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/frontier TIMESTAMPS: 00:00:00 Introduction and background 00:03:23 Experience at HBS with bitcoin 00:06:06 Efforts to differentiate bitcoin from crypto at HBS 00:08:13 Bitcoin and crypto courses at HBS 00:10:21 Michael Saylor’s view of bitcoin: money or asset? 00:12:12 Catalysts for HBS interest in bitcoin 00:14:06 Key takeaways from interacting with Michael Saylor 00:18:25 Valuing bitcoin without cash flows 00:20:36 Building the Bitcoin24 model with MicroStrategy 00:24:24 MicroStrategy’s bitcoin custody strategy 00:26:32 Future of bitcoin in banking 00:30:55 Other companies following MicroStrategy’s bitcoin strategy 00:38:21 MicroStrategy’s bitcoin acquisition strategy: equity and convertible notes 00:46:24 Limits on equity issuances and convertible notes 00:50:24 Common misunderstandings about MicroStrategy 00:52:42 MicroStrategy’s inclusion in the S&P 500 00:58:26 Bitcoin advocacy and persuasion techniques 00:59:10 Biggest risks to bitcoin WHERE 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