The Hurdle Rate Podcast – Episode 50: "Some Pretty Good Money Printing"
Date: March 10, 2026
Hosts: Tim Kotsman, Jeff Walton, Joe Burnett, Pierre Richard
Theme: Analysis and reflection on historic Bitcoin milestones, evolving digital credit vehicles, macroeconomic shifts, and the rapid impact of AI on markets and employment.
Episode Overview
In this milestone 50th episode, the Hurdle Rate crew dives deep into several seismic events in Bitcoin and broader financial markets:
- Strategy's billion-dollar Bitcoin acquisition and the implications for the evolving "Bitcoin treasury" and digital credit model
- Bitcoin crossing the 20 million mined landmark
- The scaling of new financial instruments (notably STRC) versus legacy products
- Disruptions and opportunities forged by AI in the corporate sector
- The shifting landscape of credit, risk, and money printing amid fintech innovation and macro uncertainty
The discussion is lively, candid, and forward-looking, peppered with key data points, market anecdotes, and reflections on history as it's being written.
Key Discussion Points & Insights
1. Strategy's Billion-Dollar Bitcoin Buy & STRC Scaling
[00:00–09:56]
- Strategy’s Purchase Details:
- Acquired 17,994 BTC ($1.28B at $70,946/BTC average)
- Holdings now total 738,731 BTC ($56B, avg. $75,862/BTC)
- Funded via digital credit issuance (STRC) and common equity (MSTR)
- STRC’s Market Impact:
- Massive volume in STRC trading—$270–280M today versus $2M for JP Morgan's much older preferred equity.
- Signaling widespread industry interest and a potential paradigm shift in corporate finance.
- “We can buy more Bitcoin than they can sell.”
- Referenced from Michael Saylor, capturing the aggressive pace of accumulation by corporate entities.
Quote:
"JP Morgan has a perpetual preferred equity...as of Today it traded $2 million in volume...Strategy instrument has traded $270–280 million...This is really a monumental development in the entire world of credit and equity."
— Jeff Walton, [03:40]
2. Digital Credit Model Resilience
[05:41–13:24]
- Bear Market Test:
- STRC maintained performance and raised hundreds of millions—even amid substantial Bitcoin drawdowns.
- Model viewed as robust to volatility and a sign of “slow money” strategy succeeding.
- Yield Generation:
- With the right market conditions, Bitcoin treasury vehicles like Strategy can quickly generate positive BTC yield (+0.8% in a week) without amplifying balance sheet risk.
Quote:
"If this is something that becomes repeatable week after week...as long as the market is willing to buy these products...that's exactly what would happen."
— Joe Burnett, [06:37]
3. Bitcoin Milestone: The 20 Millionth Coin
[12:52–17:20]
- Scarcity Meets Demand:
- 95% of total supply is mined; remaining 1 million BTC will be mined slowly over the next century.
- A psychological shift: “OGs” (early holders) are now dominant suppliers, not miners.
- Implications for Market Cycles:
- Cycles may shift, with supply coming from legacy holders—leading to unique price dynamics.
Quote:
"Would bitcoin ever reach 21 million? The headline one is, no, we'll never actually reach 21 million for a number of different reasons...So, now it's all about demand."
— Pierre Richard, [13:31]
4. Corporate Strategy: Digital Credit vs. Direct Bitcoin Treasury
[17:20–21:13]
- Specialization & Productization:
- Mining companies divesting BTC treasuries, pivoting to AI.
- Emerging trend: Spinning off Bitcoin holdings into separate digital credit vehicles for better balance sheet management.
- "Slow Money" vs. "Fast Money" Models:
- “Slow money”—steady, amplified BTC positioning for long-term yield.
- “Fast money”—raising equity at a premium to spike yield quickly.
Quote:
"Everyone wants a bank account that pays them, you know, 10% interest or 12% interest. People want very simple things that just work."
— Joe Burnett, [18:32]
5. Structural Shifts in the Credit & Financial Markets
[26:46–34:41]
- Traditional Instruments Under Strain:
- Private credit (e.g., BlackRock Private Credit) halting withdrawals signals liquidity stress.
- STRC-type instruments offer greater transparency, scalability.
- Insurance & Asset-Liability Matching:
- Insurance firms' longstanding problem: matching long-term liabilities with increasingly volatile or illiquid assets. Digital credit potentially realigns incentives and risk.
Quote:
"BlackRock just shut the door on withdrawals from their private credit fund...That's effectively like a bank run on private credit...That's concerning."
— Jeff Walton, [28:32]
6. Macroeconomic Context: Inflation, Money Printing & AI
[34:41–42:15]
- Potential for More Money Printing:
- If private credit or real estate faces distress, further monetary expansion (“money printing”) likely.
- Bitcoin's capped inflation collides with ongoing fiat expansion (historically ~6.7% M2 growth since 1970).
- AI as a Deflationary Force:
- Warsh's forecast: AI may create "structural decline in prices," posing unique challenges for policymakers.
- AI’s potential to shift the inflation-deflation equation and impact everything from assets to labor markets.
Quote:
"Monetary inflation of 162,000%, which is kind of mind boggling...bitcoin's supply asymptote, absolute scarcity...contrasts with this exponential abundance."
— Joe Burnett, [36:03]
7. AI’s Acceleration—Impacts on Employment and Corporate Structure
[42:15–59:04]
- AI Is Redefining Work and Productivity:
- AI tools empower small teams and individuals; routine tasks and "slop" work quickly automated.
- Questioning the future of mega corporations and passive investing paradigms.
- Potential for a boom in gig work and new, unforeseen types of jobs.
- Disagreement on Net Employment Effects:
- Some anticipate layoffs and margin compression for big firms.
- Others argue new roles, higher-order projects, and consumer value will ultimately benefit the broader economy.
Notable Quotes:
"PowerPoint conversation never has to happen again because you do Claude code and you change the PowerPoint slide and you're like, oh my God, that's prettier than if I were to send this out..."
— Jeff Walton, [44:49]
"I think the future of gig work is going to expand drastically because of this..."
— Jeff Walton, [46:12]
"I'm more bullish on the employment picture...Once you take care of the small problems automatically, now you can focus on the bigger problems and try out more innovative things."
— Pierre Richard, [48:47]
8. Final Thoughts: Optimism Amidst Uncertainty
[54:38–59:15]
- New Paradigm, Old Anchors:
- Rapid macro, technological, and political change creates a multidimensional, unpredictable environment.
- Bitcoin’s consistent protocol and absolute scarcity seen as an anchor and reason for optimism despite the volatility and unpredictability elsewhere.
Quote:
"One of the things that gives me optimism is bitcoin. It's been around for 17 years, it continues functioning, it's working. And then...digital credit on top...at the right time."
— Joe Burnett, [55:04]
Memorable Moments & Quotes With Timestamps
-
"We can buy more Bitcoin than they can sell."
— Referenced by Tim Kotsman, channeling Michael Saylor’s sentiment, [00:42] -
STRC vs. JP Morgan Perpetual Preferred:
— "This is really a monumental development in the entire world of credit and equity..."
— Jeff Walton, [03:40] -
On the 20 millionth bitcoin:
— "That makes bitcoin feel more scarce than it’s ever felt before."
— Joe Burnett, [25:46] -
On money printing and fiat inflation:
— "Monetary inflation of 162,000%, which is kind of mind boggling..."
— Joe Burnett, [36:03] -
On AI changing work:
— "That conversation never has to happen again because you do Claude code and you change the PowerPoint slide..."
— Jeff Walton, [44:49] -
On hope and digital credit:
— "There's more things to build."
— Joe Burnett, [59:02]
Timestamps for Key Segments
- [00:00] – Introduction and rundown of Bitcoin, STRC, MSTR, and macro events
- [03:16] – STRC’s scale, volume, and comparison with traditional finance
- [05:41] – Digital credit model performance through bear markets
- [12:52] – Bitcoin’s 20 millionth coin milestone; supply/demand shift
- [17:20] – The evolution of corporate Bitcoin treasury strategies
- [26:46] – Insurance, credit models, and liquidity v. scalability
- [34:41] – Money printing, inflation rates, and how AI collides with macro
- [42:15] – AI’s labor and corporate disruption; implications for S&P 500
- [54:38] – Optimism about Bitcoin and digital credit amid rapid change
- [59:02] – Closing thoughts; “There’s more things to build.”
Conclusion
Episode 50 of The Hurdle Rate Podcast captures a historic week in Bitcoin and financial innovation, analyzing the compounded effects of digital credit scaling, the growing pains of legacy markets, the epochal shift of AI, and the persistent allure and anchoring power of Bitcoin’s engineered scarcity. The hosts balance optimism, caution, and curiosity, offering both sophisticated analysis and relatable, human perspectives on a world rapidly remaking itself.
Listen for:
- In-depth, comparative analysis of digital vs. legacy finance
- Sharp insights on AI’s real-world impacts
- Thoughtful discussion of what it means to "hold zero Bitcoin" in the modern portfolio
- High signal, low noise commentary—perfect for anyone seeking to understand the new frontier of macro, fintech, and crypto.