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.

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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?

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