Bitcoin posted its strongest three-day rally since 2023 this week, and two prominent investors say they know the trigger: capital is rotating out of the overheated AI trade and into crypto. Bill Miller and macro investor Jordi Visser both confirmed the move in recent comments, marking the clearest signals yet that the rotation is actively underway.
Where the rotation is coming from
Miller attributes the shift to two forces. The first is growing doubt about AI capital expenditure returns — whether the billions poured into the sector will ever show up in earnings. The second is government intervention. Japan and the US stepped in to support the yen, and the Treasury doubled its long-dated bond buybacks. Those moves, in Miller's telling, push investors to question the debt equation and look for assets that don't depend on it.
Visser made a similar argument in late July, saying AI's easy-money phase was ending and Bitcoin would benefit next. The two investors don't often move in lockstep, but their timing lining up is the point.
AI's crowded-trade problem
The warning signs have been building for a while. Investor Steve Eisman sold his Google position in July to cut AI exposure, warning the trade had become crowded. Research firm K33 flagged the issue back in June, saying Bitcoin was losing ground as institutions chased AI returns instead.
Visser's July commentary reinforced that theme. If the easy money in AI has already been made, the next trade has to be somewhere else.
Bitcoin as a hedge against the debt pile
Miller's broader argument is that Bitcoin works as a structural hedge against government debt. The $1.8 trillion US budget deficit, he notes, now exceeds the entire market capitalization of Bitcoin. A sovereign deficit larger than an entire asset class makes the case easy to grasp.
Robert Kiyosaki calls the Treasury's buyback plan another round of quantitative easing in disguise. Arthur Hayes says suppressed yields are pushing capital out of fixed income and into scarce assets like Bitcoin and gold. All three see the same force at work: policy that keeps borrowing cheap and debt growing.
Interventions rarely stop at one round
Miller's final point is behavioral. Once governments start intervening to manage market stress, they rarely stop at one round. If that holds, the rotation from AI to Bitcoin could keep feeding itself — each new round of intervention pushing more money toward a finite supply of Bitcoin.
For now, the three-day rally is the strongest since 2023. The real question is whether the AI trade keeps losing its grip. Miller's answer is that it will — and the government's own moves are doing the heavy lifting to prove him right.
