Subscribe to the newsletter: https://newsletter.checkonchain.com Follow Jeff: https://x.com/PunterJeff Description: Welcome to the latest edition of the Rough Consensus podcast with Jeff Walton (@PunterJeff) covering our thinking about MicroStrategy. Jeff was very early to the MSTR trade, and has done an extraordinary amount of work thinking through the problem. I am a huge fan of analysts who do the Proof of Work, and as we know in Bitcoin, the obvious answer is often not the correct one. We analyse the strategy that Saylor is putting into play, as well as discuss the many nuances of the various metrics and models for thinking about the MSTR trade. We cover how we think about this asset in both bull and bear markets, and why it creates such a remarkable level of confusion amongst market commentators. I’m still very early in my MSTR journey, but I find it a truly fascinating motivator for helping me process how financial markets really work under the hood. Timestamps: 00:00 Introduction 01:51 - MSTR "Bewilderment" 02:56 - What Does MSTR Do? 13:32 - The Saylor Premium 23:52 - Long Term Vision Of MSTR 46:49 - MSTR in the Bear Market & Its Financial Strength 08:40 - Other Companies Copying MSTR's Strategy 15:44 - Outro Links: Newsletter: https://newsletter.checkonchain.com Website: https://checkonchain.com Charts: https://charts.checkonchain.com Twitter: https://twitter.com/_Checkmatey_ About _checkonchain: We believe Bitcoin is one of the most important assets of our time, providing investors with a reliable and secure store of value. However, one of the biggest challenges is that Bitcoin's volatility creates uncertainty, especially for those unfamiliar with the way the market trades and moves. At _checkonchain, we help you navigate this volatility, by bringing together years of market analysis experience, and a unique perspective rooted in the study of Bitcoin’s blockchain data (onchain analysis). We provide traders and investors with expert guidance on current events, as well as frameworks for making data-driven decisions. Our mission? To provide unmatched Bitcoin education and insights, helping you look ahead and respond to market moves with confidence. DISCLAIMER Despite mankind's best efforts, none of us can predict the future, and events which have come before are in no way an indication of what may come next. All methods and concepts presented in this series shall be taken as educational, informational, and for entertainment purposes only. Nothing shall be interpreted or considered as any form of financial or investment advice of any kind. The viewer is solely responsible for their own decisions. #bitcoin #bitcoinmarket #bitcoinnews #microstrategy #saylor #michaelsaylor