then in sight.
I have been encouraged to see so many new, younger voices explaining and opening this new world that bitcoin and AI are presenting to all of us.
Thanks again. Alan
Always thrilled with your commentary on the markets and beyond. Looking forward to hearing more about your own personal journey with HRV. Happy holidays! May your stocking be full of bitcoin 🎄
Jordi,
This is the most lucid description of the current regime change I’ve read. Period.
I operate daily in that exact gap you described—between the dying comfort of "Realism" and the chaotic necessity of "Abstraction." You are right: the spreadsheets aren’t just failing; they’re lying. The alpha now is entirely in the capacity to stomach ambiguity while waiting for the rest of the market to update its epistemology.
Your point on Bitcoin "absorbing" uncertainty rather than resolving it is a masterstroke. It reframes the volatility from a defect into a distinct, defensive utility.
A little AI on your AI commentary.
That's a profoundly insightful piece—thank you for sharing it. The analogy from Picasso's shift away from mastery of realism (once photography commoditized perfect representation) to abstraction as the new frontier resonates deeply in today's AI-driven world. It's a powerful frame for understanding phase transitions in markets and cognition.
Gurley's observation (from his recent Tim Ferriss appearance) about institutional capital flowing almost exclusively into AI deals highlights exactly that: investors are piling into the "new realism"—the measurable, benchmarkable infrastructure layer (models, compute, applications)—because it still fits traditional valuation tools. But as Jordi points out, AI is automating away the scarcity of analytical precision, forecasting, and optimization that once defined elite edge in investing (and beyond). What becomes valuable is the harder-to-quantify: multi-perspective synthesis, tolerance for ambiguity, tracing higher-order effects in complex systems.
This ties beautifully to Daniel Pink's thesis in A Whole New Mind, which AI doesn't refute but accelerates into overdrive. We're not just shifting toward right-brain aptitudes; we're entering a era where meaning, interpretation, and abstraction precede legibility. Stable categories dissolve—Tesla as energy/AI/robotics play, companies with massive backlogs but execution cliffs—and spreadsheets fail to capture migrating value.
Jordi's epilogue on Bitcoin lands perfectly as the "abstract" asset par excellence: no cash flows, no central issuer, no neat DCF model, yet it thrives precisely by absorbing uncertainty in a world of fragile trust and exponential change. It's not anti-AI but orthogonal—a neutral, constrained layer that persists amid the multi-dimensional instability AI unleashes.This epistemological shift—from knowing through measurement to knowing through perspective—feels like the core insight. Realism isn't wrong; it just ceases to be sufficient when reality itself becomes unstable and high-dimensional. Abstraction, once dismissed as chaotic or speculative, becomes the adaptive response.
Thanks!
Can’t wait to join on the HRV journey. I’ve loved your writing all year. Deep thanks and happy holidays
Fantastic framing Jordi. I'm a sucker for anything Crypto + Art + Investing + AI. Cubism was a reaction to the emergence of photography and art / artists needed a new way to represent reality. The public caught up later, what looked chaotic became, in hindsight, the only honest way to see and make sense of our world. In the same way, Bitcoin's creation was a reaction to a doomed fiat system. The public, most of whom still view crypto as the wild west (chaotic) will catch up later.
I appreciate this thoughtful insight. Aside from feeling overwhelmed from an investing standpoint, I've also been struggling to get my team to think in new terms about where our software business should be headed. It's a challenging time to maintain focus on the core business, where success has been quite good, knowing that we need to adapt to changes at an increasing in pace even as we can't yet clearly see what the impacts and outcomes may be. Your observations really resonate and I think can help me frame things better both as an investor and a leader of my business. Thank you!
Thanks for the comment Tom. I hear this message from people across industries and demographics. All we can do is find a way to embrace the disruption and find a way to navigate the ups and downs once. We will survive it but adaptability is critical to success. Keep learning and I will trying to help. Best, Jordi
Hi Jordi, Your connecting the dots of Picasso, Daniel Pink,AI, BTC to the current state of investing is brilliant. I’ve been wondering about this but did not have a way to frame my “gnawing” feelings until reading this. Many thanks for your generosity in sharing your insights and giving us a masterclass in how to use AI with every post and YouTube video. Also look forward to your HRV journey. I’m curious to see if it is your Picasso moment from realism to cubism. Happy Holidays to YOU and yours!
Fantastic analogy. I am a Bitcoiner and a Picasso collector
Jordi, I have enjoyed hearing your views and interviews with Pomp. Just read your recent article about your discovery of HRV. I attended the HeartMath institute in California 20 years ago who were the first ones I had ever heard of discussing the power of HRV. Is that where you were first exposed to it also? I am a Senior Citizen (hard for me to accept) been in BTC since 2018 and a retired therapist which is how I got exposed to HRV and HeartMath. All the best to you and your family in 2026 and beyond.
Very informativ to read your post. I have followed you on the Pomp YouTube for a while and learned so much from the way you analyze and think. Thank you!
You are truly one of the great minds that has a way of delivering information that is thought provoking. I always look forward to your writing and can’t wait to start my HRV journey with your guidance.
Jordi, this was excellent. The Picasso analogy really lands, and I liked how you connect Gurley, the Santa Fe complexity lens, and your point that the future AI creates is harder to read using traditional categories and valuation anchors.
The piece also connects directly to a paper I just posted on SSRN, “Scarcity in an Age of AI Abundance.” My core claim is that even if AI delivers technological abundance (cost compression and capability expansion), it does not eliminate scarcity. It reorganizes scarcity by shifting which constraints bind and where rents form, across five layers: resources and space, infrastructure (compute, fabs, data centers), capabilities, institutions that govern access, and jurisdictions that supply enforcement and security.
If you are curious, here is the link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5924462
If you happen to skim it, I’d be curious whether the “scarcity migration” framing complements your “abstract age” lens.
Thank you 🙏
Thank you Namaste
Looking forward to learning more about your HRV journey (beyond the chart - which is impressive!). Happy holidays to you and your family.