The Hurdle Rate Podcast Episode 39 - The Hurdle Rate Is High
Dec 9, 2025
Discover the electrifying atmosphere of the Bitcoin Meta Conference in Abu Dhabi and hear insights from Michael Saylor's bold pitches to sovereign funds. Explore why the Middle East is primed for Bitcoin's rise, driven by oil wealth and regulatory support. The hosts debate the relevance of the four-year cycle in crypto markets and discuss innovative strategies involving digital credit. With fresh takes on risk and yield, they make the case for viewing Bitcoin as a critical hurdle rate for investments.
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Middle East Conference Energy
- Ben Workman describes the energy and rapid development he saw at the Bitcoin Meta Conference in Abu Dhabi.
- He recounts Michael Saylor pitching sovereigns and banks on buying digital capital and building digital credit infrastructures.
Saylor's Three-Step Sovereign Pitch
- Michael Saylor framed three escalating strategies: buy digital capital, have banks custody Bitcoin and offer credit, and create high-power digital money via corporate treasuries.
- He argued these steps could attract trillions by offering superior yields and creating a digital-banking hub.
Make Bitcoin Your Hurdle Rate
- Matt Cole urges companies to treat Bitcoin as the hurdle rate when evaluating yield products or operating investments.
- He recommends analyzing total return under different scenarios before deploying capital away from Bitcoin.