Live from BTC Prague - Day 1

Watch on YouTube ↗  |  June 11, 2026 at 11:01  |  2:48:11  |  The Block
Speakers
Andre Drago — Head of Research, Bitwise Europe
Jack Mallers — CEO, Strike
Julian Figueroa — Bitcoin Content Creator, The Exit Manual
Giacomo Zucco — Bitcoin Educator, Plan B

Summary

Live from BTC Prague Day 1, host Tim Copeland interviews Bitwise Head of Research Andre Drago, Strike CEO Jack Malers, Bitcoin educators Julian Figueroa and Giacomo Zucco, and Bitcoin Ekasi founder Herman Favier. Discussions focus on Bitcoin's undervaluation after a bear market, macro tightening risks to equities, MicroStrategy's complex capital structure and the relative attractiveness of its preferred shares, Bitcoin education, and grassroots adoption in South Africa.

  • The Block’s Tim Copeland hosts a live stream from the BTC Prague conference.
  • Andre Drago argues Bitcoin is at the cheapest decile of historic valuations and has already absorbed most of the correction.
  • He warns of a correction risk in the NASDAQ due to tightening financial conditions and excessive AI/semiconductor valuations.
  • Jack Malers believes inevitable fiat debasement will make Bitcoin the ultimate truth machine and long-term winner.
  • Julian Figueroa sees MicroStrategy common equity (MSTR) as heavily dilutive and to be avoided, favoring the preferred (STRK) as the sole safe security.
  • Giacomo Zucco and Julian Figueroa discuss the state of Bitcoin education, culture wars, and the network’s need for a quiet revolution in adoption.
  • Herman Favier shares progress of Bitcoin Ekasi, a circular economy in a South African township using Bitcoin for salaries and payments.
Ideas
Andre Drago Head of Research, Bitwise Europe 7:09
NASDAQ correction risk from tightening.
Tightening financial conditions, high equity valuations, rising bond yields, and unresolved sovereign risk are creating a correction risk in the NASDAQ and broader equities. Bitcoin has been leading the decline as a canary in the macro coal mine, and credit deterioration suggests equities are next to correct.
QQQ MED
Andre Drago Head of Research, Bitwise Europe 8:16
Bitcoin at lowest historic valuations, resilient.
Bitcoin has already done most of its correction and trades at the lowest 10% of historic valuations according to metrics like MVRV. It recently showed resilience by recovering weekend losses while the NASDAQ plunged, indicating the market recognizes its value relative to overvalued semiconductors and AI stocks. ETP flows are likely to reverse in the coming weeks, providing a catalyst.
BTC HIGH
Julian Figueroa Bitcoin Content Creator, The Exit Manual 99:54
MSTR common equity faces massive dilution.
MicroStrategy's capital structure has become extremely complex with common equity, preferred, and debt. The original clear mission of non-dilutive Bitcoin acquisition has broken down, and the company now needs to manage conflicting interests. Common equity MSTR will be heavily diluted to fund obligations, making it effectively worthless ('toast'). The only safe piece is the preferred STRC because the founder will protect it at all costs.
MSTR HIGH
Julian Figueroa Bitcoin Content Creator, The Exit Manual 99:54
STRK preferred immune to dilution.
Since the founder will not sell Bitcoin to fund STRC dividends, he will instead dilute MSTR common shares. This makes the STRC preferred instrument the only safe holding tied to MicroStrategy, as it is insulated from dilution and protected by the company's need to keep it performing.
STRK HIGH
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This The Block video, published June 11, 2026, features Andre Drago, Julian Figueroa discussing QQQ, BTC, MSTR, STRK. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Andre Drago, Julian Figueroa  · Tickers: QQQ, BTC, MSTR, STRK