I recently came across an interesting perspective from Chamath about where capital is headed in the AI era. Basically, the argument is that as artificial intelligence continues disrupting all traditional sectors, the assets that survive are those immune to that disruption.

And this is where Bitcoin comes in. Chamath describes it as Digital Capital, and the logic makes sense: it is scarce, it is neutral, it cannot be disrupted by technology because its value does not depend on a business model or traditional competition. While conventional tech companies see their competitive advantages evaporate with each wave of innovation, Bitcoin remains Bitcoin.

What I find interesting about Chamath’s analysis is that he’s not talking about Bitcoin as speculation, but as a place where capital ultimately migrates when everything else becomes temporary. If AI truly compresses the terminal value of traditional businesses, then investors will seek refuges that are not exposed to that volatility.

In that context, Chamath sees Bitcoin as a structural, not cyclical, bet. It’s the type of asset that gains relevance precisely when the technological landscape becomes more chaotic. Something to keep in mind if you believe AI disruption is real.