{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"The Bitcoin Frontier","title":"From Harvard to MicroStrategy—valuing MSTR and building Bitcoin24","html":"<iframe width=\"100%\" height=\"180\" frameborder=\"no\" scrolling=\"no\" seamless src=\"https://share.transistor.fm/e/cb798869\"></iframe>","width":"100%","height":180,"duration":3782,"description":"In this episode, we sit down with Chaitanya Jain (CJ), an MBA candidate at Harvard Business School and strategist at MicroStrategy, who worked closely with Michael Saylor on the recent open source Bitcoin24 model. CJ shares his experience talking about bitcoin at HBS, detailing efforts to distinguish it from broader crypto discussions. We explore Michael Saylor’s perspective on whether bitcoin is money or just another asset. CJ offers insights into building the Bitcoin24 model and MicroStrategy’s evolving custody strategy, including the future of bitcoin in banking and other companies adopting MicroStrategy’s bitcoin strategy. We also cover their acquisition strategy using equity and convertible notes, the constraints they face, and how to think about valuing MicroStrategy in relation to their NAV. Last, CJ discusses MicroStrategy's potential future S&P 500 inclusion, effective bitcoin advocacy techniques, and the most significant risks to bitcoin today.\n\nSUPPORT THE PODCAST:\n→ Subscribe\n→ Leave a review\n→ Share the show with your friends and family\n→ Send us an email podcast@unchained.com\n→ Learn more about Unchained: https://unchained.com/?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description\n→ Buy bitcoin in an IRA—sign up today and get your first year free: unchained.com/frontier\n\nTIMESTAMPS:\n00:00:00 Introduction and background\n00:03:23 Experience at HBS with bitcoin\n00:06:06 Efforts to differentiate bitcoin from crypto at HBS\n00:08:13 Bitcoin and crypto courses at HBS\n00:10:21 Michael Saylor’s view of bitcoin: money or asset?\n00:12:12 Catalysts for HBS interest in bitcoin\n00:14:06 Key takeaways from interacting with Michael Saylor\n00:18:25 Valuing bitcoin without cash flows\n00:20:36 Building the Bitcoin24 model with MicroStrategy\n00:24:24 MicroStrategy’s bitcoin custody strategy\n00:26:32 Future of bitcoin in banking\n00:30:55 Other companies following MicroStrategy’s bitcoin strategy\n00:38:21 MicroStrategy’s bitcoin acquisition strategy:...","thumbnail_url":"https://img.transistorcdn.com/WoeHujZLSYOjeE_EY1iBuQ0tTK0I8K63kAncvwN8qto/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS83NTI2/Y2ZjZjFjN2NlZjI3/ZmQyZjc5ODQyMTc5/OTYxMi5wbmc.webp","thumbnail_width":300,"thumbnail_height":300}