Dialogue with Mantle Strategic Advisor Jordi Alexander: Traditional currencies and investment strategies can no longer adapt to the current volatile economic environment, and cryptocurrencies are the clearest reflection of future trends

2025-09-05 21:24:11

Collection

Use existing resources to exchange for assets or opportunities that can bring greater returns. The most core element throughout the process is continuously upgrading oneself, which is the only constant factor.

Original Title: How to Actually Build Wealth in a New Economy (Crypto vs Stocks)

Compiled by: Shenchao TechFlow

Guest: Jordi Alexander, Founder of Selini Capital

Host: Kevin

Podcast Source: When Shift Happens

Original Title: How to Actually Build Wealth in a New Economy (Crypto vs Stocks) - Jordi Alexander | E136

Release Date: August 28, 2025

Key Takeaways

Jordi Alexander is the founder of Selini Capital, a seasoned investor in the cryptocurrency space, and a strategic advisor for Mantle.

His firm, Selini Capital, has achieved a 100% compound annual growth rate (CAGR) over the past 13 years.

Previously, Jordi declined a rehire offer from the well-known Wall Street market maker Citadel to trade crypto assets in Singapore.

He has shared screenshots of trading gains and losses worth $5 million on social media (X: @gametheorizing, and he regularly participates in chess and bridge tournaments, is a professional poker player, and a quantitative trader.

In this episode, he shares how he accumulated significant wealth through a deep understanding of a key insight: traditional currencies and investment strategies can no longer adapt to the changes in the current economic environment.

Additionally, he elaborates on why the decline in purchasing power due to inflation makes it difficult to achieve a comfortable retirement even with $10 million. He also shares his experiences in formulating strategies to accumulate real wealth in the context of a complete change in economic rules.

Main Discussion Topics:

Why traditional retirement planning is outdated
How inflation destroys savings by devaluing fiat currency
Comparative advantages and disadvantages of cryptocurrencies and stocks in the new economic environment
How to break free from "survival mode" and build judgment through knowledge accumulation and experience
Preparing for the impact of artificial intelligence on the job market and wealth distribution

Highlights

There are two key industries in this century: one is building intelligent foundational modules (like AI), and the other is constructing a foundational layer for social coordination (like crypto technology).
Traditional investment methods struggle to generate real wealth growth; to achieve true wealth, one must find future growth directions, such as technological innovation or emerging markets.
Investing in cryptocurrencies, especially Bitcoin, is a relatively safe choice. The growth phase of cryptocurrencies will continue until real capital fully enters the market.
From the overall cycle of Bitcoin, it is still in a very early stage, with a long way to go before "overheating."
The four-year cycle has become a thing of the past; we are now entering a brand new market state. Current market changes are driven more by liquidity-driven small cycles, akin to a "shock of capital inflow."
There is still a lot of inefficiency in the crypto industry, which also means huge opportunities.
Working more efficiently and intelligently is far more important than simply working hard. Without risk, society cannot progress through innovation and adventure.
There is no such thing as retirement; for those under 50, one should not think about retirement.
Judgment is an important ability, much like currency. Judgment involves the ability to integrate complex information and make optimal decisions, which is precisely a shortcoming of machines.
We need to strive in different fields simultaneously; being able to create actual economic value is crucial. You need to work on two aspects: mastering key technical skills and cultivating psychological insight and good judgment, which are excellent soft skills.
If you are young and do not have many resources, the most important thing is to enhance your skills and understand the upcoming world, making yourself irreplaceable.
In the next 10 years, the gap between having $100,000 and having $10 million may not be that significant.
Keep the majority of your funds in safe places while taking a small portion to take risks, satisfying the need for adventure while ensuring overall financial security.
Breaking free from survival mode is the top priority; this state consumes a lot of your mental energy, making it difficult to focus on higher-level goals.
Use existing resources to exchange for assets or opportunities that can bring greater returns. The core element throughout this process is continuously upgrading yourself, which is the only constant factor.

Inner Obsession and Motivation

Kevin:

Many of my guests share a common trait: something happened in their lives that gave them an obsession. What happened in your life that can explain this drive within you?

Jordi Alexander:

I think it was the long-term frustration I felt in my twenties, feeling like I was not living up to my potential. It felt like a beach ball being held underwater, until I finally managed to unlock and release it, and it shot up suddenly. That feeling of rising is wonderful; when you break free from a suppressed state and shoot up, it becomes addictive. So I always want to keep pushing and see how high the beach ball can fly. That’s where my motivation comes from: keep going up and see where I can reach.

At the same time, I am actually a very lazy person. I have a lot of laziness in my nature; my default state is to relax and enjoy. I can easily get lost in various things, but that’s not great for an entrepreneur because entrepreneurs should focus more on action. However, this is helpful for investors, as they often need to make a decision and then patiently wait for the next opportunity.

Now I am balancing these two roles; I need to have both action and depth of thought. So I need an energy source to overcome my laziness. For me, that motivation comes from an inner obsession: I have seen that very frustrated version of myself who did not fulfill his potential, and now I want to see another version of myself. This pursuit has lasted for many years, and I am addicted to it.

How Should We Respond to the Ineffectiveness of Money and the Restructuring of Future Wealth

Kevin:

Two years ago, you recommended a podcast, and I remember thinking you were a cryptocurrency investor, right? But you told me that you mainly trade volatility rather than making directional investments. You don’t really bet on long-term trends or make large long-term investments.

However, it seems that your views have changed somewhat since then. This reminds me of a comment from CNBC: "Many high-income Americans, despite having six-figure salaries, still do not feel wealthy." This comment sparked widespread discussion. Nowadays, the actual value of money is vastly different from what it was 5 to 10 years ago. Now, $100,000 no longer feels wealthy, and even millions or tens of millions seem insufficient. The wealth loss caused by the dilution of fiat currency each year is very high. If you relax your pace of making money even slightly, it may be difficult to maintain the status quo.

You once mentioned a statistic: 15% of actual purchasing power is diluted each year. You also gave an example: even $100 million in cash will lose about $40 million due to inflation after three years. When did you first realize that our monetary system was problematic?

Jordi Alexander:

I am very aware of this. I have worked in financial markets for many years and have always been attentive to inflation data. When you delve into these data and observe the real situation around you, you will find that the prices of those goods and services we compare each year, like flights, hotels, and fine dining, are not increasing at a rate of 2%, but at a much higher rate. If you look at it over a longer time frame, say 5 years, you will see that price growth is exponential. It’s not a simple 2% versus 10%, but what should be 10% is actually 100%. This indicates that there are deeper issues within the monetary system.

But I don’t want to just discuss the dilution of fiat currency; I believe the fundamental structure behind it is more profound. Once this trend starts, it won’t stop because our political and social systems lack the motivation to halt it. So the situation will only get worse.

Rather than continuously repeating the issue of declining purchasing power, I think it’s more important to consider what will happen next and what the essence of the monetary system is.

What is money? This is a fundamental question I have been pondering for 20 years. I believe it is a very important question; the form and function of money have undergone tremendous changes in the past 50 to 100 years. For example, we transitioned from the gold standard to government-issued fiat currency. People have become accustomed to viewing money as an abstract representation, believing that as long as they have money, they can exchange it for more things. So we continue to live our lives, do our jobs, earn money, and then stop thinking about the essence of money. However, I believe we are gradually approaching a turning point, where this abstract concept may disappear because the changes in society regarding money and its usage will be very profound.

The currency we use now, such as fiat currency, may not necessarily become the form of money in the future. I once quoted a Malaysian proverb: "There is no retirement."** I really like this saying. Many people ask how much money is needed to retire now? Is it $10 million? People are very anxious about this. They think that as long as they save enough money, they can retire and live comfortably, but this thinking is completely wrong. In fact, there is no such thing as retirement. For those under 50, one should not think about retirement.

Many people worry that artificial general intelligence (AGI) will lead to massive inequality, which will indeed happen in some ways, but it will also redefine wealth, resources, and the meaning of resources. The future monetary system will undergo phased changes; for example, we can still use dollars to purchase goods now, but at some point, a new form of currency will emerge. The importance of energy will also become prominent, as it is closely related to computing power and intelligence. These changes will profoundly impact our lives and our definitions of wealth.

And judgment is an important ability, just like currency. As the intelligent tools we can use become more powerful, the importance of judgment will further increase. Imagine if everyone had a PhD-level AI in their phones with an IQ of 150, proficient in all subjects; what would that look like? These machines will perform excellently in many fields, but there are some areas where they may not be competent for a long time, and the most critical of these is judgment, which involves the ability to integrate complex information and make optimal decisions, and this is precisely a shortcoming of machines.

Discernment is crucial. Just like those "academic" types who excel at memorizing and reciting all the knowledge points, they can grasp a lot of facts, but the question is: after knowing all the facts, how do you make the right decisions? After all, the core of life is decision-making, and every key point revolves around decision-making. You need to master all the facts and information, be able to see all the non-linear combinations and related factors, and integrate them together, but ultimately you still need to make decisions continuously, and judgment will help you take action. Therefore, I believe we can enhance ourselves by interacting with personal analysts (whether AI or other forms), using the data and insights provided by these analysts to support decision-making. Then, based on this information, we can make informed choices. In the future, judgment will become more important; it will not only reflect personal ability but also be a key factor for success in complex environments.

"Retirement" is an Outdated Concept

Kevin:

You mentioned the concept of "no retirement," so let's take $10 million as an example, as this is a target figure many people believe can achieve financial freedom. Whether it’s $5 million, $10 million, or $100,000, people work hard to accumulate this wealth and then store it in cash.

But do you think the dollar might lose value or become unimportant in the future? Or even if I invest most of the $10 million and keep an eye on those investments while still earning some income, might there come a time when stopping income generation and relying solely on investments will not be enough to cope with future changes?

Jordi Alexander:

I would say both factors are influential, along with a third point. You should not think about entering a state where you do nothing and just enjoy life, treating it as a permanent retirement state. As society evolves, more and more people may become like "NPCs" (non-player characters), lacking initiative and creativity, and having no intrinsic productivity. I believe you should strive to be a person with intrinsic productivity. While this may not be the majority of the population, it will be more than people typically envision. Personally, I certainly hope not to become an "NPC," and I believe many young people also do not want to be just a cog in someone else's machine, barely getting by on universal basic income (UBI). Of course, no one should be forced to work in a job they dislike; I believe we will enter an idealized state of living in the next decade or so. But what is the "retirement mentality"? It is "I want to relax." If you really want to relax, you don’t need $10 million; you just need enough funds to get through the next 5 to 10 years.

In fact, even if you are 50 or 60 years old, I believe you should not hold onto traditional retirement views; many new drugs and medical technologies will be discovered in the future. AI performs exceptionally well in this regard, and it is one of my main uses of AI—consulting it on medical issues. It acts like an unparalleled encyclopedia, helping you analyze various possibilities, which is very powerful. For example, AlphaFold (an AI tool for predicting protein structures) is driving the development of many new drugs and has the potential to cure diseases. If you can stay healthy in the next 10 years, you might live longer than expected. Therefore, that "retirement" mentality, even if you are 50, I think is completely wrong. The future world will no longer be like the past—once you reach 65, you just live off your savings. I believe we need to discard these traditional notions and look forward to a future where the foundational assumptions and basic rules have changed.

Becoming an Economically Productive Person

Jordi Alexander:

In the next 10 years, the gap between having $100,000 and having $10 million may not be that significant, so I think the key lies in how to navigate the coming years. Society is currently dividing into groups of those with intrinsic productivity and those without. You should strive to be a person with intrinsic productivity because in the next 10 to 20 years, the wealth created will far exceed any historical period, especially in terms of fiat currency value, and even in actual value.

If you think of it as a compressed version of the Industrial Revolution, this is what Demis Hassabis said: the changes that used to take 100 years are now compressed into 10 years and scaled up by 10 times, meaning the impact of the changes is 100 times greater, and the speed of growth for new wealth and new things will be 100 times that experienced by previous generations. So if your plan is to retire and relax, as long as you can survive the next few years, this "100 times moment" will happen in society, making it less important whether you have $100,000 or $10 million.

If you are an old-money family, like those whose wealth was accumulated by grandparents through shipping or mining, the current generation may still rely on that wealth. There are many such families in Europe, but the future creation of wealth will reshape the meaning of this traditional wealth. In a sense, this acts as a social equalizer, as the wealth of these individuals may significantly depreciate due to inflation or technological changes in the future. If you look at the Middle East, they have very intelligently utilized "old money," such as the oil wealth of the 70s and 80s, investing it in new technologies. They realize that the form of wealth they possess, such as oil, can be converted into shares of OpenAI or chips and video technology. They excel in this regard, while traditional wealthy families in Europe may not have been as successful.

The upcoming "100 times moment" signifies an explosion of social creativity, which also determines how society will evaluate your true value; this concept—"Are you valuable to society?"—is far more important than having $10 million to retire. If you are working long hours at McDonald's, that job may not help you prepare to become a valuable person to society in the future.

The real question is: How to make yourself a valuable person to society? Secondly, I am not saying that you only need to improve yourself. If you want to accumulate a lot of wealth now, it is possible because we are in a transitional period of social transformation. If you are smart and have a lot of wealth, you will find people willing to accept that wealth; perhaps you can exchange it for a car or resources needed in the future. You can make such conversions because people are still considering the value of that wealth.

If you are young and do not have many resources, the most important thing is to enhance your skills and understand this upcoming world, making yourself irreplaceable. If you are indispensable in this world, you will make a lot of money because your labor will become one of the few truly valuable labor in a rapidly growing industry with irreplaceable productivity. This indicates that even if you are on a fixed salary, as long as you are competitive enough, you can accumulate significant wealth. So it is clear that if you are young and can acquire enough skills to become competitive, you do not need to worry about accumulating wealth in your youth. Otherwise, you are just wasting time.

In my career, I have always needed to find a balance between the two. On one hand, it is about building a career; on the other hand, it is about earning income. For me, I would invest money into the business, for example, I would participate in some projects, and after making money, I would hire very smart people, trying to build an organization that is stronger than individual efforts. I have been doing this for years. For instance, there were years when I focused on personal trading, but that was not a sustainable way. The returns from personal trading are short-term; the money earned today may not matter tomorrow. When you are trading, your performance is limited to your most recent trade; it is not like building a business with sustainable income. So, I might have made a lot of money in a year, but I would use that money to hire excellent talent, purchase advanced technological components, or other resources that would make the business more sustainable.

Why Cash is Gradually Devaluing

Kevin:

If I understand correctly, current wealth management is essentially a "hurdle rate" game involving your skills and wealth. Am I being diluted because of my income, skill enhancement, and investments? How should I store my wealth—whether in cash or other forms of assets—to ensure I am not defeated by this hurdle rate?

Jordi Alexander:

I am now discussing some basic principles, such as the importance of property rights and why we should pay attention to currency devaluation, whether it is $100, $20, or any other amount. If you have a lot of cash but take a passive attitude towards it, then in three years, your cash purchasing power may shrink by 40%.

So, what assets can generate returns? For example, stocks. I believe that currently, stocks are one of the most widely held assets, and in a sense, they can be seen as a "benign Ponzi scheme." In the U.S., the government continuously promotes the growth of the stock market. Although the stock market is volatile, if there is a downturn, like what we saw during the COVID-19 pandemic, the stock market can drop rapidly from its peak but then quickly recover. This is because the social structure dictates that everyone wants the stock market to rise. The government will take various measures to promote the stock market's rise because it helps maintain political and social stability.

For the average person, index investing is a simple and effective choice. Most people do not have the time to research other investment methods, so putting funds into the S&P 500 index or other similar international stock index funds (ETFs) is a good choice. For those ordinary friends who are afraid of cryptocurrencies, I usually recommend that they invest at least 50% of their funds in the stock market, such as international stock index funds and some ETFs. This way, at least it won’t be severely diluted like leaving cash in a bank account, which is a reasonable choice.

Growth stocks have performed well in recent times, but I do not believe that the 17% annualized return of the Nasdaq index will last long-term. While we are currently in a technology-driven era, that does not mean the Nasdaq index will maintain such a growth rate indefinitely. When the Nasdaq index declines, it usually does so very sharply. Although it has indeed had a 17% growth rate over the past few years, it has also experienced significant adjustments. Therefore, I think such high growth rates are difficult to sustain and may decrease in the future.

In reality, these assets do not provide real returns. Their profits merely offset the effects of fiat currency devaluation. The earnings of these assets mainly come from productive enterprises, but the index also includes some poorly performing companies, such as so-called "zombie companies," which waste resources and misallocate funds. In fact, your investments merely maintain the status quo rather than create real wealth. Similar to Treasury Inflation-Protected Securities (TIPS), although they adjust returns based on inflation, the actual yield remains negative because the calculation does not fully reflect the real situation.

All these traditional investment methods struggle to generate real wealth growth. To achieve true wealth, you need to find future growth directions, such as technological innovation or emerging markets.

Where is Wealth Truly Safe?

Jordi Alexander:

Perhaps you need to purchase a large amount of land with ample sunlight while ensuring that the property rights of that land are protected. If society is about to enter a period of instability, we cannot assume that a property title will always guarantee the safety of your assets. This is not alarmism. There have been many historical examples; for instance, decades ago, the U.S. government confiscated gold and required people to hand it over to the government; in the UK, if you own a mansion, they may impose high taxes on it, claiming that you own an expensive property.

These situations threaten our familiar concept of property rights. In Western societies, people are accustomed to thinking that property rights are protected. You can live in a world where, although you own something, the power structure can decide at any time whether you truly own it. As social inequality increases and the resulting social unrest arises, copyright protection will become even more important. Social inequality can lead to political discontent, and people may feel that the rich have too much wealth while the poor are increasing. This phenomenon of "the rich getting richer and the poor getting poorer" may exacerbate social conflicts; for example, some may advocate for wealth redistribution. This situation has been seen throughout history, such as during the French Revolution or other similar events. We need to think about the forms of wealth redistribution that may arise in the future. This is also why the distinction between owning physical gold and digital gold becomes important; digital gold, such as cryptocurrencies, is stored somewhere and is not easily confiscated by governments or power structures.

If you purchase real estate in a politically unstable country, even if you pay for it, the property rights of that land may not be respected. You need to consider whether property rights will be respected. Places like Singapore, which are very stable, are clearly more secure. These places become very attractive due to their protection of property rights and have a high investment premium.

In Western countries like the U.S. and the UK, although they culturally provide us with a lot, they are essentially unstable due to the various political forces already present within these countries. For example, in San Francisco, although there are many creative construction activities, when planning for the future, you cannot be sure whether the next government will respect copyright. If the next government adopts more radical socialist policies, shifting from a "crime season" to a "wealth plunder season," and people start hiding their wealth, then these issues will become even more significant.

Cryptocurrencies and Future Opportunities

Kevin:

What are the future directions?

Jordi Alexander:

Cryptocurrencies are the clearest reflection of future trends, and beyond that, there is a more powerful but higher-threshold field, which is investing in emerging technologies. For example, I have been communicating with those focused on technological development. You can imagine a concept similar to "Berkshire Hathaway of the post-AGI era" (Note: a metaphorical or speculative concept; Berkshire Hathaway is a well-known investment company led by Warren Buffett, famous for its long-term value investment strategy and diversified holdings. After AGI technology fully transforms the socio-economic structure, companies like Berkshire Hathaway may reshape or lead a new business ecosystem).

Such a collection of enterprises may not seem important now, but in the next five to ten years, they will become key. Many smart investors have already begun to focus on human enhancement technologies, such as Neuralink and some companies focused on human applications. We need to adapt to the rapid development of intelligent machines, ensuring human competitiveness and significance, rather than degrading into "NPCs." This may mean we need to upgrade our "human version." Hopefully, this does not need to be achieved through implanted chips, but indeed, research is exploring how to enhance intelligence through neuroscience or other technological means.

These industries will clearly become important in the future; they are not yet fully mature due to insufficient knowledge reserves. Some people are optimistic about robotics; I believe robotics will play an important role in the future, but how exactly it will be realized still needs time to observe. The energy sector is also a direction worth paying attention to, as solar energy may play an important role in the future.

Why Bitcoin is a Worthwhile Bet

Jordi Alexander:

The contradiction of "the rich getting richer" and "the poor getting poorer" in society is intensifying, which may trigger a huge backlash. In this case, investing in cryptocurrencies, especially Bitcoin, is a relatively safe choice. If you are very knowledgeable about the cryptocurrency space, you may also find some rapidly developing opportunities in other cryptocurrencies. If you are unfamiliar with this field, just investing in Bitcoin is sufficient; it is a good representative asset. This strategy is very effective; concentrating investments in cryptocurrencies is because its growth speed has multiple advantages. For example, I personally do not invest in stocks; I basically only hold cryptocurrencies, riding the wave in this way. The traditional advice is to allocate 2% or 5% of your assets to cryptocurrencies, but if you think carefully, you will realize that you should hold as much cryptocurrency as possible, as long as you won’t be forced to sell for unavoidable reasons. This strategy has been reasonable over the past few years, and I believe it will remain so in the coming years.

The rapid growth of cryptocurrencies can be attributed to several reasons. First, it provides a fiat currency protection similar to stocks, as its pricing unit (like Bitcoin/USD) is limited by fixed supply, while fiat currency supply continues to grow. Second, this asset class itself is becoming increasingly attractive, with more and more people starting to pay attention to it. When I communicate with sovereign wealth funds, they used to say a few years ago, "We won’t buy cryptocurrencies; we only buy gold. Why not buy Bitcoin, the digital gold?" Their reasoning was that the market size was too small to invest large amounts of money, like $100 billion. But as the market size expands, they begin to change their attitudes because the cryptocurrency market is now large enough to accommodate their funds. For example, when the market size reaches $2 trillion, they can invest 5%, and when the market size reaches $10 trillion, this trend will continue.

I am not saying that this growth will last forever, but there may be a rapid growth phase in the coming years, and the growth period of cryptocurrencies will continue until real capital fully enters the market. We have already seen some Wall Street funds and ETFs starting to enter the market, and sovereign wealth funds are also beginning to allocate funds. For instance, the UAE has started investing in cryptocurrencies, but the ultimate huge growth opportunity will come from fiat currency system funds eventually entering the cryptocurrency market. This is a competition between nations; countries that enter the market early can acquire more Bitcoin, which is a PvP competition. Therefore, from the perspective of fiat currency valuation, Bitcoin has the potential to achieve 5 to 10 times growth in the next five years.

Primarily Bitcoin, although we can discuss other cryptocurrencies, Bitcoin is a macro asset; it is clearer, simpler, and a superior form of currency. Other cryptocurrencies currently do not have the rationality to become currencies. Bitcoin is not without flaws; over a longer time frame, some of Bitcoin's flaws may become apparent, and society may turn to other forms of currency. I have spent a lot of time thinking about this new form of currency because those who can design better currencies from first principles will become the biggest winners in wealth creation. Society needs good money, even better money. Better money can help society coordinate resources better and improve the efficiency of resource allocation.

Why Most Traders Ultimately Fail

Kevin:

It seems that everything is being financialized now, and the cryptocurrency market is turning everyone into a trader. This trend seems great because it gives everyone a chance to participate, which is the dream we are sold. But let’s talk about the reality: Where is the market trend heading? What if you cannot grasp the upcoming major trends? Even if you follow the trend closely, if you make operational mistakes, you may still end up with no profit; I think this is the current situation for most people in this industry.

Jordi Alexander:

Avoiding those major mistakes is really difficult; even those who mined a lot of Bitcoin early on, when BCH appeared, some thought it was a good opportunity and exchanged all their Bitcoin for BCH. The result, as we all saw, was that the value gap between the two later reached 1000 times. So unless you are a top expert, it is hard to win in these speculative games.

These markets are essentially PvP zero-sum games, or even negative-sum games. Because in addition to competition among traders, a lot of funds flow to third parties, such as exchanges, lawyers, operators, and tax advisors. These third parties profit by charging fees, while traders have to bear these operational costs. While you are betting in the market, you are also paying high fees.

I am not the kind of purist who thinks, "These things are unreliable, so I want to stay completely away." With my knowledge and judgment, I will participate and use my deep understanding of the market to profit. At the same time, I might publicly warn everyone, like, "This is a bubble; we should not continue to fuel it," but since I clearly know when the bubble will burst, I feel it is also okay to participate in the meantime. I am a bit like Naval (a famous entrepreneur and investor), but if Naval is the "zen version," I am more like the "nicotine version" of Naval. I do not just talk about concepts; I actually participate and use my knowledge to profit under the existing rules of the game. I do not pursue purity because the market game already exists; I focus more on how to find my advantages within it.

The "Financial Death Wish" in Investing

Kevin:

You mentioned that most people involved in cryptocurrencies claim they are in it to make money, but their behavior suggests they are just chasing the dopamine rush. From Launchpads to Memes, are these phenomena a reflection of the social status quo or a dead end destined to fail?

Jordi Alexander:

Many of those participating in these activities have fallen into a vicious cycle of addiction and emotional fluctuations. In fact, regardless of the outcome, these games will not change my life, but it is precisely this "slight possibility of changing life" that attracts many people to addiction. People feel that maybe today is the day to roll the dice; perhaps there will be 100 throws without a 7, and my life can be upgraded because of it. This hope is addictive, like a "hook" that keeps people firmly attached. Just like people playing the lottery, the value of the lottery is not just in the money but in the time between buying the ticket and the draw. During that time, you hold onto hope, imagining "what if I win," and that imagination itself is a form of psychological satisfaction.

This dream and hope can bring a lot of dopamine, making people addicted and immersed in that feeling. Especially in a society where people feel they have no other way to "upgrade," this has become their only choice. This phenomenon sometimes reaches extremes, appearing as a kind of "financial death wish," where these people do not even attempt to play the game correctly but choose to invest aggressively. They are not ignorant; they crave the feeling of hope and dreams more than achieving goals through systematic methods. This phenomenon is essentially a reflection of social psychology: people are not only pursuing money but also a hope and fantasy of changing their fate.

Analysis of Roles: Winners, Losers, and Bystanders

Kevin:

In the crypto space, we have been desperately searching for real use cases and those companies that can truly make big money. But in fact, those companies that make big money often profit by catering to the "financial death wish" of 99.9% of people. If you think carefully about the game rules we discussed earlier, this phenomenon is actually very contradictory.

Jordi Alexander:

I think we need to delve into the roles of different individuals in society. Regarding fragility and anti-fragility, as individuals, we experience life and death and reproduction; the next generation will take over from us. Individuals are fragile, but through self-selection and genetic selection, humanity as a whole is anti-fragile. Therefore, our lives are always conducted on two levels: one as individual participants and the other as part of collective humanity.

From an individual perspective, we are replaceable, especially men. Men are somewhat replaceable because society does not need too many men to function. We have discussed this issue before—the replaceability of men.

This is a fundamental social principle. From a societal perspective, most people are replaceable. Of course, as individuals, I do not wish to be replaceable. But overall, this phenomenon of super-gambling acts like a filtering mechanism. For example, if 100 people participate in a betting game, the last person will concentrate all the wealth onto themselves, while the others become irrelevant. This mechanism makes most people "NPCs"; from a societal perspective, this may be a natural state—where a few people have more resources and thus greater influence. Therefore, society tends to develop towards this phenomenon; for instance, in various PvP games, there may be a million participants, but in the end, only 100 become winners.

Ideally, the emergence of these winners should not solely rely on luck but should be filtered through certain skills and abilities, allowing the ultimate winners to effectively utilize their wealth. From a societal perspective, this mechanism may be beneficial; but from an individual perspective, you will find that some people are merely blindly chasing opportunities without making any wise decisions. Some may achieve short-term success, but in the long run, this pattern is not reliable. When you break it down, you will find that society as a whole may be encouraging this phenomenon.

The Battle for Attention and Credibility in the Cryptocurrency Space

Kevin:

If there is a "slowly getting rich" method and a "quickly going bankrupt" way, how do we help people understand the difference? Especially for the new generation who enjoy watching extreme risk-taking live streams while being keen on speculating on Memes or altcoins, they even take pride in their losses.

Jordi Alexander:

I have slightly ventured into content creation, so I understand that you need to attract attention first, perhaps with a catchy title or content that can quickly grab eyeballs. Because if you cannot do that, you won’t even have the chance to enter the audience's sight, and after that, no matter how profound your content is, it won’t matter.

However, when people make those Bitcoin price predictions, like "Bitcoin will rise to $1 million," I still feel a bit awkward. Perhaps this prediction could come true, but in the world you described, what does the dollar actually mean? For example, someone predicts that Bitcoin will reach $15 million by 2040, but the problem is, you cannot know what the actual purchasing power of the dollar will be by 2040 or how its pricing unit will change. These predictions are just random numbers, but they do attract clicks; at least, they should not be too sensational.

I believe it is acceptable to take some small-scale high-risk attempts, like "moonshots." You can allocate a few percentage points of your funds to make some bold attempts; that’s completely fine. This can not only bring psychological satisfaction, like the feeling of hope from buying a lottery ticket, but also satisfy your craving for adventure. But do not let yourself fall into a situation of complete bankruptcy, because if you are always starting from scratch, constantly rebuilding your capital pool and re-accumulating experience, you will waste a lot of time.

Keep the majority of your funds in safe places while taking a small portion to take risks, satisfying the need for adventure while ensuring your overall financial security. But some people are fascinated by the phenomenon of "bankruptcy," finding it very interesting to watch such behavior, just as we are fascinated by adventurous behavior. This financial behavior is similar to this adventure, except it is carried out with money. People enjoy watching those account balances fluctuate rapidly in highly liquid markets, especially when these behaviors are public, resembling a public performance. Some even become addicted to being the protagonist of such "bankruptcy stories," which is a very intriguing phenomenon.

Breaking Free from Survival Mode

Jordi Alexander:

Sometimes, we need to strive in different fields simultaneously. I understand that for young people and even middle-aged people, being able to create actual economic value is very important. You need to work on two aspects: one is mastering key technical skills, and the other is cultivating psychological insight and good judgment, which are excellent soft skills (such as communication skills and emotional intelligence). As society continues to develop, social dynamics will also change, so having strong social skills will become particularly important.

I believe the groups that are most likely to fall into difficulties are those who are neither good at socializing nor have particularly outstanding technical abilities; they are just "okay." These people will gradually be squeezed by the demands of both sides. On one hand, the demand for emotional intelligence is increasing; on the other hand, the technical threshold is also continuously rising. So, you need to improve yourself in both areas simultaneously, making yourself indispensable in both social and economic contexts.

If you are participating in the "game" of wealth accumulation, you first need to clarify where you currently stand. If your goal is merely to have enough wealth to live comfortably, you need to break free from "survival mode." Survival mode is the state where you feel you cannot even meet basic living needs. This state consumes a lot of your mental energy, making it difficult to focus on higher-level goals.

I have also experienced years of survival mode. For example, when I was a partner at a trading firm, I collaborated with a very talented technical expert. He was the CTO, and I was the trader; I knew we were both very talented in our respective fields. However, despite that, our performance was just "okay," not particularly outstanding. Until one Christmas holiday, I finally had time to slow down and reflect on why two capable individuals like us could not achieve breakthrough success. I realized the problem was that we were trapped in survival mode. Throughout that year, the time that should have been spent thinking creatively, formulating new plans, and building the future was all consumed by dealing with various crises and solving problems. For example, "There is a crisis that needs to be handled," "We cannot invest because we must ensure nothing goes wrong." This survival mode can be seen as a microcosm of anyone whose financial situation is not comfortable; they cannot focus on growth and building but are constantly in a defensive state, always thinking, "How do I protect myself, how do I survive today?"

So, breaking free from survival mode is the top priority; it must be done 100%. Use your talents to create value through productive labor and achieve transformation through your efforts; this is the correct path to breaking free from survival mode.

Breaking free from survival mode does require a process. For me, the first step is a change in mindset. You need to realize that you are in survival mode and recognize that this state is consuming your energy. Then, you need to clarify what specific actions you need to take to break free from this state. You need to focus on how to achieve this goal. Next, you may need to go through a period of high-intensity work, like "running desperately." The goal is to break free from the "gravitational field" and completely escape the survival state. Once you successfully break free from survival mode, you will find your potential unleashed, as if you have gained "superpowers." Because you are no longer bound by survival pressure, this will unlock more possibilities for you.

This concept of "preparatory effort" is very crucial. Any startup will tell you that the process from 0 to 1 is the most challenging. During this process, you may need to "sleep on the floor" or make other short-term or even mid-term sacrifices. But only through such efforts can you truly break free from survival mode and lay a solid foundation for subsequent breakthroughs.

If you can find trustworthy people and learn from them, that is a huge advantage. Of course, there is a lot of noise in this; for example, some people may focus on the wrong content. But if you can choose those who truly understand things as your learning objects, that is a significant reflection of judgment. You need to judge who is worth learning from. Even at my current stage, I still need to learn and grow quickly because the world is changing too fast.

Judging whether someone is trustworthy is one of the most important decisions I have made for my mental growth. If I find a trustworthy person and gain experience from them, it can save me a lot of detours. For example, if I believe someone has profound insights in a certain field, and they say something, I do not need to verify every detail. Of course, if there is time and energy, researching on my own is great. But from a practical perspective, if I know you are an expert in the field of large language model growth, and you tell me "LLMs will not create superintelligence because they have certain limitations," then I do not need to fully understand every detail of this conclusion. I just need to adjust my planning based on this information, such as assuming that superintelligence will not arrive soon, thus leaving more time for the future.

I acquire this information by judging that you are a credible expert. Similarly, if someone thinks I am a trustworthy person who can help them, this can also become a "shortcut," and I increasingly use this method. Of course, independent thinking is still very important, but before reaching the ability to think independently, listening to the advice of the right people is very helpful. This is also one of the reasons I am keen on content creation. I believe that through content, I can help many people accelerate their growth. This is a tremendous advantage we have in our generation, especially for those who genuinely want to improve themselves.

Inefficiency Equals Opportunity

Jordi Alexander:

Inefficiency is still very prevalent in the crypto space; there is still misallocation of capital, and the operational efficiency of the entire industry is low. If viewed from the perspective of game theory, the flow and operation of digital assets should be more optimized, but we are still far from that goal. If you try to win in this industry and understand it, although there are certain challenges, overall, the difficulty is not that high. Of course, in some specific areas, such as chart-based trading strategies, it may have become more challenging, but the entire industry is still in its formative stage. A lot of capital is being directed toward projects that should not be supported.

From a first-principles perspective, there is still a lot of inefficiency in this industry, which also means huge opportunities. Because there is indeed a large influx of capital into this industry, which is very important. Especially in the era of AI, this trend will become more pronounced. Although some people believe that crypto technology is just a fleeting trend, I believe crypto and AI are two highly complementary technologies.

I believe there are two key industries in this century: one is building intelligent foundational modules (like AI ), and the other is constructing a foundational layer for social coordination (like crypto technology). Both are crucial for societal prosperity, and the social coordination layer will be built on the various technological components being developed in the crypto space. Being able to participate in the development of these technologies excites me because they will continuously unlock new possibilities. As I mentioned earlier, Bitcoin and Ethereum may be the current "pioneers," but in the next 10 to 20 years, new digital currencies and monetary systems will emerge, which may become areas worth paying attention to in advance.

Offensive Investment Strategy: Taking Control of Wealth

Jordi Alexander:

When you successfully break free from survival mode, your way of working will change significantly. Working more efficiently and intelligently is far more important than simply working hard. You need to start focusing on scalability issues. For example, if you find a way to earn $1,000 every day that can be repeated, that is certainly a good result, but in your extra time, you need to start thinking, "How can I scale this business? What should I do next to break through?" Ultimately, you need to continuously pursue higher levels, and that is precisely what I have been doing for many years. Although I still have many goals to achieve, for me, this upgrade has become my second nature, using existing resources to exchange for assets or opportunities that can bring greater returns. The core element throughout this process is continuously upgrading yourself, which is the only constant factor.

When you enter "offensive mode," the goal is to actively pursue higher achievements. If you feel dissatisfied with a daily routine and wish to move to the next stage, then offensive mode means taking certain risks. Without risk, society cannot progress through innovation and adventure. In fact, all large companies need to take risks at critical stages of their development. The key is how to choose wise risks, but this centralized investment strategy can help you quickly reach the next level. Then, you can integrate and reflect.

You no longer need to worry about living expenses for a long time in the future. For example, if you have $10 million as a safety reserve, you might need $15 million or $20 million to achieve that state. Suppose you have $10 million set aside for safety, and then use the remaining funds to take risks. If you have $20 million, keeping $10 million as a safety reserve and using the other $10 million for high-risk investments, even if you lose that extra $10 million, it will not significantly impact your daily life. You can still re-accumulate and continue to grow.

The so-called offensive mode means you no longer view funds as a completely risk-free asset, like putting them in bonds, but rather go all out to try to reach the next level. Just like we see with Elon Musk, who uses his wealth to quickly establish a competitor in the AI space. He invests a lot of money and achieves many goals in a very short time. By concentrating resources in high-potential areas, he successfully amplifies his influence. Therefore, if you are at a stage where you can break through to the next level and can create more value using existing resources, I think it is worth trying.

Bitcoin: Offensive Asset or Defensive Cornerstone?

Kevin:

In these two modes of investment, say 10 (offensive) or 5 (defensive), where do you think Bitcoin currently belongs?

Jordi Alexander:

I think Bitcoin is more like a foundational asset. Interestingly, when you talk to many founders in the crypto space, even though they may have their own token projects, many ultimately choose to accumulate Bitcoin. They may not be Bitcoin extremists, meaning they do not completely reject other cryptocurrencies, but their ultimate goal remains to make Bitcoin the core asset.

I believe that at this stage, Bitcoin is overall a good foundational asset. In terms of attributes, I think it is more suitable as an offensive asset. Defensive assets are more about dealing with short-term fluctuations because the core of defense is maintaining stability and liquidity. When facing short-term fluctuations, you need to hold a certain amount of fiat-valued assets (like cash or stablecoins) to ensure that your portfolio can smoothly ride out the volatility.

There has always been discussion in the market about timing and cycles, such as the famous "four-year cycle." However, I have always believed that the four-year cycle has become a thing of the past; we are now entering a brand new market state. Current market changes are driven more by liquidity-driven small cycles, akin to a "shock of capital inflow." For example, when Trump proposed a "beautiful plan," the market suddenly shifted from focusing on tariffs and restrictive policies to a state of massive capital inflow. Once we enter this liquidity-driven phase, asset prices typically rise rapidly. If you want to participate more actively in the market rather than simply holding assets, you can try to seize these small cycles. But this requires you to have a deep understanding of the market and keen judgment.

I do believe that Bitcoin will experience a phase of overheating in the future, but we are still far from that point. Currently, some treasury companies are trying to seize market opportunities, and their purchasing behavior creates a lot of market momentum. Just like any historical asset, when market momentum accumulates to a certain extent, asset prices may experience overheating, followed by corrections.

Of course, if you exit the market too early, you may miss out on significant profit opportunities. Therefore, knowing when to exit is an art, not a science. When you feel the market has entered an irrational phase, you can consider selling part of your assets and buying back after the price corrects. But sometimes, holding steady is also a reasonable decision.

Kevin:

Now it is late August 2025; how far do you think Bitcoin or the entire cryptocurrency market is from the "overheating" phase?

Jordi Alexander:

I think it depends on the situation. Currently, there are indeed some phenomena in the cryptocurrency market that have entered the later stages, especially many tokens are being operated through treasury vehicles. Investor sentiment is very high right now; you could say the market is in a "greed mode," which usually means the current small liquidity cycle may be nearing its end, and the market may soon see adjustments.

But from the overall cycle of Bitcoin, I believe it is still in a very early stage, with a long way to go before "overheating." Bitcoin's current market value only accounts for a small portion of gold, and the market's potential is far from being fully tapped.

Eliminating Self and Letting Go of Obsession

Kevin:

Can you share what you have experienced in your journey toward a healthy self? And how can people reach a state of healthy self?

Jordi Alexander:

I believe this journey can be divided into two stages: first "deconstruct," then "rebuild." The most important thing is to establish a solid psychological foundation. If your psychological foundation is strong enough, you can build higher goals and achievements on that basis, but if the foundation is weak, it may lead to self-destruction, such as addiction issues or making irrational financial decisions.

Most of us may have experienced trauma in early life or events that shaped our character. I have encountered many young and talented individuals, but I can see that some of their habits are not suitable for further development. They need to reflect and deconstruct their psychological structure, tearing down those unhealthy parts. This is the most challenging stage of self-purification because it feels like "descending," while we usually hope to keep progressing and always move upward.

In dealing with self-issues, the first step is to acknowledge your shortcomings and accept the process of "descending." Because you need to return to the psychological "roots" and rebuild a solid foundation. You need to realize what unhealthy habits or erroneous thought patterns you have. Many of these problems are related to the "voices in your head." I remember there was always a voice in my mind saying, "What do others think of me?" "I shouldn’t do that," "Do I look terrible?" These voices can confuse a person, making it difficult to make clear judgments because they bring insecurity and fuzzy thinking.

Many problems stem from insecurity and fear. If you think deeply, you will find that almost all instability originates from some kind of fear. Why do people feel insecure? Why can’t they stabilize? Because they fear failure, fear rejection, or fear loss.

This process requires you to deeply understand your fears and find out what leads to erroneous reactions. These reactions are often pathological rather than constructive. Understanding fear is the key to solving problems. Sometimes we need to engage in self-reflection, seek psychological therapy, or even try some auxiliary therapies. You need to have a dialogue with your fears, confront these issues, and accept that you may need to start from scratch to rebuild your psychological foundation.

Those who are the most vulnerable are often those who think they are "the strongest" and believe others do not realize their strength. This is a loser’s mindset, a wrong path. The correct path is to start from a blank canvas and redesign your psychological structure and life direction.

Accepting your shortcomings is okay; accepting that you have not achieved anything yet is also okay. Being able to calmly accept this state is the first step to building a healthy mindset and a solid psychological foundation. Because in this way, everything you do is not driven by fear or psychological needs but based on real, solid goals.

When you learn new things and use them as the foundation for future development, these knowledge blocks are often assumptions or heuristic thinking in our minds. If these assumptions are accurate and solid enough, you can gradually stack them up. You can explain this process mathematically: suppose you build ten layers, each with an accuracy of 99.999%; even if you stack them to the 100th layer, your overall judgment can still maintain high accuracy. But if each layer only has 90% accuracy, it sounds good, but it actually brings a lot of errors. You can calculate 0.9 to the power of 100 with a calculator, and the result will be very low. This means that if each of your layers has a 10% error, after amplifying through multiple layers, your judgment will almost certainly be incorrect.

Therefore, although the gap between 90% and 99.9% seems small, as the layers increase, it will be infinitely amplified. So what I pursue is an extreme high-performance representation, raising accuracy from 99.9% to 99.99%. This pursuit often requires delving into details and focusing on those small but critical areas.

Of course, time is limited, and we cannot delve into every matter, so the real skill lies in knowing when it is worth delving deep and when it is worth spending time. Paying attention to details is very smart because consumers will notice these subtle feelings when using products, and the correctness of these details brings their products to a near-perfect state. Of course, their time is limited, and they cannot do the same in-depth research on every detail of the packaging. They must choose their focus. When you choose the right direction and delve into it, you can achieve tremendous breakthroughs and success.

From First Principles to Burnout Reflection: Maintaining a Balance Between Investment and Efficient Work

Kevin:

Let’s try to explore: in the next 5 to 10 years, where do you think your entire investment argument might go wrong? Obviously, we can use today’s asset scale as a measure. But I am still a bit confused, or perhaps we can continue discussing the issues of building and judging self. Where do you think your argument might go wrong?

Jordi Alexander:

There is almost no possibility of error; this is similar to a mathematical proof, and I am stating these points from the perspective of first principles (First Principle), such as enhancing your resources, including knowledge, judgment, habits, interpersonal relationships, and the partners you can collaborate with. Our collaborative ability far exceeds the power of working alone. While some "lone wolves" can accomplish certain things alone, many geniuses possess extraordinary abilities, but collaboration is key.

The correct mindset is to recognize your limitations. I need to find the areas I excel in, and when we combine our abilities, this synergy will far exceed our individual capabilities.

For example, if no one builds roads, prepares food, or handles other infrastructure work, I cannot focus on my productive activities. Therefore, establishing interpersonal relationships and working with people you can collaborate with long-term to build trust, ensuring that they will not just chase short-term interests and then leave, is very important. By collaborating with people with different skills, building an efficient team can greatly enhance our capabilities.

Thus, I believe my argument is fundamentally unlikely to go wrong because it is based on the most basic principles: integrating resources and preparing for the enormous changes in society, economy, currency, and labor that are about to come. Especially understanding the definition of labor and the changes in productivity and having the dynamic adaptability to cope with future uncertainties is key.

Kevin:

You have worked very hard in the past, going all out for several years. I remember a year or two ago you told me that might have been the craziest time of your life. You were only sleeping four hours every two days, meaning only four hours of rest every 48 hours, but later you experienced severe burnout. What did you learn from that experience? Can you share one or two points? Looking back, what signals did you ignore at that time, either physically or mentally, that actually indicated an impending serious burnout?

Jordi Alexander:

Early high-intensity investment is necessary, but it can also lead to burnout. I experienced this last year; I never took a break and did not give myself any psychological holidays. The continuous accumulation of stress can unconsciously lead you into "survival mode." This is not a specific mindset but a background pressure that persists, slowly eroding your body, such as keeping your muscles in a tense state. Even if you go for a massage to relax, this pressure will still continue to exist in the background.

When you overextend yourself, this background pressure gradually accumulates until it eventually breaks you down. Of course, it sounds cliché, but you really need to take care of your body. High-intensity work may last for a year or two, but at some point, your body will start to rebel. Last summer, I reached a limit. I was completely paralyzed for two days, unable to get up or even eat; my body completely shut down. I had not rested at all before that, not even during the Christmas holiday. I was busy every day, and by May or June, my body completely collapsed. So even if you are very motivated and eager for success, at that stage, there is no productivity at all. I am now trying to learn to balance better, attempting to work smarter rather than just making myself work harder.

Saying "no" is a very crucial point. I am the type of person who defaults to helping others. My first reaction is usually that when someone makes a request to me, I want to respond. But I have noticed that some high-performing individuals choose to ignore certain requests. I used to message some important figures, and they would directly "read but not reply." At that time, I would think, "Oh, they didn’t even reply, am I not important enough?" In fact, this is my ego acting up. Later, I gradually understood that they are very busy people, possibly receiving messages from hundreds of people at the same time, and they have to choose to ignore some requests. This is not a denial of you but a way for them to protect their time and energy.

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