The Bitcoin Frontier

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:
00:00:00 Intro
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?
00:18:27 MSTR’s NAV blowing out?
00:19:41 MSTR’s NAV discount in 2022
00:21:50 MSTR as bitcoin yield?
00:22:48 MSTR new products and potential future acquisitions
00:24:12 Spot bitcoin vs spot MSTR
00:25:49 Will other companies finally follow MSTR?
00:30:08 S2F, power law, and the models
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?
00:35:26 Closing thoughts

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What is The Bitcoin Frontier?

Join us as we explore the transformative power of bitcoin, delving into how it has reshaped the lives and perspectives of our guests. Joe Burnett’s engaging conversations offer a unique insight into their collaborative journey in exploring this monetary revolution. Discover firsthand accounts of innovation, disruption, and inspiration as we navigate the ever-changing landscape of the bitcoin frontier.

Whether you're a seasoned bitcoin enthusiast or just starting to explore its potential, The Bitcoin Frontier is your passport to understanding the future of finance.