What happens when corporations and nations wake up to bitcoin’s dominance? In this episode, we sit down with Matt Cole, former CalPERS portfolio manager, to discuss why every public company will eventually hold bitcoin and how the U.S. is already falling behind in the global bitcoin race. Matt shares his journey from managing $70 billion in fixed income to realizing bitcoin’s role as the ultimate savings vehicle. We explore his viral letter urging GameStop to adopt bitcoin, the concept of bitcoin as a corporate hurdle rate, and the growing pressure for businesses to rethink treasury strategies. Matt breaks down the risks and misconceptions around MicroStrategy’s leverage, how AI could reshape business moats, and why a higher hurdle rate could force a more productive economy. We also discuss why he believes regulatory risks for bitcoin have dropped to near zero and what this means for the future.
SUPPORT THE PODCAST:
→ Subscribe
→ Leave a review
→ Share the show with your friends and family
→ Send us an email podcast@unchained.com
→ Learn more about Unchained: https://unchained.com/?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description
→ Book a free call with a bitcoin expert: https://unchained.com/consultation?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 - Intro
01:32 - From Wall Street to bitcoin: Matt Cole’s journey
03:45 - Managing $70 billion at CalPERS and the pension crisis
05:34 - Buying US treasuries and questioning the system
07:22 - The moment Matt first heard about bitcoin (on a bodybuilding forum!)
10:17 - Why institutions are always late to bitcoin
12:19 - The fight between bitcoin and CBDCs
15:36 - Why the US must buy bitcoin before it's too late
16:05 - The viral letter urging GameStop to adopt bitcoin
20:06 - Could GameStop become the next MicroStrategy?
23:25 - Why every public company will hold bitcoin
27:02 - Bitcoin as the new corporate hurdle rate
35:36 - Why most businesses are losing to bitcoin’s hurdle rate
39:59 - Does MicroStrategy have too much leverage?
46:56 - Will bitcoin force a more productive economy?
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
→ Jose Burgos (Director of Media Production) on Twitter: https://x.com/DeFBeD
→ Matt Cole’s Twitter: https://x.com/ColeMacro
Remember Everything You Learn from Podcasts
