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Jesse Myers
Jesse Myers - Is This The Future Of Bitcoin?
- Bitcoin treasury companies use capital market tools (equity issuance, preferred equities, debt instruments) to accumulate Bitcoin while delivering growth to shareholders through "accretive dilution." - MNAV (market net asset value) premiums justify paying more than spot Bitcoin because investors pay for Bitcoin yield delivery; early-stage companies like MetaPlanet and SmarterWeb trade at 5–15x MNAV, while mature Strategy trades at ~1.5–2.5x. - Bitcoin treasury companies act as "refiners" or conduits that unlock trapped capital from equity and fixed-income markets by offering better returns than traditional assets (Tesla at 33 PE, Nvidia at 53 PE vs. Strategy at effective 2 PE-equivalent). - The endgame is tapping into the $300 trillion global fixed-income market; Strategy pioneered preferred equity instruments (Strife, Stride, Stretch) to attract bond-market capital with 8–10% yields backed by Bitcoin expected to appreciate at 29% annually. - UTXO Management's thesis: a dominant Bitcoin treasury company will emerge as market leader in each capital geography (US: MicroStrategy; Japan: MetaPlanet; UK: SmarterWeb) and eventually hold ~50% of all Bitcoin globally. - Volatility in Bitcoin treasury companies compounds Bitcoin's upside-skewed volatility, creating rapid cycles of price discovery (MNAV expansion/compression every few months) alongside fundamental NAV-per-share growth.
BITCOIN IS HUMAN NATURE w/ Jesse Myers
- A genetic mutation occurring 160,000–300,000 years ago produced the TKTL1 protein in Homo sapiens, overdeveloping brain regions responsible for abstract thought and enabling an obsession with scarce collectibles. - Shell bead jewelry, dating back 142,000 years, represents early proto-money and served as an efficiency multiplier that allowed inter-tribal trade and cooperation beyond single-tribe kinship groups. - Homo sapiens displaced Neanderthals within 3,000–5,000 years of arriving in Europe by achieving 10× population density, likely enabled by money-based coordination rather than superior hunting or tool-making. - Dunbar's number (the ~150-person tribal limit) may have been breached by money, which eliminated the need to track personal debts across thousands of relationship pairs and enabled larger coordinated societies. - A 142,000-year process of "monetary Darwinism" progressively favored scarcer assets—from shells to glass beads to gold—culminating in Bitcoin as absolute digital scarcity. - Bitcoin represents the culmination of a species-level drive hardwired into human DNA; adoption follows a multi-decade S-curve across collectible, store-of-value, medium-of-exchange, and unit-of-account functions.