The Mustard Seed—a bitcoin and long-term thinking podcast

• Passive capital is chasing bitcoin to $1,000,000+ with Michael Saylor

  Bitcoin is eating the financial system. In this episode, Michael lays out the blueprint for bitcoin treasury companies and explains why preferred equity is the key to unlocking trillions in passive capital. We explore how MicroStrategy’s strategy could be copied, why bitcoin should outperform the S&P 500 long term, and how capital markets are being reshaped around digital scarcity. Michael also breaks down how to weaponize BTC-backed credit to protect NAV, force short squeezes, and magnetize index fund flows.TIMESTAMPS:0:00 – Intro1:00 – First priority as director of bitcoin strategy3:11 – Should bitcoin companies copy MSTR’s preferreds?5:02 – Structuring credit: BTC ratings from 2 to 106:25 – Long-term CAGR for bitcoin vs S&P 5008:28 – Why bitcoin has fewer risks than stocks10:36 – The global index with no counterparty risk15:14 – Is bitcoin a global productivity index?16:56 – Will MSTR join the S&P 500?18:14 – Why Vanguard owns MSTR19:23 – Unlocking passive capital for bitcoin21:14 – Why BTC companies magnetize capital23:24 – Mag 7 adoption playbook: fast vs slow25:47 – Most CEOs don’t want the money27:15 – Who should adopt bitcoin—and who won’t29:20 – Why MSTR is going all-in on preferreds31:21 – Preferreds are better than convertibles32:32 – Will BTC companies still trade above NAV in bear markets?34:09 – Why 2022 was a crypto-catalyzed bear market35:14 – Difference between 1.1x and 100x leverage37:07 – How to defend BTC NAV with credit instruments39:14 – How to create a bitcoin short squeeze41:20 – Why shorts don’t have the courage43:20 – The future of BTC-backed credit and equity45:04 – A new theory of bitcoin corporate finance49:30 – Copy MSTR: it’s good for everyone50:26 – Harvard’s outdated bitcoin case study52:16 – Why the smartest firms are making bad moves54:16 – Why academics ignore strategy’s success55:15 – How the world could look in four years57:09 – Final thoughts and wrap-up

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• Welcome.

  Hello everyone! I’m excited to relaunch my podcast under a new name:The Mustard Seed—a bitcoin and contrarian long-term thinking podcast.My first real job out of graduate school was in technology consulting at Ernst & Young. After gaining a little experience there, I made the decision to jump full-time into bitcoin. One of the most valuable things I did early on was host a bitcoin podcast. It allowed me to learn directly from some of the most intelligent minds in the space and build lasting relationships.The podcast is my way of staying connected to the most thoughtful people in bitcoin. It helps me better understand how capital is flowing into bitcoin and how the smartest leaders are positioning themselves as bitcoin continues to reshape global capital markets.In my role as Director of Bitcoin Strategy at Semler Scientific, my top priorities are strategic execution of bitcoin acquisitions and generating stockholder value. These conversations sharpen my thinking, surface new ideas, and help educate a broader audience about both bitcoin and Semler Scientific.I believe we’re still incredibly early in global bitcoin adoption. I think thoughtful dialogue and deeper understanding can help accelerate hyperbitcoinization, and this podcast is one way I plan to contribute. The first episode is coming soon, and it will be with Michael Saylor. If you have specific questions you’d like me to ask, let me know.Please subscribe if you enjoy my work.

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