Jordi Visser's investment thesis on Ether goes beyond AI agent payments to a broader argument about why tokenization is structurally necessary for the global financial system regardless of crypto's speculative cycles. His core point is about price discovery: a significant portion of the world's capital is trapped in illiquid assets — private credit, private equity, venture capital, real estate — where the absence of transparent, continuous markets means that the true value of those assets is unknown until a liquidity event forces a reckoning. Tokenization, by creating tradeable digital representations of these assets on public blockchains, introduces price discovery mechanisms that currently do not exist for trillions of dollars of dormant capital. "So tokenization is actually needed for no other reason than price discovery for a lot of these things that they're trapped in," Visser said. That framing positions tokenization not as a crypto innovation competing with traditional finance but as an infrastructure upgrade that traditional finance genuinely needs to function more efficiently and transparently.
Ethereum's dominant position in real-world asset tokenization — commanding more than 60% market share including layer-2 networks according to RWA.xyz — gives it a structural advantage in this narrative that is separate from its role in DeFi or NFTs.

The more tokenized assets live on Ethereum and its layer-2 ecosystem, the more liquidity and composability those assets gain, and the more attractive Ethereum becomes as the settlement layer for the agentic AI payment systems that Visser and others see as the next major demand driver. The convergence of these two trends — institutional tokenization of real-world assets and AI agent payment infrastructure — both pointing toward Ethereum as primary infrastructure creates a thesis where ETH demand grows from two independent sources simultaneously. Visser rounded out his macro positioning by noting he also holds gold, silver, and Bitcoin as inflation hedges, reflecting a portfolio approach that treats Ether as a specific bet on the tokenization and AI payment infrastructure thesis rather than a general crypto market position — a distinction that matters for understanding the specificity and conviction behind the investment rather than treating it as broad crypto optimism.