We Study Billionaires - The Investor’s Podcast Network BTC240: Economic Calculation w/ Bitcoin with Joe Burnett and Chris Nicholson (Bitcoin Podcast)
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Jun 25, 2025 
In this discussion, Joe Burnett and Chris Nicholson, both analysts at Unchained, delve into Bitcoin's transformative influence on corporate treasuries and asset valuation. They explore the limitations of traditional financial models when applied to Bitcoin, advocating for new frameworks that factor in the cryptocurrency's unique volatility. The duo debates the relevance of Internal Rate of Return in a Bitcoin-centric world and shares insights from the STRIVE report, all while challenging listeners to rethink risk and investment strategies in this evolving landscape.
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Bitcoin Redefines Asset Valuation
- Traditional discounted cash flow (DCF) models assume cash flows in dollars, which are generally debased over time.
- Valuing assets in Bitcoin terms reveals true performance considering Bitcoin's scarcity and appreciation.
Preston's Bitcoin Valuation Realization
- Preston Pysh re-denominated large-cap company revenues and earnings in Bitcoin and observed them declining, despite nominal growth.
- This challenged traditional valuation models and highlighted Bitcoin's potential impact.
CAPM Volatility Assumptions Critiqued
- Traditional CAPM models take historical asset and market volatility as fixed inputs.
- This can mislead by assuming future volatility mirrors the past, which may not hold especially for Bitcoin.