MR SHIFT 🦁 (@KevinWSHPod)
@KevinWSHPod
🎙️ When Shift Happens - I sit down weekly with the most Credible People in Bitcoin & Crypto
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. @tushar_jain breaks down the three-number framework he multiplies together to value a founder-driven bet like @ethena
"It's three numbers that we try to figure out. One is the total market size, looking a few years out. The second is margins in the long run - are there returns to scale?"
"The third is execution risk, and this is where the founder comes into play. We think @gdog97_ is one of the most competent founders in DeFi, and that reduces the execution risk"
"I don't want to give false precision, but we multiply these three things together to give us a rough sense of what this should be worth"
@Multicoin
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E178: Tushar Jain - Why Multicoin is betting big on Hyperliquid, Zcash and Solana
Tushar Jain is Managing Partner at @Multicoin. He's back on the show to talk about where crypto is in the cycle, how he sizes bets across $SOL, $HYPE, and $ZEC, and the frameworks he uses to manage his own psychology.
Timestamps:
0:00 - Intro
1:31 - Who is Tushar Jain
3:44 - Are we at a crypto turning point?
4:57 - Buying into bad news before confirmation
6:24 - Buying vs. selling: which is harder
7:13 - Still bullish on @solana ?
9:15 - TradFi issuers and credible neutrality
11:47 - Sponsors: @variational_io @Bitwise
12:39 - How to size two competing bullish bets
14:13 - Category leader vs. "better play"
17:00 - Most obvious trade for 2026: $ZEC
19:39 - What @Zcash represents
22:27 - Valuing an asset with no revenue
24:18 - Trading framework vs. buy-and-hold
26:40 - Valuing $SOL and $HYPE
31:45 - Sponsors @KASTxyz @Trezor
32:54 - Timing entries in volatile assets
36:26 - Why @Multicoin doesn't trade, only manages
39:25 - The four sources of investing edge
41:14 - Edge examples: $ZEC, $HYPE, $ENA
43:21 - What Ethena represents
45:37 - How much founder quality matters : @gdog97_ example
47:09 - When to take profits
49:50 - Thoughts on Ethereum and $ETH
51:44 - Kyle leaving Multicoin
53:03 - Sponsors @JupiterExchange @ethena
53:46 - Why Tushar is still in crypto
58:26 - Wrap-up and thanks
1:00:37 - Bonus segment intro - Zcash drama + Hyperliquid report
1:00:39 - What happened with the Zcash bug
1:04:13 - Zcash's fix: the Ironwood pool
1:05:50 - How long it took to decide to buy more
1:08:13 - Multicoin's Hyperliquid report
1:09:55 - Base case: $319 $HYPE price target, key assumptions
1:15:21 - Is the crypto bottom in?
1:18:11 - Closing thanks
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. @tushar_jain reveals the real question he asks $ZEC, $HYPE and $ENA holders - and it's not whether they sold
"I don't ask people, did you sell? I think that's personal. It's more judging their emotion about it - do they still feel attached to it?"
"There's limited analytical edge on $ZEC. We understand the privacy model, but so does everyone else. I don't think I understand the asset better than anyone else"
"The biggest thing was the behavioral or psychological edge - seeing that sentiment peaked, crashed out, but still held fairly strong"
@Multicoin
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E178: Tushar Jain - Why Multicoin is betting big on Hyperliquid, Zcash and Solana
Tushar Jain is Managing Partner at @Multicoin. He's back on the show to talk about where crypto is in the cycle, how he sizes bets across $SOL, $HYPE, and $ZEC, and the frameworks he uses to manage his own psychology.
Timestamps:
0:00 - Intro
1:31 - Who is Tushar Jain
3:44 - Are we at a crypto turning point?
4:57 - Buying into bad news before confirmation
6:24 - Buying vs. selling: which is harder
7:13 - Still bullish on @solana ?
9:15 - TradFi issuers and credible neutrality
11:47 - Sponsors: @variational_io @Bitwise
12:39 - How to size two competing bullish bets
14:13 - Category leader vs. "better play"
17:00 - Most obvious trade for 2026: $ZEC
19:39 - What @Zcash represents
22:27 - Valuing an asset with no revenue
24:18 - Trading framework vs. buy-and-hold
26:40 - Valuing $SOL and $HYPE
31:45 - Sponsors @KASTxyz @Trezor
32:54 - Timing entries in volatile assets
36:26 - Why @Multicoin doesn't trade, only manages
39:25 - The four sources of investing edge
41:14 - Edge examples: $ZEC, $HYPE, $ENA
43:21 - What Ethena represents
45:37 - How much founder quality matters : @gdog97_ example
47:09 - When to take profits
49:50 - Thoughts on Ethereum and $ETH
51:44 - Kyle leaving Multicoin
53:03 - Sponsors @JupiterExchange @ethena
53:46 - Why Tushar is still in crypto
58:26 - Wrap-up and thanks
1:00:37 - Bonus segment intro - Zcash drama + Hyperliquid report
1:00:39 - What happened with the Zcash bug
1:04:13 - Zcash's fix: the Ironwood pool
1:05:50 - How long it took to decide to buy more
1:08:13 - Multicoin's Hyperliquid report
1:09:55 - Base case: $319 $HYPE price target, key assumptions
1:15:21 - Is the crypto bottom in?
1:18:11 - Closing thanks
显示更多
E178: Tushar Jain - Why Multicoin is betting big on Hyperliquid, Zcash and Solana
Tushar Jain is Managing Partner at @Multicoin. He's back on the show to talk about where crypto is in the cycle, how he sizes bets across $SOL, $HYPE, and $ZEC, and the frameworks he uses to manage his own psychology.
Timestamps:
0:00 - Intro
1:31 - Who is Tushar Jain
3:44 - Are we at a crypto turning point?
4:57 - Buying into bad news before confirmation
6:24 - Buying vs. selling: which is harder
7:13 - Still bullish on @solana ?
9:15 - TradFi issuers and credible neutrality
11:47 - Sponsors: @variational_io @Bitwise
12:39 - How to size two competing bullish bets
14:13 - Category leader vs. "better play"
17:00 - Most obvious trade for 2026: $ZEC
19:39 - What @Zcash represents
22:27 - Valuing an asset with no revenue
24:18 - Trading framework vs. buy-and-hold
26:40 - Valuing $SOL and $HYPE
31:45 - Sponsors @KASTxyz @Trezor
32:54 - Timing entries in volatile assets
36:26 - Why @Multicoin doesn't trade, only manages
39:25 - The four sources of investing edge
41:14 - Edge examples: $ZEC, $HYPE, $ENA
43:21 - What Ethena represents
45:37 - How much founder quality matters : @gdog97_ example
47:09 - When to take profits
49:50 - Thoughts on Ethereum and $ETH
51:44 - Kyle leaving Multicoin
53:03 - Sponsors @JupiterExchange @ethena
53:46 - Why Tushar is still in crypto
58:26 - Wrap-up and thanks
1:00:37 - Bonus segment intro - Zcash drama + Hyperliquid report
1:00:39 - What happened with the Zcash bug
1:04:13 - Zcash's fix: the Ironwood pool
1:05:50 - How long it took to decide to buy more
1:08:13 - Multicoin's Hyperliquid report
1:09:55 - Base case: $319 $HYPE price target, key assumptions
1:15:21 - Is the crypto bottom in?
1:18:11 - Closing thanks
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This week, I'm releasing a 2-hour conversation with @saylor - Chairman at @Strategy.
Michael grew up on US Air Force bases in Japan, New Zealand, and Nebraska, earned a scholarship to MIT to study aerospace engineering, started a company at 24, took it public on Nasdaq in 1998, and then watched his personal net worth collapse by $6 billion in a single day before the stock fell another 99%, leaving the company three days away from bankruptcy.
In 2020, Michael found Bitcoin and has ever since made it his life's work to buy as much BTC as possible. In the last 6 years, Strategy has purchased more than 843,000 BTC.
We talk about:
- Should you really mortgage your house or your business to buy BTC?
- Does Michael still believe that "there is no second best"?
- "Sell the kidney if you have to but keep the Bitcoin", really?
- Why watching MicroStrategy go from $333 a share to $0.42 completely changed his relationship with risk
- How is mum played a huge role in his life's success
- Why MIT was way harder than building a multi billion $ public company from scratch
- How Strategy went from near-bankruptcy in 2001 to owning more than 843,000 Bitcoin in 2026
- Why Michael bought some premium domain names in the 1990s and how he made tens of millions flipping some of them
- Michael's great Apple bet in 2012
- Discovering Bitcoin in 2020 and understand monetary scarcity at 55 years old
- STRC, the "passenger plane"
- Why working hard is the worst advice you can give anyone in the AI era
And much more... Podcast out this Thursday!
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