From Harvard to MicroStrategy—valuing MSTR and building Bitcoin24

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