The Bitcoin Frontier

In this episode, we sit down with Marty Bent, founder of TFTC, Managing Partner at Ten31 VC, and Director at Cathedra Bitcoin. Marty shares his journey, from starting his newsletter and TFTC podcast to recording at Barstool Sports and now recently being cited by the European Central Bank in an academic paper. We explore his take on the ECB's paper, bitcoin’s adoption speed, and the risks of mining centralization. Marty dives into vulnerabilities in bitcoin core, the future of mining, and Ten31’s unique approach to supporting bitcoin-only companies on a bitcoin standard. We also discuss the balance between clickbait and integrity in bitcoin media and AI's impact on content and media.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show with your friends and family→ Send us an email [email protected]→ Learn more about Unchained: https://unchained.com/?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description→ Book a free call with a bitcoin expert: https://unchained.com/consultation?utm_medium=video&utm_campaign=TBF-podcast-description→ Buy bitcoin in an IRA—sign up today and get your first year free: unchained.com/frontierTIMESTAMPS:0:00 Introduction1:05 Starting Marty's newsletter and TFTC3:22 Expectations vs. reality: Marty's journey5:47 Recording at barstool sports and potential acquisition10:21 Talking about bitcoin with co-workers at the managed futures fund13:05 European central bank citing Marty's newsletter23:25 Vulnerabilities in bitcoin29:04 Mining centralization—is it a problem?40:30 Worst and best business models you've seen at Ten3147:26 What's the end goal for Ten31 portfolio companies?52:08 How will VC change after the monetization of bitcoin?58:23 How will media and AI evolve over the next decade?1:02:23 Hyperbitcoinization faster than we expect?1:08:00 Biggest risk for bitcoin?WHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital

In this episode, we sit down with Dennis Porter, CEO and Co-Founder of the Satoshi Action Fund, for an in-depth look at bitcoin’s place in U.S. politics. Dennis opens with an overview of how each political party approaches bitcoin and discusses the importance of bipartisan support. He examines bitcoin's resonance with American values, its appeal across political lines, and how policies can balance innovation and openness with consumer protection. Dennis reflects on the role of single-issue bitcoin voters and the potential impact on future elections including the 2024 US presidential election. He also explores how states are beginning to adopt bitcoin-friendly policies and the importance of creating scalable templates for state-level adoption.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show with your friends and family→ Send us an email [email protected]→ Learn more about Unchained: https://unchained.com/?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description→ Book a free call with a bitcoin expert: https://unchained.com/consultation?&utm_medium=video&utm_campaign=TBF-podcast-description→ Buy bitcoin in an IRA—sign up today and get your first year free: unchained.com/frontierTIMESTAMPS:0:00 Intro1:09 Breaking down each party’s stance on bitcoin3:04 Bipartisan effort and why it matters for bitcoin5:39 Kamala Harris vs. biden on bitcoin7:04 Protecting consumers while supporting innovation8:32 Bitcoin’s inclusiveness and appeal to democrats9:36 Why bitcoin resonates with American values10:16 Importance of bipartisan support for bitcoin11:38 Working with both sides of the aisle17:17 Role of broken money in political division20:40 ECB’s stance on bitcoin holders23:14 Debunking the ECB paper26:16 Bitcoin’s potential as a bipartisan issue29:20 Single-issue bitcoin voters and future elections32:14 Bitcoin voters as a swing factor in elections36:43 Strategic bitcoin stockpile plan39:17 How bitcoin influences future elections41:17 Adoption of bitcoin-friendly policies at the state level47:15 Influence of presidential cycles vs. halvings on bitcoin cycles50:07 Creating template policies for state adoption53:02 Risk to bitcoin: if earth falls into the sunWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Dennis Porter’s Twitter: https://x.com/Dennis_Porter_

In this episode, we sit down with Pierre Rochard, VP of Research at Riot Platforms, and Bitstein, co-founder of the Nakamoto Institute, to discuss hyperbitcoinization and more. Pierre and Michael open by reflecting on its price history, historical cycles, and long-term outlook. They explore bitcoin’s progression onto the global stage, considering how central banks view it and where we are in the context of hyperbitcoinization. They address the critical balance between self-custody and bitcoin banks, including insights into the evolving role of custody solutions and associated risks. Discussing perspectives like those of Michael Saylor and Saifedean Ammous, they weigh in on bitcoin’s function as both an asset, a money, and the concept of bitcoin “yield.” The conversation covers MicroStrategy’s strategic approach to bitcoin and their perspective on the various models like S2F, power law, and Bitcoin24.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show with your friends and family→ Send us an email [email protected]→ Learn more about Unchained: https://unchained.com/?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description→ Book a free call with a bitcoin expert: https://unchained.com/consultation?utm_medium=video&utm_campaign=TBF-podcast-description→ Buy bitcoin in an IRA—sign up today and get your first year free: unchained.com/frontierTIMESTAMPS:0:00 - Intro1:17 - Reflections on bitcoin cycles3:21 - Long-term outlook5:12 - Bitcoin on global stage7:05 - Central banks’ view on bitcoin14:03 - Defining hyperbitcoinization17:05 - Self-custody vs. bitcoin banks25:16 - Future of bitcoin custody30:10 - Risks in custodial options35:38 - Saylor vs. Saifedean on bitcoin banking42:27 - Bitcoin yield vs. fiat yield50:02 - MicroStrategy’s strategy55:10 - Modeling bitcoin’s value1:02:31 - Fiat vs. bitcoin volatility1:04:15 - Challenging views in bitcoin communityWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Pierre Rochard’s Twitter: https://x.com/BitcoinPierre→ Bitstein’s Twitter: https://x.com/bitstein

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.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show with your friends and family→ Send us an email [email protected]→ Learn more about Unchained: https://unchained.com/?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description→ Buy bitcoin in an IRA—sign up today and get your first year free: unchained.com/frontierTIMESTAMPS:00:00:00 Introduction and background00:03:23 Experience at HBS with bitcoin00:06:06 Efforts to differentiate bitcoin from crypto at HBS00:08:13 Bitcoin and crypto courses at HBS00:10:21 Michael Saylor’s view of bitcoin: money or asset?00:12:12 Catalysts for HBS interest in bitcoin00:14:06 Key takeaways from interacting with Michael Saylor00:18:25 Valuing bitcoin without cash flows00:20:36 Building the Bitcoin24 model with MicroStrategy00:24:24 MicroStrategy’s bitcoin custody strategy00:26:32 Future of bitcoin in banking00:30:55 Other companies following MicroStrategy’s bitcoin strategy00:38:21 MicroStrategy’s bitcoin acquisition strategy: equity and convertible notes00:46:24 Limits on equity issuances and convertible notes00:50:24 Common misunderstandings about MicroStrategy00:52:42 MicroStrategy’s inclusion in the S&P 50000:58:26 Bitcoin advocacy and persuasion techniques00:59:10 Biggest risks to bitcoinWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Chaitanya Jain’s Twitter: https://x.com/_ChaitanyaJ