# MSTR/STRC Outlook, Bitcoin's Security Budget & AI, Evaluating the Nation-State Threat

Page: https://stenobird.com/podcast/presidio-bitcoin-jam-7268126/mstr-strc-outlook-bitcoin-s-security-budget-ai-evaluating-the-nation-state-threat
Text version: https://stenobird.com/podcast/presidio-bitcoin-jam-7268126/mstr-strc-outlook-bitcoin-s-security-budget-ai-evaluating-the-nation-state-threat.md
Podcast: [PBJ](https://stenobird.com/podcast/presidio-bitcoin-jam-7268126)
Published: 2026-05-22T21:33:07+00:00
Episode link: https://fountain.fm/episode/pVr4Vrm1nfWjIVS6XUzv
Audio file: https://feeds.fountain.fm/UnefO3pkSLLDwIGz0Xq1/items/Svd1PGQ4ZNXLDcjfcV8h/files/AUDIO---DEFAULT---06867a1b-f21a-44a1-b194-fe12cc0dc86c.mp3
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JSON: https://stenobird.com/v1/public/podcasts/presidio-bitcoin-jam-7268126/episodes/mstr-strc-outlook-bitcoin-s-security-budget-ai-evaluating-the-nation-state-threat
Duration seconds: 5402

## Resource

0:00 Getting off Twitter, losing passwords, and staying up to date with Stackernews 4:30 Why we find the Strategy conversation interesting, and we will still cover basketball 7:11 Can MSTR blow up? Unpacking the claim that Saylor is a new SBF 13:34 What are the outcomes and probabilities of Bitcoin and MSTR's future 21:00 How much does bitcoin need to grow to support MSTR's credit products? 25:00 Is the biggest risk Coinbase and its custodians or esoteric DeFi demand? 32:15 What's the investment thesis of holding MSTR vs STRC? 41:40 Finding new products from the synthesis of old concepts 45:41 Using Proof of Work for hot tubs creates a security issue? 55:55 Bigger picture and putting into context the security budget for bitcoin 1:05:27 Is this a design flaw of bitcoin? 1:11:40 Underlying issue is we don't know what the annual security budget should be. 1:21:00 What are the attack vectors to Bitcoin from a non-economic actor, like a nation-state? SHOW NOTES: Transaction Fee Paper (Budish, 2024) https://socialsciences.uchicago.edu/sites/default/files/2024-09/Economic%20Limits%20Crypto%20Blockchains%20-%20QJE%20Sept%202024.pdf

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