Building on Digital Credit | The Hurdle Rate Podcast | Ep. 72

— Jeff Walton shared observations from Bitcoin Asia conference, highlighting rapid innovation in structured finance and digital credit markets, particularly in Asia where adoption moves faster than the US.

— Strategy acquired 4,603 Bitcoin for $370 million and reached 0% net leverage, resuming Bitcoin purchases after months of capital accumulation; Strive acquired additional Bitcoin, bringing holdings to 23,156 BTC.

— MSCI's proposed exclusion of digital asset treasury companies would effectively classify MSCI as an investment adviser, contradicting its claim to be a passive index provider and raising regulatory concerns.

— Long-end US Treasury yields are rising and will likely continue higher regardless of Federal Reserve action because the economy operates under fiscal dominance, not monetary dominance.

— Bitcoin is establishing itself as the fastest horse in a macro environment never before seen in its history, with potential for significant appreciation if fiscal dynamics continue as predicted.

— The podcast crew warned against short-term trading mentality during bull markets, emphasizing the need for foundational bullishness to weather volatility and capture potential multi-year moves.

— Position defensively for volatility to the upside by maintaining foundational conviction in Bitcoin's long-term structural case rather than trading short-term price moves; the macro backdrop is unprecedented and moves will be fast and difficult to time.

— Monitor fiscal dominance dynamics and long-end Treasury yields as the primary driver of Bitcoin's macro backdrop; central bank actions are secondary to Treasury debt dynamics and monetary debasement running above 7% annually.

— Advocate for MSCI to maintain passive index principles or face regulatory classification as an investment adviser; corporate Bitcoin holdings via index inclusion create structural tailwinds for corporate adoption and retail retirement exposure.