Wall Street investor Jordi Visser (조르디 비서) forecast that investment returns from the spread of artificial intelligence could be larger in crypto markets than in AI-related stocks.

Cointelegraph, a blockchain media outlet, reported on Oct. 27 that Visser said AI agents are expanding investment opportunities beyond bitcoin, ethereum and solana by increasing demand for crypto payments and tokenised assets.

He cited AI agents that carry out trading and financial tasks based on users' instructions. He said, "Without AI, crypto would not be experiencing the current bull market," and assessed that "AI agents play a role in crypto that is effectively like the App Store or smartphones."

Visser was cautious about further upside in AI-related stocks. He judged it is becoming increasingly difficult to repeat explosive price gains seen in the past. A portfolio of 100 AI stocks he tracks is up about 40 percent this year, but volatility measured over the past 126 days has grown larger than bitcoin's, he explained.

Raising funds needed for AI infrastructure investment is also a burden. Some companies are spending more on capital expenditure than the cash they earn from existing businesses. Visser said he was not saying the AI bull market is over, but compared the AI surge to "fireworks."

He also said he believes hedge funds and retail investors' money has flowed excessively into AI-related stocks. He cited investor focus on AI as one factor explaining the weakness in bitcoin and ethereum.

In crypto markets, he stressed the importance of retail investors returning. He singled out dogecoin as an indicator to check whether retail interest is reviving. He said retail investors are the market's energy and the driving force needed to sustain a broader upswing.

He also identified the privacy sector as having potential, judging that the importance of protecting personal data and identity will rise as the spread of AI increases the scope for fraud and abuse. He cited zcash (ZEC) and monero (XMR) as tokens that fit this investment view.

Still, his optimism on crypto is not immune to shocks in AI markets. Visser said crypto could retest recent lows if AI-related stocks plunge and shake broader stock markets. He added that such a correction would not necessarily mean the end of the bull market, distinguishing short-term price shocks from longer-term demand growth.