In this episode, Brian Brookshire provides a comprehensive analysis of MicroStrategy’s bitcoin acquisition strategy. He begins with his background in fintech product marketing, including experiences at Stanford and in Asia. Brian explores MicroStrategy's use of convertible debt to accumulate more bitcoin per share, evaluating the marginal returns and looking back at the NAV discount in 2022. He discusses the risks of MicroStrategy as a bitcoin yield vehicle, potential new products, and future acquisitions. The conversation compares spot bitcoin to spot MSTR and considers whether other companies will soon follow MicroStrategy's lead. Last, Brian dives into his perspective on the stock-to-flow and power law models.
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TIMESTAMPS:
00:01:11 Brian’s background—Stanford, Asia, and fintech product marketing
00:02:49 MSTR’s bitcoin convertible debt strategy
00:12:08 Accumulating more bitcoin per share
00:15:26 Marginal returns on increasing bitcoin per share?
00:22:48 MSTR new products and potential future acquisitions
00:25:49 Will other companies finally follow MSTR?
00:32:00 What’s the biggest risk to bitcoin?
00:34:44 What’s something you believe about bitcoin that many bitcoiners would disagree with?
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