G3 Capital president and Wall Street veteran, Jordi Visser, suggested that Bitcoin (BTC) is undergoing a transition.
The VisserLabs Substack author pushed back on the long-standing criticisms that have kept institutions cautious. Bitcoin's volatility, once cited as a barrier, has steadily declined.
"We've taken implied and realized volatility down to 30 and below in some cases," he said while speaking with crypto entrepreneur and podcast host Anthony Pompliano on Oct. 1.
Ownership concentration, another key concern, is also gradually dispersing. Although large wallets, including Satoshi Nakamoto's, still hold roughly one-third of the supply, Visser pointed out that the number of outstanding shares in Bitcoin exchange-traded funds continues to grow even during price drawdowns, suggesting distribution to new investors.
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Bitcoin's IPO era
Visser pointed out that Bitcoin's transition phase is marked by early whales reducing exposure, paving the way for a more institutionally diversified market.
"We don't have an IPO for Bitcoin, but these last four months feel like sourcing the pricing of one," Visser said. "Original investors are getting out of large chunks."
He likened the current cycle to traditional monetization events, where early backers diversify after significant appreciation. For those holding billions in BTC, Visser argued, it makes sense to trim positions amid renewed opportunities in other booming sectors, particularly artificial intelligence (AI) and Chinese equities.
"AI is a tenbagger in many cases," he added. "At some point, Bitcoin becomes a boring asset for people looking for three- or four-baggers. It becomes a diversification."
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Beyond digital gold
While some still frame BTC as a "risk asset" or merely "digital gold," Visser argued its correlation to stocks and gold has dropped, giving it a stronger case as a diversified portfolio asset.
"In portfolio theory, with your stocks, gold, and bonds, there's now every argument to include Bitcoin," he said. "It's lower volatility now, lower correlation with traditional assets, diversification from gold."
Though Visser admitted he "was wrong" about where Bitcoin's price would be by now, he remains bullish once this "IPO process" concludes. He expects fundamentals, including tokenization and broader regulatory clarity, to drive the next major acceleration in 2026.
At the time of writing, Bitcoin was 2.2% down and trading at $107,896.
This story was originally reported by TheStreet on Nov 3, 2025, where it first appeared in the Business News section. Add TheStreet as a Preferred Source by clicking here.
