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Jesse Myers

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Jesse Myers is a Bitcoin analyst and writer known principally for the Bitcoin's Full Potential Valuation framework — the canonical articulation of Bitcoin's addressable market as the global asset landscape, with per-bucket capture percentages aggregating to a real-terms price ceiling of roughly $10 million per Bitcoin in today's dollars. The framework was reportedly adopted as the analytical basis for Michael Saylor's Bitcoin 24 model at Strategy. Myers co-founded Onramp Bitcoin (a Bitcoin-custody firm), ran Protocol Capital (a Bitcoin-focused hedge fund), and as of mid-2025 serves as Head of Bitcoin Strategy at The Smarter Web Company (London-listed). Stanford MBA, former Bain & Company management consultant.

Why Jesse Myers matters

Myers matters for three reasons.

First, he is the principal articulator of the framework treated in Bitcoin’s addressable market — a real-terms ceiling frame genus-distinct from the trajectory frames the KB’s price-models area develops. The framework supplies a unified synthesis of what the asset-comparison trilogy (Bitcoin vs gold, Bitcoin vs real estate as SoV, Bitcoin vs equities as SoV) develops one bucket at a time. The contribution is a single essay-tier framework, not a sustained corpus.

Second, the framework’s adoption by Michael Saylor as the analytical basis for Bitcoin 24 amplifies its institutional reach. Strategy’s corporate-treasury program operates on the analytical premise the framework supplies; Strategy’s preferred-equity stack (STRC and bitcoin-backed instruments) is the financial-engineering implementation of high-ceiling conviction. See Michael Saylor and MicroStrategy and Strategy.

Third, Myers’s current corporate role at The Smarter Web Company operationalizes the framework at a second institutional layer in the London market. The framework therefore operates not only as analytical apparatus but as the rhetorical scaffold for the contemporary corporate-treasury Bitcoin-adoption wave.

Myers sits in the analytical-voices cluster as a focused-contribution voice — one canonical framework, current institutional role — alongside the deeper corpora of Lyn Alden (macro-empirical synthesis), Larry Lepard (late-cycle-debasement systematic treatment), Greg Foss (credit-market analyst lens), and James Lavish (contemporary daily-engagement). His role is supporting rather than foundational — load-bearing for the specific addressable-market-and-ceiling dimension, not for the broader analytical framework that voice cluster collectively articulates.

Biographical sketch

Jesse Myers’s public biographical record covers his professional formation and his Bitcoin-focused career arc.

His educational and early-career formation centered on quantitative-and-analytical training: a Stanford MBA, followed by management consulting at Bain & Company. The Bain training shaped his analytical style — structured frameworks, quantified arguments, executive-audience accessibility. The MBA-and-consulting formation is unusual in the contemporary Bitcoin-analyst landscape, which is more typically populated by engineers, finance practitioners, and self-taught autodidacts.

His pivot toward Bitcoin focus accelerated through the late-2010s and 2020-onward period. He co-founded Onramp Bitcoin, a Bitcoin-custody firm, and led Protocol Capital, a Bitcoin-focused hedge fund. Both roles operated within the contemporary institutional-Bitcoin landscape and supplied the practitioner grounding from which the addressable-market framework was developed.

His principal published contribution is the Bitcoin’s Full Potential Valuation essay (Once-in-a-Species, February 2023), published on his Substack newsletter and widely circulated in Bitcoin-investor and Bitcoin-Twitter educational contexts. The essay’s framework — all-buckets monetary-premium-transfer, per-bucket capture percentages, ~$10M-per-Bitcoin ceiling — is the canonical reference for the addressable-market frame as of 2026.

His mid-2025 transition to The Smarter Web Company as Head of Bitcoin Strategy (appointed part-time June 2025, full-time August 2025) formalized his role as institutional Bitcoin strategist for a London-listed corporate-treasury program. The Smarter Web Company’s corporate-treasury strategy and 10-Year Plan operate on the analytical framework Myers articulates.

He maintains an active public-intellectual presence through the Once-in-a-Species Substack newsletter, podcast appearances in the Bitcoin-investor ecosystem, X/Twitter engagement, and conference speaking.

Major works

Bitcoin’s Full Potential Valuation (Once-in-a-Species, February 2023)

Myers’s load-bearing contribution — a single Substack essay (published February 16, 2023) that has become the canonical articulation of Bitcoin’s addressable market as the entire global asset landscape. The essay reframes store-of-value as its own market, assigns a Bitcoin-capture percentage to each asset bucket (fiat, debt, equities, real estate, gold, collectibles), and aggregates to a real-terms full-potential valuation of roughly $10 million per Bitcoin in today’s dollars. Its accessibility — one clear table, one memorable headline number — made it portable across retail and institutional audiences, and it was reportedly adopted as the analytical basis for Michael Saylor’s Bitcoin 24 model at Strategy.

Once-in-a-Species (Substack newsletter, ongoing)

Myers’s publishing platform and the vehicle for his continuing corpus. Subsequent essays build out arguments adjacent to the Full Potential Valuation framework, though the original 2023 essay remains the load-bearing contribution. The newsletter, podcast appearances, and conference talks together constitute his ongoing public output as an institutional Bitcoin strategist.

The addressable-market framework

The substantive framework treatment lives in Bitcoin’s addressable market. This section sketches the contribution as Myers articulates it.

The reframing. Store-of-value functioning is itself a market, not a residual category within industry-defined markets. All assets serve store-of-value functions to varying degrees; capital allocators choose among candidates; the candidate with the most attractive monetary properties tends to attract incremental flow.

The addressable-market estimate. The global asset landscape totals approximately 120T), debt (110T), real estate (30T), art and collectibles (~80T). Bitcoin currently constitutes approximately 0.05% of the landscape.

The per-bucket capture engine. Myers’s table assigns a Bitcoin-capture percentage to each bucket — varying substantially across buckets, reflecting how monetary-good-like each is. Fiat and bonds receive higher capture percentages; equities lower; real estate moderate on a larger base. Aggregated, the capture analysis produces a real-terms full-potential valuation of roughly 10 million per Bitcoin in today’s dollars.

The genus. The framework is a real-terms ceiling frame, not a trajectory frame. It answers “how high in real terms?” — not “when?” The trajectory frames (The Power Law model, Monetization S-curve) supply the time-path; the framework supplies the asymptote. The two are complementary.

The framework’s headline numbers are sensitive to per-bucket capture assumptions — most notably the equities-bucket figure. The honest framing surfaces the analytical engine (per-bucket capture, not whole-bucket appropriation) and acknowledges that the aggregate ceiling lives within a band depending on assumptions, not at a single point.

Adoption and institutional influence

The framework’s principal institutional uptake is Michael Saylor’s Bitcoin 24 model at Strategy. Saylor publicly acknowledged Myers’s analytical work as the basis for Bitcoin 24; the framework appears in Strategy’s investor communications, conference keynotes, and corporate-treasury rationale documents from 2024 onward. See Michael Saylor.

Strategy’s preferred-equity stack — STRK, STRF, STRC (all issued in 2025) — is the financial-engineering implementation of high-ceiling conviction: if Bitcoin’s full-potential valuation is in the ~$10M range, accumulating Bitcoin through preferred-equity issuance at modest dividend yields is structurally accretive to common equity over multi-decade horizons. See STRC and bitcoin-backed instruments.

The framework also circulates broadly in Bitcoin-investor educational contexts — referenced in podcast discussions, X/Twitter commentary, retail-and-institutional research notes, and Bitcoin-conference presentations. Its accessibility (a single essay with a clear table and a memorable headline number) makes it portable across audiences in ways that more technical valuation frameworks are not.

The framework’s pedagogical use is one of its principal practical functions — orienting new entrants to the structural-monetary case without requiring engagement with Austrian-economic theory or quantitative on-chain analysis. The accessible bucket-by-bucket logic does substantial educational work for audiences not yet ready for Bitcoin as emergent money or The Power Law model.

Counter-arguments and tensions

A serious thinker page engages the genuine debates.

The false-precision objection

The framework’s headline — roughly 10M figure does not carry the same epistemic weight, and treatments that quote the number without the assumption-sensitivity caveat overstate what the framework establishes.

The equities-bucket categorical objection

The framework’s most contested single assumption is that equities hold a monetary premium Bitcoin can capture. The counter-position — developed in Bitcoin vs equities as SoV — is that equities are productive assets whose valuations reflect discounted cash flows, not stores of value holding monetary premium; on that view the capture percentage for the ~$110T equities bucket should be near zero, which materially lowers the aggregate ceiling. The tension is genuine and unresolved: the monetary-premium-in-everything thesis (which the framework shares with Saylor’s rhetoric) is a substantive Austrian-adjacent claim, not an accounting identity.

The single-essay corpus and the incentive question

Myers’s load-bearing contribution is one 2023 essay, and his professional arc — Bitcoin-custody co-founder, Bitcoin-fund manager, now Head of Bitcoin Strategy at a corporate-treasury vehicle — means every role he has held benefits from high-ceiling conviction. That does not refute the framework (arguments stand or fall on their merits), but it is the standard basis for discounting advocacy-aligned analysis, and honest treatments acknowledge it. The framework has also had essentially no engagement from mainstream-finance or academic valuation literatures; its circulation is internal to the Bitcoin-investor ecosystem.

Institutional adoption is amplification, not validation

The Saylor/Bitcoin 24 uptake is the framework’s most-cited credential, but adoption by the most committed corporate Bitcoin acquirer is selection, not audit. Strategy adopted the framework because it formalizes conviction Strategy already held; the causal arrow runs from conviction to framework as much as the reverse. The honest framing: institutional uptake demonstrates the framework’s rhetorical and organizational usefulness at scale — a real and distinctive achievement — while leaving its analytical soundness exactly where the assumption-sensitivity analysis puts it.

Where to read Jesse Myers

  • Once-in-a-Species (Substack newsletter): https://www.onceinaspecies.com/
  • Principal essay — Bitcoin’s Full Potential Valuation (February 16, 2023): https://www.onceinaspecies.com/p/bitcoins-full-potential-valuation
  • Companion video discussion: https://youtu.be/iFh1WfrFbts
  • The Smarter Web Company — investor communications and corporate announcements (London Stock Exchange filings, company website, 2025-onward)
  • Onramp Bitcoin — legacy research and educational materials
  • X/Twitter — active engagement on Bitcoin-investor commentary
  • Podcast appearances — various Bitcoin-investor podcasts across the contemporary ecosystem

Open questions

  • What is the framework’s durability under shifting global-asset-landscape composition? AI-driven productivity gains could substantially restructure equity-versus-monetary-good capital allocation over the coming decades, changing both bucket sizes and capture percentages.
  • Will Myers develop a sustained corpus beyond the single canonical essay? His Substack platform supplies the vehicle; subsequent essays on Once-in-a-Species build out adjacent arguments but the original Full Potential Valuation remains the load-bearing contribution.
  • How will the Smarter Web Company role shape the framework’s evolution? Institutional roles typically produce updates and refinements; the framework as articulated in 2023 may evolve as Myers operates within a London-listed corporate-treasury context.
  • Where does Myers fit in the longer arc of the analytical-voices cluster? His role is currently supporting-tier (single canonical framework); whether he develops into a foundational voice or remains a focused-contribution voice is open.

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