Podcast Summary: THE Bitcoin Podcast – Episode: SBR INEVITABILITY, $1M BTC FOMO, & 0.2% BITCOIN ADOPTION | Jesse Myers (Croesus)

Release Date: March 14, 2025

In this insightful episode of THE Bitcoin Podcast, host Walker America engages in a deep conversation with Jesse Myers (Croesus), a former management consultant turned prominent Bitcoin advocate. The discussion delves into the inevitability of institutional and governmental adoption of Bitcoin, the psychological aspects driving widespread interest, and the current state of Bitcoin adoption globally. Jesse shares his personal journey, critical analyses, and future projections that paint a compelling picture of Bitcoin's trajectory as the world's preferred store of value asset.

1. The Inevitability of Institutional and Governmental Bitcoin Adoption

Jesse Myers opens the conversation by addressing skeptics who resist governmental involvement in Bitcoin. He argues that for Bitcoin to mature into the world's preferred store of value asset, integration with institutions and governments is essential.

[00:00] Jesse: “The path to becoming the world's preferred store value asset goes through institutions and government.”

Jesse emphasizes that institutional adoption not only legitimizes Bitcoin but also accelerates global adoption dynamics in ways that may be currently underappreciated.

[00:54] Jesse: “Bitcoin has outlived its disruptive phase and is entering its maturation phase, which inherently involves institutional participation.”

2. Jesse's Personal Journey into Bitcoin

Jesse recounts his transition from a management consultant with an MBA from Stanford to a dedicated Bitcoin advocate. Initially focused on Ethereum and altcoins, Jesse's encounter with the 2018 bear market forced him to reevaluate his stance, ultimately leading him to Bitcoin.

[04:11] Jesse: “Reading 'The Bitcoin Standard' totally replaced my Stanford MBA.”

This pivotal moment ignited his commitment to Bitcoin, leading him to create analytical content and contribute to the Bitcoin community, including notable work like his article “Why the Yuppie Elite Dismissed Bitcoin.”

3. The "Yuppie Elite" Thesis: Understanding the Worldview Rift

One of Jesse's significant contributions is his article “Why the Yuppie Elite Dismissed Bitcoin,” where he explores the fundamental differences in worldview between highly educated professionals and Bitcoin enthusiasts.

[14:16] Jesse: “Bitcoiners are high intelligence, but very low trust in the establishment, whereas the yuppie elite are high intelligence with high trust.”

Jesse posits that this trust disparity creates a barrier to Bitcoin adoption among the educated elite, who are often entrenched in traditional financial paradigms. He highlights how credentialed individuals may be less inclined to adopt Bitcoin due to their established trust in existing financial systems.

4. Current State of Bitcoin Adoption: Early Stages and Global Implications

Jesse provides a realistic assessment of Bitcoin's adoption rates, emphasizing that true adoption—defined as significant investment and understanding—is at about 0.2% of the global population.

[39:37] Jesse: “True adoption of Bitcoin, people who get it and have shifted a material amount of savings into Bitcoin, is something like 20 million, which is 0.2% of the world.”

Using historical analogies, Jesse compares Bitcoin's current phase to the early days of the American West's gold rush, where early pioneers took significant risks for potentially substantial rewards. He argues that despite appearances, Bitcoin remains in the innovators phase of the technology adoption lifecycle, indicating vast potential for growth.

5. Strategic Bitcoin Reserve: A Game-Changer for Global Adoption

A pivotal moment discussed is the U.S. government's executive order to establish a strategic Bitcoin reserve. Jesse views this as both inevitable and a significant milestone for Bitcoin's legitimacy.

[31:13] Jesse: “The Overton window has shifted dramatically here where it's legitimatized Bitcoin as an asset.”

He explains that this move not only validates Bitcoin but also sets off a geopolitical game theory where other nations might follow suit to enhance their own economic standing. This institutional backing is expected to catalyze global adoption, as countries and wealthy individuals recognize the strategic importance of holding Bitcoin.

6. MicroStrategy's STRK Preferred Stock: Bridging the Bond Market and Bitcoin

Jesse delves into the innovative financial instruments developed by Michael Saylor’s MicroStrategy, particularly the STRK preferred stock. This creation repackages convertible notes into a more attractive and accessible format for a broader audience.

[64:39] Jesse: “STRK is debt that pays a 10% dividend, and it's repackaged as a perpetual, uncapped convertible note.”

These high-yield instruments are designed to attract fixed-income investors, funneling capital from traditional bond markets directly into Bitcoin. Jesse sees this as a strategic maneuver to offload bond dollars into Bitcoin, significantly boosting its market presence.

7. Overcoming Bitcoin’s Adoption Challenges: Information Asymmetry and Psychological Barriers

Addressing the perennial challenge of convincing skeptics, Jesse acknowledges the deep-seated information asymmetry surrounding Bitcoin.

[50:42] Jesse: “Bitcoin is just a massive information asymmetry. The majority of people still don’t understand.”

He argues that traditional methods of persuasion are ineffective, suggesting that widespread adoption will primarily occur through FOMO (Fear of Missing Out) as Bitcoin's price appreciates. Jesse believes that as Bitcoin's properties become undeniable, more individuals will organically transition into adoptors.

8. Future Projections: Early Adoption Benefits and Long-Term Outlook

Jesse remains optimistic about Bitcoin's future, projecting that true adoption will expand over the next two decades, driven by continuous institutional interest and strategic accumulations by nation-states.

[63:43] Jesse: “I think this next year and couple of years is just going to be kind of wild and we're at this weird calm before the storm.”

He likens the process to an S-curve of technology adoption, where Bitcoin is poised to experience exponential growth before settling into mature phases of widespread use.

9. Jesse's Initiative: On Ramp – Evolving Bitcoin Custody Solutions

Towards the episode's conclusion, Jesse introduces his venture, On Ramp, a multi-institutional custody provider designed to simplify Bitcoin storage and inheritance.

[86:36] Jesse: “Multi-institution custody removes the security and technical requirements of engaging in multisig for the end user.”

On Ramp aims to offer secure, user-friendly custody solutions for a broader demographic, further removing barriers to Bitcoin ownership and ensuring safe asset management.

10. Closing Thoughts: Embracing the Bitcoin Revolution

In his final remarks, Jesse reiterates the early stage of Bitcoin’s adoption and emphasizes the importance of continued participation and education within the community.

[91:22] Jesse: “It's an exciting point in time where there is a lag between what Bitcoiners know about the world and what the world has realized about Bitcoin.”

He encourages listeners to stay informed, continue stacking sats, and prepare for the transformative journey that Bitcoin is embarking upon.

Key Takeaways

• Institutional Adoption is Inevitable: For Bitcoin to become the predominant store of value, integration with governments and institutions is essential.

• Early Adoption Phase: Bitcoin is still in the innovators stage, with true adoption at a mere 0.2% globally, indicating vast room for growth.

• Strategic Moves by Governments and Corporations: Initiatives like the U.S. strategic Bitcoin reserve and MicroStrategy’s STRK preferred stock are pivotal in propelling Bitcoin into mainstream finance.

• Overcoming Psychological Barriers: Information asymmetry and entrenched trust in traditional systems hinder adoption, but organic growth driven by market dynamics is expected.

• Future Outlook: Bitcoin is poised for exponential growth over the next 10-20 years, driven by institutional interest and global recognition.

• Innovative Custody Solutions: Ventures like On Ramp are essential in simplifying Bitcoin ownership and ensuring secure asset management for a broader audience.

Notable Quotes

• Jesse Myers [00:00]: “The path to becoming the world's preferred store value asset goes through institutions and government.”

• Jesse Myers [04:11]: “Reading 'The Bitcoin Standard' totally replaced my Stanford MBA.”

• Jesse Myers [14:16]: “Bitcoiners are high intelligence, but very low trust in the establishment, whereas the yuppie elite are high intelligence with high trust.”

• Jesse Myers [31:13]: “The Overton window has shifted dramatically here where it's legitimatized Bitcoin as an asset.”

• Jesse Myers [64:39]: “STRK is debt that pays a 10% dividend, and it's repackaged as a perpetual, uncapped convertible note.”

• Jesse Myers [50:42]: “Bitcoin is just a massive information asymmetry. The majority of people still don’t understand.”

• Jesse Myers [91:22]: “It's an exciting point in time where there is a lag between what Bitcoiners know about the world and what the world has realized about Bitcoin.”

Further Resources

• Jesse Myers’ Blog: OnceInASpecies.com
• On Ramp Custody Solutions: OnRampBitcoin.com
• MicroStrategy’s STRK Preferred Stock: Follow updates through MicroStrategy’s official channels.

This episode offers a comprehensive exploration of Bitcoin’s current landscape, underscored by Jesse Myers' expertise and forward-thinking perspectives. Whether you're a seasoned Bitcoin enthusiast or new to the space, the insights shared provide valuable understanding of the forces driving Bitcoin towards mainstream adoption.