Gold & Bitcoin Podcast

Saylor Is Buying 10,000 Bitcoin a Day — Here's the Problem

Strategy's Stretch (STRC) product is now the single largest marginal buyer of bitcoin in the market, estimated to be absorbing 10,000+ BTC per day — roughly 35 times the daily issuance of new bitcoin. The product is being marketed to retail investors as "money market like," but that framing is misleading. Stretch is preferred equity, not a credit instrument. Holders have no legal claim on the underlying bitcoin, and the dividend can be suspended at any time. The 11.5% rate reflects real embedded risk that is not being priced honestly. In this episode of The Last Trade, Jackson Mikalic, Michael Tanguma, and Brian Cubellis break down why the Stretch trade matters, how it is reshaping bitcoin's demand curve, and why the growing stack of financial engineering on top of bitcoin deserves more scrutiny than the market is giving it. Topics covered in this episode: What is Stretch (STRC)? How Strategy's preferred equity product works, why it is not "money market like," and the risks that are being obscured by its marketing Bitcoin treasury companies are quietly selling. Many of the DAT companies that accumulated bitcoin in 2024 have since sold their holdings and pivoted to AI without disclosure most holders noticed Goldman Sachs files a Bitcoin Premium Income ETF. What Goldman's entry means for the Wall Street institutional snowball, on the heels of Morgan Stanley's MSBT launch and BlackRock's continued dominance Kevin Warsh's crypto portfolio disclosure. What the incoming Fed chair's 30+ crypto investments signal for monetary policy, rate cuts, and tokenization Justin Sun sues the Trump family. The World Liberty Financial lawsuit and what it reveals about the ongoing stigma around digital assets Allbirds pivots to AI, stock jumps 800%. Why equity markets have detached from fundamentals and what it means for sound money Record consumer pessimism hits 2008 levels. 54% of Americans say their financial situation is worse than a year ago, with inflation expectations climbing to 4.8% — the silent case for holding spot bitcoin Single Point of Failure of the Week. A fake Ledger Live app on Apple's App Store drained $9.5 million from 50+ victims in a single week Key takeaway The monetization phase of bitcoin only happens once. Financial engineering on top of an unsettled foundation is historically a recipe for disaster. Spot bitcoin, self-custodied or held through multi-institution custody, remains the cleanest expression of the thesis.

Morgan Stanley Just Ended the Bitcoin Bear Market

In this week's episode of The Last Trade, hosts Jackson Mikalic, Michael Tanguma, and Brian Cubellis unpack the most bullish Bitcoin signal of 2026: Morgan Stanley's spot Bitcoin ETF launch at 14 basis points — undercutting BlackRock's iBit and targeting a $10 trillion wealth management platform. With Schwab announcing its own spot Bitcoin and Ethereum trading rollout for the first half of the year, the Wall Street Wave is no longer theoretical. The institutions aren't coming. They're here. What's Covered in This Episode The Wall Street Wave: Morgan Stanley vs. BlackRock Morgan Stanley's Bitcoin ETF launch represents the first bank-tied spot Bitcoin ETF and signals a structural shift in how Wall Street is positioning around the asset. Bloomberg's Eric Balchunas projects $5 billion in Year 1 AUM — and Brian Cubellis argues that number could be conservative. The crew discusses why no major institution launches a Bitcoin product after a 40-50% drawdown unless they see exactly where this is going. The Genius Act and FDIC Implementation The FDIC officially released its Genius Act implementation guidelines, covering bank licensing, anti-money-laundering requirements, and stablecoin reserve rules. Combined with Jamie Dimon's recent warning that JPMorgan must move faster on tokenization or risk being "Blockbustered," the regulatory clarity is unlocking banks that have been quietly running R&D for years. The Chart That Destroys the ZIRP Bitcoin Thesis Brian breaks down a Blockware chart showing Bitcoin ran 175% — from $31,000 to $87,000 — during the most aggressive Federal Reserve tightening cycle on record (May 2022 to December 2025). The chart ends the long-running TradFi argument that Bitcoin is a zero-interest-rate phenomenon. With liquidity now turning back toward expansion, the implications are significant. The $40M DoorDash Wrench Attack Ring A Tennessee crime ring was just busted for orchestrating physical attacks on Bitcoin holders across California. The attackers hacked DoorDash and Uber Eats accounts to locate victims, posed as delivery drivers, and used voice-modulated remote operators to drain wallets. Physical attacks on Bitcoin holders are up 75% in 2025, with confirmed losses topping $40 million. The crew discusses why this is fundamentally a custody market structure problem — and why security that scales with the stakes has never mattered more. Anthropic's Project Glasswing and the Quantum FUD Psyop Anthropic's new model has been one-shotting software vulnerabilities that have existed for decades, prompting the company to gate its release through Project Glasswing. Michael makes the case that the loudest voices pushing quantum computing fear about Bitcoin are crypto insiders front-running their own existential risk — staking contracts, multisig smart contracts, and bridges are vastly more vulnerable to AI-driven attacks than Bitcoin's UTXO model. Capital Flows East: Stablecoins, Oil, and the Yuan Toll The crew discusses reports that ships moving oil through key chokepoints are now being settled in Yuan and digital currencies — and why the implementation of stablecoin rails for real-world commodity settlement will reshape perceptions of digital money's utility. Key Takeaways Morgan Stanley's 14 bps Bitcoin ETF is the most significant Wall Street signal of the cycle The FDIC's Genius Act implementation unlocks the next wave of bank participation in digital assets Bitcoin's 175% run during quantitative tightening invalidates the ZIRP Bitcoin thesis Physical attacks on self-custody holders are accelerating, exposing a custody market structure gap The real near-term threat to crypto isn't quantum computing — it's AI-driven vulnerability discovery Multi-Institution Custody is the bridge between exchange and ETF dependency and self-sovereign Bitcoin ownership

Warren Buffett Just Admitted What Bitcoiners Already Know

Google's quantum AI lab dropped a new paper and the panic merchants are back on schedule. The crew separates the theoretical from the existential, flags the incentive structures behind the loudest voices, and explains why bitcoin's conservative development ethos is a feature, not a bug. From there, the conversation shifts to the Strait of Hormuz and the JP Morgan supply map showing US deliverables running dry by mid-April. Oracle cuts 30,000 employees in a single morning email and the stock rallies. Six of the Mag Seven are already in bear markets while the index pretends everything is fine. And then Warren Buffett says what bitcoiners have been saying for years: the Fed's inflation target should be zero. Ground beef is up nearly 100% since 2019. The compounding works both ways.

They Need an Excuse to Print — And They Just Found One

Four weeks into the Iran conflict and the system is cracking. Inflation expectations are reversing, private credit funds are gating withdrawals, and the Philippines just declared a national energy emergency. The Fed is boxed in — can't cut, shouldn't hike, and the excuse to print is writing itself. Meanwhile, Morgan Stanley is about to launch a Bitcoin ETF that will force active solicitation over latent demand, Fidelity says fiduciaries at zero need a reason they don't have, and Bybit's proof of reserves exposes why snapshots aren't security. The crew makes the case that the big print is coming — and Bitcoin is the exit.

42% of American Jobs Just Got a Death Sentence — Here's What Comes Next

AI is coming for 42% of U.S. jobs, the Strait of Hormuz is putting 20M barrels a day at risk — 7x the scale of the Russia-Ukraine oil shock — and PPI just came in hot before oil prices are even reflected. The Fed can't raise, can't cut, and stagflation is setting in. Meanwhile, Wyoming is stashing physical gold in state reserves, the SEC just declared most digital assets aren't securities, and North Korea hit Bitrefill while physical attacks on Bitcoiners are running at 2x last year's pace. The crew goes deep on why this Middle East crisis is structurally worse than 2022, how the U.S. strategic petroleum reserve is already depleted, the case for states accumulating sovereign hard money reserves, why ETF inflows resuming after a five-session streak matters for market structure, the counterparty risk embedded in Strategy's growing BTC stockpile, and why the SEC/CFTC guidance is both bullish for Bitcoin's price and bearish for humanity. Plus — Signal or Noise returns, and Jackson makes the case that you should stop banking on Bitcoin to save you.

$120 Oil, Gold Trapped, Drone Wars, Credit Cracks — Bitcoin Won't Stop

Jackson, Brian, and Michael break down the escalating Middle East conflict and its ripple effects across oil, gold, and Bitcoin markets. The episode covers oil's spike to $120 per barrel, why physical gold is trapped at a discount in Dubai while Bitcoin thrives as a portable risk-off asset, and Bitcoin reaching its 20 million supply milestone. The hosts debut their new Signal or Noise segment, discussing NASDAQ and Kraken's tokenized equity partnership, cracks emerging in private credit funds like Cliffwater and Blue Owl, and the IRS's controversial new crypto audit form. The episode closes with Last Takes on asymmetric drone warfare, Bitcoin environmental misinformation, and the importance of first-principles thinking.

AI Expert On The Multi-Trillion Dollar Economy Nobody Sees Coming

James Camp, co-founder of APFX and AI expert, joins The Last Trade to discuss the emerging multi-trillion dollar economy being quietly built at the intersection of artificial intelligence and Bitcoin. The conversation explores how AI agents are increasingly using Bitcoin as a payment rail and unit of account, the macro dynamics that make this transition inevitable, and why traditional finance completely misses the magnitude of this shift. James shares his personal Bitcoin journey across multiple cycles and explains why he remains aggressively long despite price volatility. The episode also covers the limits of AI in real-world transactional contexts and why Bitcoin's role as savings technology is the foundation for everything else.

Jane Street's Secret Plot to Kill Bitcoin

Jackson Mikalic, Michael Tanguma, and guest Liam Nelson break down the viral Jane Street expose, examining allegations that the trading firm was running an ETF options arbitrage strategy that suppressed Bitcoin's price. The group traces the backstory through the Terra/UST algorithmic stablecoin collapse of 2022, exploring how intertwined positions may have created sustained downward pressure on Bitcoin markets. They discuss the broader implications for Bitcoin market structure, who truly controls price in a derivatives-heavy environment, and why individual self-custody remains the most reliable protection against institutional bad actors.

Bitcoin Is 'Dead' Again — That's When You Buy | Checkmate

On-chain analyst James Check, also known as Checkmate, returns to The Last Trade as Bitcoin falls from its all-time high near K to the mid-,000 range, a move that has rattled many investors. James brings his data-driven approach, walking through the on-chain metrics, key price thresholds, and market structure indicators that help separate noise from signal during Bitcoin drawdowns. The conversation examines what long-term holders are doing, why the Bitcoin is dead narrative resurfaces at every cycle bottom, and the specific on-chain levels that historically mark turning points. James and the hosts discuss why drawdowns are precisely when conviction matters most and how to interpret current data objectively.

Bloomberg Analyst: Everyone Says Bitcoin Is Dead — Here's Why They're Wrong

Bloomberg Senior ETF Analyst Eric Balchunas makes his second appearance on The Last Trade at a moment when Bitcoin has pulled back sharply from its all-time highs and bearish narratives are dominating headlines. Eric brings a data-focused perspective to counter the Bitcoin is dead chorus, explaining what ETF flow data and institutional behavior actually show during periods of price weakness. The conversation covers how the current pullback compares to historical Bitcoin corrections, why institutional buyers behave differently from retail during drawdowns, and what Bloomberg terminal data reveals about genuine demand. Eric and the hosts make the case that capitulation and despair historically mark the best entry points for long-term Bitcoin holders.

Gold Is Running Ahead — Bitcoin Is Next (The Great Rotation Explained)

Macro investor Mel Mattison returns to explain why gold and silver are surging while Bitcoin consolidates, attributing the divergence to momentum traders chasing precious metals and the collapse of key crypto bull-case narratives like the Clarity Act. Mattison outlines his diversified portfolio thesis anchored in non-USD-denominated assets including emerging market equities, gold, silver, and Bitcoin, arguing that the structural debt problems of developed nations make hard assets essential. The conversation examines how the failure of stablecoin and crypto legislation reflects banking cartel resistance to disintermediation, and why sovereign bond demand collapse will ultimately force Federal Reserve balance sheet expansion. Mattison remains long-term bullish on Bitcoin and believes the rotation from precious metals back into Bitcoin is a matter of when, not if.

Davos Dispatch: Sovereign Debt, Gold, & the Case for Bitcoin

This Davos dispatch episode examines Bitcoin's recent underperformance against gold and argues that gold's massive rally actually validates the thesis for Bitcoin as superior sound money. The hosts discuss how central banks and sovereigns are driving gold demand due to fiat currency debasement concerns, while most people still don't understand Bitcoin's fundamental value proposition as digital gold with superior properties.

Morgan Stanley & Bank of America Signal a New Bitcoin Era

This episode analyzes the major institutional Bitcoin adoption signals from Morgan Stanley filing for their own Bitcoin ETF and Bank of America activating Bitcoin access for 15,000 wealth advisors with 1-4% portfolio recommendations. The discussion explores why these developments represent significant institutional validation beyond typical headline news, examining the competitive dynamics and client demand driving traditional financial institutions to offer Bitcoin products.

2025 Recap w/ Matt Odell: Gold's Run, DAT Reckoning, Quantum FUD + 2026 Predictions

Bitcoin OG and podcast host Matt Odell joins The Last Trade for a wide-ranging 2025 year-end review, recorded during the holiday week. The discussion covers gold's stunning run to all-time highs and what it signals for Bitcoin, the so-called DAT reckoning narrative that rattled markets, and the quantum computing FUD that briefly disrupted Bitcoin sentiment. Matt and the hosts reflect on the biggest events of 2025, debunk recurring bearish narratives, and share their outlook and predictions for where Bitcoin is headed in 2026. The episode also touches on OG Bitcoin holders, on-chain dynamics, and the broader macro environment entering the new year.

Why Saving Died, Markets Became Casinos, & Young People Are Trapped | Jeff Deist

Jeff Deist, general counsel at Monetary Metals and former president of the Mises Institute and chief of staff to Ron Paul, joins Jackson Mikalic, Brian Cubellis, and Michael Tanguma to explore why the culture of saving has collapsed in the modern fiat era. Jeff traces his intellectual path from reading Hayek and Ayn Rand to working for Ron Paul to leading the Mises Institute through the post-2020 insanity, explaining how central bank money printing has systematically dismantled incentives to save and transformed markets into speculative casinos. The conversation examines why younger generations are trapped by asset inflation, unaffordable housing, and a monetary system that punishes savers and rewards leverage. Jeff makes the Austrian economics case for sound money and Bitcoin as the only credible long-run remedy to a system that has structurally broken the ability of ordinary people to accumulate real wealth.

Tad Smith: The Fed Pivot & AI Forces Driving Bitcoin’s New Regime

Tad Smith returns to The Last Trade alongside Jackson Mikalic, Brian Cubellis, and Liam Nelson to assess Bitcoin's underperformance relative to expectations in 2025 and what comes next. Tad reflects on how Bitcoin's unique ability to frustrate its investors is actually part of its design, and that the Trump-era boom created pull-forward expectations that have now reset. The discussion pivots to why the Fed pivot and AI-driven capital flows are creating a new regime for Bitcoin that most investors are still not positioned for. Tad closes with a call to action for anyone sitting on the sidelines, urging optimism and engagement rather than fear as the next leg of adoption approaches.

Mark Yusko: Everyone Says the Cycle Is Dead — Here’s Why They’re Wrong

Mark Yusko discusses why Bitcoin market cycles remain relevant despite 2024's unexpected price movements from $71K to $92K without a typical euphoric blowoff top. He explains the impact of Bitcoin futures on market structure and shares insights on crypto winter patterns and institutional market manipulation.

Former Blackstone Partner: The Reset Already Started — And Washington Knows It

In this Thanksgiving episode, David Thayer joins Jackson Mikalic, Brian Cubellis, and Michael Tanguma to assess Bitcoin's ~$87K dip in context of long-term conviction. The conversation spans the AI national security race and the notion that the US cannot afford to lose it — with Brian drawing parallels to the government backstopping AI spend regardless of ROI. Jackson surfaces the supplementary leverage ratio (SLR) mechanics and how forcing banks to buy Treasuries, alongside stablecoins via the GENIUS Act, are tools to extend dollar hegemony. David and the crew debate whether Kevin Hassett (a Bitcoin-friendly economist) as Fed chair front-runner signals Washington's alignment with the monetary reset thesis. The group examines Texas's initial $5M Bitcoin allocation at $87K via ETF, discusses Tucker Carlson's entry into gold, and closes with a sharp debate on Bitcoin treasury companies and JP Morgan's new iBit structured product, with Thanksgiving reflections on participating in a monetary revolution.

Max Fear. Max Opportunity. The Bitcoin Bull Market Starts Now.

With Bitcoin back at $87K and sentiment at FTX-crash lows, the OnRamp team makes the case that the current drawdown represents maximum fear and maximum opportunity. Brian Cubellis argues that short-term holder capitulation and technical analysis anchoring are driving the negative sentiment, while the fundamental thesis for Bitcoin as a neutral reserve asset has only strengthened throughout 2025, evidenced by Abu Dhabi's ETF position expansion, university endowment allocations, and continued TradFi infrastructure buildout. The hosts examine why gold has dramatically outperformed Bitcoin year-to-date, pointing to real interest rate sensitivity and genuine sovereign accumulation of gold versus delayed sovereign Bitcoin adoption. They conclude that macro liquidity conditions are set to improve significantly, Wall Street remains largely on the sidelines, and Bitcoin is positioned to substantially outperform gold in 2026.

Global Liquidity Just Bottomed — Mel Mattison Says Bitcoin Will Rip Next

Writer, investor, and fintech executive Mel Mattison joins The Last Trade to make a bold bull case for Bitcoin, arguing that global liquidity has bottomed and a 50%+ move is likely within four to six months as fiscal stimulus floods the system. Mattison draws parallels between today's K-shaped economy and the 1950s — a decade with 21% peak inflation, mass deportations, and massive government spending that still delivered 20%+ annualized S&P returns — arguing that doom-and-gloom narratives routinely miss the forest for the trees. He frames gold and Bitcoin as the world's premier monetary sponges, assets that absorb excess liquidity without impacting the real economy, and warns that the social security trust fund inflection point around 2027 could mark the end of the current bull run. The conversation also covers Mattison's deep skepticism of MicroStrategy-style treasury companies, the gold vs. Bitcoin debate, and why Morgan Stanley financial advisors are poised to become the next wave of Bitcoin buyers.

100,000 Tech Layoffs This Week: Why Bitcoin Is Your Only Escape | Zuby

Zuby Udezue, independent rapper, author, and Bitcoin advocate, joins the show to share his journey from Oxford computer science graduate to outspoken voice for economic liberty and Bitcoin. The conversation explores the surge in tech layoffs and what it signals about the fragility of traditional employment and finance. Zuby and the hosts discuss why Bitcoin represents genuine financial sovereignty, how government monetary policy erodes personal wealth, and the cultural and philosophical case for opting out of the fiat system. The episode covers his path to Bitcoin, his views on censorship resistance, and practical steps listeners can take to protect their financial futures.

Liquidity Flood Incoming: Bitcoin’s About to Explode

This episode analyzes how improving liquidity conditions and the potential end of Federal Reserve quantitative tightening could drive Bitcoin prices higher in 2026. The hosts discuss the debasement trade gaining mainstream adoption and explore Bitcoin inheritance planning strategies with guest Gustavo Flores from AO.

Gold Is Pumping, Bitcoin Is Next — Inside the Debasement Trade with James Check

On-chain analyst James Check (Checkmate) of Checkonchain joins The Last Trade to assess Bitcoin's market structure as gold hits $4,300 and Bitcoin consolidates near $108K, warning that the gap between current prices and the critical $95K support — where 62% of all invested Bitcoin wealth sits — is uncomfortably thin. Check delivers a sharp autopsy of Bitcoin treasury companies, arguing that MNAV always gravitates toward one, that most of these vehicles have destroyed retail capital while offering no operating business, and that only Strategy has a defensible product (its own stock and preferred shares as financial instruments). The conversation digs into the debasement trade thesis, with Check framing gold and Bitcoin as the world's last functioning smoke alarms — gold as the slow-moving signal of sovereign stress, Bitcoin as the fast-moving indicator of local liquidity conditions. Check and the hosts also debate altcoin dominance, the euphoric phase still ahead for Bitcoin, and why on-chain data reveals the true scale of spot selling pressure that has kept this cycle's price action frustratingly sideways.

Wall Street Joins the Sound Money Renaissance

With Jackson Mikalic away for a family emergency, Brian Cubellis hosts alongside Michael Tanguma, Liam Nelson, and Cam Strowme, head of private wealth at OnRamp, to unpack Wall Street's accelerating embrace of the debasement trade. Gold has crossed $4,000 and Bitcoin is hitting new all-time highs near $125,000, and the team examines the signal from Morgan Stanley, Bank of America, and other institutions increasingly recommending gold and Bitcoin as reserve diversification tools. The episode features a discussion of recent media clips showing traditional finance figures publicly validating Bitcoin's monetary properties on mainstream outlets, and explores what it means now that both gold and Bitcoin are running in tandem as the sound money renaissance takes hold. Cam shares insights from OnRamp's private wealth client base on how the conversation with high-net-worth investors is shifting.

The Great Wealth Divide: Why Bitcoin & Gold Are Replacing Bonds

Tyler Neville joins to discuss the generational wealth divide caused by monetary policies since 2008 and explains why scarce assets like Bitcoin and gold are replacing traditional bonds in portfolios. The conversation covers the AI productivity shock's potential impact on labor and financial markets, plus growing institutional appetite for Bitcoin treasury companies and direct Bitcoin investment.

The Sovereign Shift: Bitcoin, Gold, & Nation-State Game Theory

Blake Killian, newly appointed Chief Marketing Officer at OnRamp, joins Jackson Mikalic, Michael Tanguma, and Brian Cubellis for his first appearance on The Last Trade. The discussion begins with Blake's background spanning over 20 years in digital strategy and media, his Bitcoin orange-pilling journey starting in 2020, and his vision for closing the messaging and clarity gap that holds Bitcoin adoption back from the mainstream. The team then pivots to nation-state Bitcoin adoption and the shifting sovereign game theory, examining data from the Bitcoin Policy Institute showing one in six nations already holds Bitcoin exposure through mining, reserves, or legislative proposals. Brian highlights that this sovereign accumulation is not yet priced into Bitcoin and represents a fundamental repricing catalyst as countries recognize gold and Bitcoin as the only neutral reserve assets.

Jeff Booth: Bitcoin Is Repricing the Entire World

Jeff Booth explains how Bitcoin is fundamentally repricing the global economy as we transition from a debt-based fiat system to a deflationary free market driven by technology. He discusses why individuals and businesses need Bitcoin for survival, analyzes the unsustainable $650 trillion global debt burden, and explores how AI and productivity advances are accelerating this monetary paradigm shift. Booth argues that true free markets are naturally deflationary and that Bitcoin represents the only path to economic abundance.

Monetary Reset Is Here: Bitcoin, Gold & the End of the Fed?

This episode explores the ongoing monetary reset with Treasury Secretary Scott Bessant criticizing Federal Reserve policies and their impact on Bitcoin and gold markets. The discussion covers how quantitative easing has distorted price signals, favored asset owners, and created regime uncertainty around inflation. The hosts analyze Bitcoin custody security concerns and recommend strategic allocation between Bitcoin and gold as protection against dollar devaluation.

The Sound Money Supercycle: Gold & Bitcoin vs. the Dollar

Jesse Kobernick returns to The Last Trade to examine the sound money supercycle playing out across gold and Bitcoin markets as both assets outpace the dollar simultaneously. The episode covers the structural divergence between Bitcoin treasury company equity prices and Bitcoin's spot price, why MicroStrategy and peers have underperformed Bitcoin year-to-date despite bullish sentiment, and the risks inherent in leveraged proxy Bitcoin exposure. The team explores the nation-state adoption acceleration documented by the Bitcoin Policy Institute showing 32 countries with Bitcoin exposure, and how sovereign game theory is reshaping reserve asset diversification away from US Treasury debt. Brian Cubellis frames the macro backdrop as a historic debasement trade where gold and Bitcoin are the only two neutral reserve assets in the world.

The 100-Year Reset with Luke Gromen: Gold, Bitcoin, and Fiat’s Demise

Luke Gromen, founder of FFTT macro research, joins Jackson Mikalic, Brian Cubellis, and Michael Tanguma to explain why gold and Bitcoin's simultaneous all-time high performance signals a 100-year monetary reset is underway. Luke argues that virtually every macro outcome — rate cuts, rate hikes, trade deals, war, or peace — is bullish for gold, and increasingly for Bitcoin as well. The conversation explores the structural collapse of fiat, growing sovereign debt crises across the G7, and why Bitcoin is increasingly being recognized as the logical reserve asset for a post-dollar world order. Luke shares his framework for understanding how this transition unfolds over the coming decade and why the window for positioning is narrowing.

The Big Red Button That’s Destroying Your Future

Joe Bryan, creator of the monetary education series "What's the Problem," joins Jackson Mikalic, Brian Cubellis, and Liam Nelson to trace his journey from derivatives trading at Goldman Sachs and Morgan Stanley to becoming a full-time Bitcoin educator. Joe explains the big red button metaphor — how governments repeatedly resort to deficit spending and money creation, destroying the purchasing power of savers and young people over time. He walks through his framework for understanding inflation as a policy choice rather than a natural phenomenon, and why Bitcoin's fixed supply is the only credible remedy. The episode serves as both a primer on monetary dysfunction and a compelling case for why financial education around Bitcoin matters now more than ever.

Trump Opens the Floodgates: 401K Bitcoin Supercycle

In a rare three-host episode, Jackson Mikalic, Brian Cubellis, and Michael Tanguma discuss the rumored Trump executive order that would open 401k accounts to Bitcoin ETF exposure, unlocking access to an estimated $10 trillion in retirement savings. The hosts analyze what mandatory Bitcoin access in retirement accounts would mean for institutional flows, price discovery, and the acceleration of mainstream Bitcoin adoption among people who have never actively chosen to buy Bitcoin themselves. Michael delivers characteristically spicy takes on why the financialization of Bitcoin in retirement vehicles is both an enormous opportunity and a potential long-term risk to Bitcoin's monetary integrity. The episode captures the candid internal perspective of the OnRamp team on a policy development that could fundamentally reshape Bitcoin demand dynamics.

Bitcoin’s Wall Street Takeover: ETFs, BlackRock & The New Era with Eric Balchunas

Bloomberg Senior ETF Analyst Eric Balchunas joins The Last Trade for an in-depth discussion on Bitcoin's historic Wall Street takeover through the ETF wrapper. Eric explains how IBIT became the 20th largest ETF in the country in record time, what makes the demand dynamics for Bitcoin ETFs unique compared to other commodity ETFs, and how BlackRock's endorsement has functionally legitimized Bitcoin for traditional finance. The conversation covers Eric's background at Bloomberg, the analysis he produces on ETF flows and AUM, and what the data says about who is buying Bitcoin ETFs and why the pace of adoption continues to surprise even veteran ETF analysts.

The Strategic Bitcoin Reserve Playbook: Inside BPI’s Toolkit for Sovereign Adoption

Zach Shapiro (head of policy) and Zach Cohen of the Bitcoin Policy Institute join The Last Trade to unveil their open-source strategic Bitcoin reserve toolkit—a modular legislative framework designed to help US states adopt Bitcoin as a sovereign reserve asset the right way. The toolkit emerged after BPI reviewed 32 state-level Bitcoin reserve bills from 26 states and found them uniformly inadequate: too short, including altcoins or precious metals, and structured without proper funding mechanisms. The BPI framework offers three primary implementation paths—standalone self-custodied SBRs, integration into existing pension and investment accounts, and custodied hybrid models—along with ancillary tools like bit bonds and qualified custodian definitions. The episode explores why states face greater urgency than the federal government in adopting Bitcoin reserves, how Michael Saylor's outreach catalyzed the project, and what makes this open-source legislation a genuine improvement over existing efforts.

Former Blackstone Partner: ALL-IN on Bitcoin's Monetary Revolution

David Thayer, recently retired from Blackstone and involved with OnRamp, joins Jackson Mikalic, Brian Cubellis, and Michael Tanguma to discuss the current state of Bitcoin at approximately $110,000. The crew breaks down why institutional adoption remains low (1-3%) even as BlackRock's iBit ETF now generates more revenue than their S&P 500 fund, and what Rick Edelman's 10-40% allocation recommendation signals about the shifting Overton window for Bitcoin. David and Brian analyze equity market concentration, why Paul Tudor Jones and Philippe Laffont's recent Bitcoin endorsements matter, and whether gold has outperformed the S&P 500 since 2020. The conversation turns to a sharp debate on Bitcoin treasury companies, with Brian and Michael warning that many copycat DAT vehicles expose retail to equity and management risks that are antithetical to simply saving in Bitcoin, wrapping up with Independence Day reflections on Bitcoin as a third party and monetary declaration of independence.

MetaPlanet, Bond Chaos, and Bitcoin’s Ascent with Mark Yusko

On the 100th episode of The Last Trade, Mark Yusko of Morgan Creek Capital joins to unpack the MetaPlanet story, explaining why Japan's unique tax arbitrage — 52% on directly held Bitcoin versus 20% inside a corporate wrapper — gave MetaPlanet and CEO Simon Gerovich a structural advantage unavailable to US-based Bitcoin treasury companies. Yusko draws parallels between Gerovich and Michael Saylor, arguing that charismatic, visionary leadership is the common thread behind every great Bitcoin treasury company, and that size eventually becomes the enemy of alpha for large institutional managers reluctant to allocate to non-consensus assets. The conversation broadens into Bitcoin's long-term price thesis, with Yusko predicting Bitcoin will reach $1 million by September 2029, driven by each halving cycle adding a zero to the price, and framing Bitcoin as digital gold destined to absorb the monetary premium currently embedded in gold, real estate, and bonds. Yusko also discusses stablecoins as a necessary payment rail bridge to a Bitcoin-native financial system, the importance of self-custody, and emerging investment opportunities in photonic computing and in-memory processing as AI infrastructure plays.

Back Above $100K: The Great Bitcoin Awakening Has Begun

As Bitcoin reclaims the ,000 level, Robert Breedlove and Bram Kanstein join The Last Trade for a wide-ranging conversation about the deeper forces driving Bitcoin's resurgence. Robert shares his philosophical framework on how Bitcoin restores constitutional balance by defunding the federal state's money printing, drawing parallels between Bitcoin and the founding ideals of American decentralization. Bram discusses the growing cultural adoption and grassroots enthusiasm he sees in daily conversations. The episode explores why this price milestone represents more than just a number, the breakdown of traditional financial systems, and why Bitcoin is becoming the savings technology of choice for a new generation of freedom-minded individuals.

Why This Wall Street CEO Says Bitcoin’s Price Isn’t Nearly High Enough

Tad Smith, a Wall Street CEO and strong proponent of the global liquidity framework, joins The Last Trade on May 1st to explain why Bitcoin's current price remains dramatically undervalued given the macro environment. Tad argues that the six-to-eight week surge in global liquidity—telegraphed by gold's historic run to $3,500—is now flowing into Bitcoin, which he views as the definitive lagging liquidity-sensitive asset poised for a major repricing. He contrasts Bitcoin's April performance (up 12%) favorably against a flat NASDAQ, noting that Bitcoin's immunity to tariff uncertainty and economic cycle sensitivity made it a standout asset during a month of extraordinary market stress. The episode covers the liquidity philosophy of analysts like Michael Howell and Raoul Pal, why the chop consolidation of late 2024 mirrors past pre-breakout patterns, and why Bitcoin is now the clearest expression of the global sound money trade.

Still Early: Bitcoin’s Mispricing, ETF Flows, & the Quiet Race to Accumulate

Jackson Mikalic, Brian Cubellis, Michael Tanguma, and Tim Kotzman are joined by Bram Kanstein to break down the publicly available data pointing to Bitcoin's continued undervaluation despite recent price consolidation. The crew examines ETF flow dynamics, the quiet institutional accumulation happening beneath the surface, and why retail has not yet arrived. Bram articulates the asymmetric opportunity thesis—that anyone paying attention to on-chain and macro signals can see Bitcoin is still early and significantly mispriced relative to its potential. The episode closes with a discussion of how Bitcoin's superior monetary properties compare to gold and why capital flows must follow a natural progression.

The Great Reset Is Underway: Trade War, Treasury Risk, & Bitcoin's Ascent

Peruvian Bull joins Jackson Mikalic, Brian Cubellis, Michael Tanguma, and Tim Kotzman fresh off an international trip to discuss the escalating trade war and its consequences for Treasury markets and global capital flows. The crew notes that despite the tariff chaos, Bitcoin and risk assets have essentially round-tripped, with PB arguing this resilience confirms Bitcoin's maturing role as a strategic asset. The conversation covers MetaPlanet's aggressive Bitcoin accumulation in Japan, nation-state adoption spreading across Asia and Latin America, and why the macro conditions for Bitcoin's ascent — debt, debasement, and dedollarization — are accelerating simultaneously. The group agrees that the great reset is no longer a forecast but an active process playing out in real time.

BlackRock, Trump, and the Great Bitcoin Repricing

The Last Trade team is joined by Liam Nelson of Early Riders to analyze a pivotal week where BlackRock's Larry Fink flagged US debt as a systemic risk to the dollar, the Trump administration sent continued pro-Bitcoin signals, and Bitcoin appeared massively mispriced relative to global liquidity conditions. The discussion examines Bitcoin's 10-week correlation with M2 money supply, gold's run to all-time highs as a leading indicator, and the macro setup pointing to a significant repricing for Bitcoin. The hosts also debate the relationship between gold and Bitcoin in the current debasement trade and share their views on the timeline for Bitcoin's next major move.

Meme Meets Macro: GameStop Eyes a Bitcoin Treasury Strategy

The Last Trade team reacts to GameStop's board-approved Bitcoin treasury strategy, analyzing the implications of Ryan Cohen potentially deploying $4.6 billion in cash to accumulate roughly 50,000 Bitcoin. The hosts debate whether GameStop represents a serious corporate adopter or a meme-driven distraction, ultimately concluding that if executed, it would be fundamentally different from the original 2021 short squeeze with price appreciation driven by real Bitcoin accumulation rather than speculative momentum. The conversation broadens to cover MicroStrategy surpassing 500,000 Bitcoin on its balance sheet, Eric Trump joining MetaPlanet's strategic advisory board, and the explosion of stablecoin announcements from firms like Fidelity and Custodia. Against a backdrop of tariff uncertainty heading into April 2nd, dollar debasement data, and buy-now-pay-later for fast food as a signal of financial nihilism, the team remains firmly bullish on Bitcoin as the only rational long-term store of value.

The U.S. Just Kicked Off the Bitcoin Gold Rush—Here’s What It Means

The OnRamp team is joined by Tim Kotzman to analyze the aftermath of Trump's executive order establishing a strategic Bitcoin reserve and what it means for Bitcoin's price trajectory near $80,000. The episode examines the executive order's scope and limitations, what the White House working group's preliminary report signals about the administration's long-term Bitcoin strategy, and why the market's muted initial reaction may be misreading the structural significance of sovereign Bitcoin accumulation. The hosts debate whether the U.S. government stacking Bitcoin creates a gold rush dynamic for other nation-states that must now compete or fall behind in the emerging monetary arms race. Tim provides context on how corporate and government Bitcoin adoption cycles are converging into a single momentum-building supercycle.

Everything’s Bigger in Texas: Front Running the U.S. SBR with Lee Bratcher of TBC

Lee Bratcher, founder and president of the Texas Blockchain Council, joins The Last Trade to detail Texas's push to establish a state-level strategic Bitcoin reserve and the broader legislative landscape protecting Bitcoin rights. The conversation covers specific bills moving through the Texas legislature on self-custody, mining rights, and strategic reserve accumulation, and how Texas's actions pressure other states and the federal government to act. Lee explains the strategic rationale for states front-running the US federal strategic Bitcoin reserve, the geopolitical implications of sovereign Bitcoin accumulation, and why Texas is uniquely positioned as a Bitcoin-friendly jurisdiction. The episode also examines the volatile macro backdrop of tariff uncertainty and its implications for Bitcoin's price.

The Last Trade E002: Gold, bitcoin, and the Fed with Larry Lepard

The Last Trade E004: The Dollar is Losing it's Reserve Status with Parker Lewis

The Last Trade E015: Bitcoin + NOSTR + AI: Utility Beyond Digital Gold with Max Webster

The Last Trade E024: Market Forces & Fed Reactions with Nik Bhatia

The Last Trade E026: Mining for Talent in Bitcoin with Andy Thompson

The Last Trade E033: Wall Street's Bitcoin Blindspot with Larry Lepard & David Foley

Recorded on the first day of Bitcoin ETF trading, Brian Cubellis hosts Larry Lepard and David Foley for a landmark episode of The Last Trade. The conversation opens with a bold assessment that Galaxy Digital's $13-40B ETF inflow forecast over three years is far too conservative given the scale of RIA capital that can now access Bitcoin with a single click. Larry and David argue that Wall Street has a structural blindspot around Bitcoin's supply dynamics — with 70% of coins held by long-term holders, the effective tradable float is far smaller than the headline market cap suggests. The episode covers sovereign wealth fund FOMO, the macro backdrop of monetary plumbing under stress, and why this ETF approval could mark the crossing-the-chasm moment for Bitcoin's mainstream adoption.

The Last Trade E036: Beyond the Fiscal Facade with Gary Brode

Gary Brode returns to The Last Trade with Brian Cubellis to challenge the rosy economic narrative being promoted on mainstream financial media. Gary systematically deconstructs the optimistic macro talking points — GDP beats, all-time high equities, falling gas prices — and reveals the fiscal and monetary fragilities hidden beneath the surface. He argues that fiscal dominance, unsustainable debt servicing costs, and a Fed trapped between inflation and a bond market disaster make the current economic facade increasingly difficult to maintain. Gary makes the case that Bitcoin and gold are already pricing in the coming reckoning, and that institutional investors who ignore this signal will be caught flat-footed when the facade finally cracks.

The Last Trade E037: The Pensions Have Arrived with Sam Roberts & Glenn Cameron

Brian Cubellis and Jesse Meyers broadcast live from Texas while Michael Tanguma joins from London alongside Cartwright's Glenn Cameron and CIO Sam Roberts for a landmark episode on pension fund Bitcoin adoption. Sam shares his journey from actuary to Bitcoin conviction, tracing his path through Austrian economics, gold, and ultimately Bitcoin as the only asset that solves the systemic problems he identified in 2008. Glenn recounts how he joined Cartwright specifically because Sam built a firm where Bitcoin competency was a prerequisite. The episode explores how UK pension funds are navigating fiduciary duty, ESG frameworks, and trustee education to arrive at Bitcoin allocations — marking a watershed moment for institutional adoption across the pond.

The Last Trade E039: Institutionalizing Bitcoin with KPMG

Brian Cubellis, Jesse Meyers, and Michael Tanguma welcome KPMG partners Brian Consolvo and Enquan to discuss how one of the world's largest professional services firms is building serious Bitcoin infrastructure around auditing, custody verification, and ESG compliance. Brian Consolvo and Enquan share how their paths to Bitcoin conviction followed the classic arc of initial skepticism, followed by deeper investigation during the post-financial-crisis era of monetary experimentation. The conversation explores how KPMG is auditing public companies in the Bitcoin space, verifying on-chain assets, and developing the proof-of-reserves frameworks that institutional clients increasingly require. The episode makes clear that when Big Four accounting infrastructure arrives around an asset class, it signals a fundamental shift in institutional legitimacy.

The Last Trade E040: Contrarian Thinking with Allen Farrington

Allen Farrington joins the hosts of The Last Trade to deliver a contrarian take on Bitcoin's role in reshaping finance, business, and venture capital. The conversation explores how deeply misunderstood Bitcoin remains among traditional investors and why that misunderstanding represents a massive opportunity. Allen argues that Bitcoin's foundational monetary properties warp how clear thinkers approach growth, value, and building businesses. The episode covers the UAE as an emerging Bitcoin hub, the failure of fiat-era venture models, and why operators who truly understand Bitcoin will have a decisive advantage in the years ahead.

The Last Trade E042: Entering a New Paradigm with Mitch Kochman

Mitch Kochman joins The Last Trade to explore what entering a new Bitcoin paradigm actually means for investors, builders, and the broader financial system. The conversation covers MicroStrategy's explosive MSTR trade and what it reveals about leverage and Bitcoin's reflexive price dynamics, Drake and celebrity exposure to Bitcoin as a signal of broader cultural adoption, and how the ETF era is reshaping retail and institutional access to Bitcoin. Mitch brings a perspective honed from his time at BitGo and his new role at OnRamp, framing Bitcoin as the foundational unit of account that rewires how serious capital thinks about growth and value creation. The episode also tackles the absurdity of proposed mining taxes and why Bitcoin is winning the sound money argument on a global stage.

The Last Trade E043: Bitcoin Fixes This with Larry Lepard & David Thayer

Larry Lepard and David Thayer join The Last Trade for a wide-ranging conversation on how Bitcoin fixes the deep structural failures of the fiat financial system. Larry draws on his decades of experience in private equity to expose how portfolio companies are fraudulently marked up and why embedded losses in the system are vastly larger than admitted. David brings a liberty-focused perspective, arguing that Bitcoin is the essential tool for anyone serious about protecting property rights and reversing the trend of government overreach. The episode covers self-directed IRAs, the ETF as an on-ramp for new demographics, and how OnRamp's multi-institution custody model represents the next evolution for serious Bitcoin holders. Both guests close with a rallying call: Bitcoin is the rare opportunity to both protect wealth and affect positive social change.

The Last Trade E044: Bitcoin Mining’s Next Epoch with Bob Burnett

Brian Cubellis sits down with Bob Burnett, founder of Barefoot Mining, to explore the forces reshaping Bitcoin mining in the post-halving era. They dig into hash rate centralization risks, the importance of OCEAN Mining in returning block template control to individual miners, and what Swan's growing share of global hash rate means for network decentralization. Bob shares his perspective on TSMC's chip supply chain vulnerabilities, the long-term economics of mining as block rewards decrease, and why the fight for decentralized mining is inseparable from Bitcoin's long-term security.

The Last Trade E045: A Generational Reckoning with Jackson Mikalic

Brian Cubellis and Jackson Mikalic open with gold's breakout above its 2011 high and what the divergence from treasuries signals for global macro and Bitcoin. A major earthquake in Taiwan puts TSMC's semiconductor manufacturing—critical for Bitcoin ASIC chips—in the spotlight as a centralizing risk for the mining industry. The conversation covers the dangers of newly launched leveraged Bitcoin ETF products, draws parallels between Bitcoin adoption and the historic California gold rush, and reflects on Philadelphia's growing Bitcoin community following a 125-person meetup with Lynn Alden.

The Last Trade E046: Bitcoin Fixes Real Estate with Leon Wankum

Leon Wankum joins The Last Trade to make the case that Bitcoin fixes real estate by acting as pristine collateral in a monetary system long distorted by fiat inflation. Leon traces how real estate became the world's dominant store of value not because of its inherent properties, but because the Nixon shock forced capital into scarce physical assets. He walks through his vision for Bitcoin-backed real estate financing, where Bitcoin serves as additional collateral in lending structures that protect both lenders and borrowers from counterparty risk. The conversation covers the practical mechanics of integrating Bitcoin into property deals, the concept of Bitcoin urbanism, and why multi-institution custody from firms like OnRamp is the infrastructure layer needed to make this model work at scale.

The Last Trade E047: The Dollar Endgame with Peruvian Bull

Peruvian Bull joins The Last Trade fresh off the fourth Bitcoin halving to walk through his Dollar Endgame thesis in depth. He explains how Triffin's dilemma has trapped the US in an unsustainable reserve currency role, why the exorbitant privilege is becoming an exorbitant burden, and how the inevitable unwinding of dollar hegemony sets the stage for Bitcoin's ascent as neutral global money. The discussion covers the post-halving death spiral FUD, historical sound money eras and their explosive productivity, and why the coming transition to a Bitcoin standard will unlock prosperity that most people cannot yet imagine. Peruvian Bull also shares his journey from fintech private equity valuations analyst to full-time Bitcoin macro researcher and writer.

The Last Trade E048: Navigating the ETF Era with Hong Kim of Bitwise

Hong Kim of Bitwise joins The Last Trade to break down what is really happening in the Bitcoin ETF era, covering the mechanics behind record inflows, who is actually buying, and how public market liquidity access has fundamentally changed Bitcoin's trajectory. Hong argues that spot ETF approval is a historic state change comparable to the moment gold became accessible in ETF form, putting Bitcoin on an even playing field with real estate and gold for the first time. The conversation explores why Bitwise competes on Bitcoin values and ethos rather than just fees against giants like BlackRock and Fidelity, and why that approach matters for the long-term health of the ecosystem. The episode also touches on political threats to Bitcoin at the state level and why the community is better positioned to defend itself than at any prior point.

The Last Trade E049: Invert, Always Invert with Fidelity’s Chris Kuiper

Chris Kuiper of Fidelity Digital Assets returns to The Last Trade to apply the inversion mental model to Bitcoin's post-halving landscape. He walks through why trading volume is largely irrelevant noise and why the correct lens is net inflows versus available-for-sale supply, with roughly 70% of circulating Bitcoin held by long-term holders. The discussion covers the 155% 2023 bull market that traditional finance largely ignored, the surprise magnitude of ETF inflows in the weeks after approval, and why Fidelity's sustained research and education investment is a signal of their long-term conviction. The episode closes with Chris calling Bitcoin better than gold as a store of value, citing Japan's yen instability and the relentless block production as proof of Bitcoin's durability.

The Last Trade E050: Bitcoin’s Monetary Realities with Bitstein

Michael Goldstein, known as Bitstein and curator of the Satoshi Nakamoto Institute, joins The Last Trade for a deep dive into Bitcoin's monetary realities through the lens of Austrian economics. He argues that 21 million is the single most important meme in all of Bitcoin because absolute scarcity is the secret ingredient that makes every other property function correctly. The conversation ranges across the theory of money, why running a full node gives economic certainty, and how Bitcoin handles the full spectrum of trade across space, time, and scale better than any prior monetary good. Mitch Kochman also joins the episode in Michael Tanguma's absence, sharing news of his new role as Chief Revenue Officer at OnRamp and the fundraiser to redesign the Satoshi Nakamoto Institute website for a mainstream audience.

The Last Trade E053: Educational Empowerment with Paul Nylen

Paul Nylen, assistant professor of accounting at the University of Wisconsin-Whitewater and faculty director of the Blockchain and Cryptocurrency Institute, joins The Last Trade to discuss the rapidly expanding role of Bitcoin in higher education. He shares how he launched UW-Whitewater's blockchain institute after recognizing a gap in business school curriculum, and discusses the Wisconsin Pension Fund's landmark Bitcoin allocation as a sign of deepening institutional adoption. The conversation covers the challenges of building a mining initiative on campus, the importance of mentoring the next generation of Bitcoin-literate professionals, and why the current post-ETF, post-halving environment represents one of the most bullish periods in Bitcoin's history.

The Last Trade E054: Gold, Bitcoin, & Counterparty Risk with Mark Valek

Shalin Madan of Formidium joins The Last Trade to discuss the critical role of professional fund administration in the Bitcoin and digital asset space. Shalin shares his journey from hedge fund consultant to portfolio manager through the 2008 financial crisis to building Formidium as a full-service fund admin for digital asset funds. The conversation covers why counterparty risk management and proper fund infrastructure are prerequisites for serious institutional capital to enter Bitcoin, the parallels between early hedge fund of funds and today's Bitcoin fund landscape, and the growing convergence of AI and blockchain in financial services. The episode also highlights how Formidium's work directly supports OnRamp's institutional fund clients with introductions, legal infrastructure, and a full administrative suite.

The Last Trade E055: Financial Infrastructure for the Digital Age with Shalin Madan

Mark Valek, co-founder of Incrementum, joins The Last Trade to discuss how his firm built regulated funds combining gold and Bitcoin exposure, rooted in Austrian economics and a conviction that the fiat monetary system is fundamentally unsustainable. He traces his journey from post-GFC disillusionment with traditional finance to founding Incrementum in Liechtenstein in 2013, ultimately launching a regulated gold-Bitcoin blended fund in early 2020. Mark explains why Bitcoin's volatility is unlikely to converge with gold's due to structural differences, how the combination of hard assets helps traditional investors manage drawdown psychology, and why rebalancing between gold and Bitcoin is critical but behaviorally difficult. The conversation covers the broader macro thesis for overweighting real and monetary assets amid ongoing fiat debasement and geopolitical instability.

The Last Trade E056: Dollar Uncertainty & the Remedy of Bitcoin with Mark Connors

Mark Connors joins Brian Cubellis and Marty Bent to analyze dollar uncertainty and why Bitcoin stands apart from all other digital assets as the only one with genuine monetary properties. The conversation opens with a critique of the altcoin ecosystem, examining why endless token supply creation undermines price performance and why decentralization and security are non-negotiable prerequisites for a sound monetary asset. MicroStrategy's $800 million convertible note offering and its growing Bitcoin treasury are examined as a case study in institutional Bitcoin conviction. The episode explores how Bitcoin's fixed supply and permissionless nature make it uniquely fit for purpose as a reserve asset amid growing dollar instability.

The Last Trade E060: Living Through Hyperbitcoinization with Jackson Mikalic

In a solo reflection episode, Jackson Mikalic examines what hyperbitcoinization actually looks like in practice as the global financial system shows increasing fragility. The conversation centers on the August 2024 yen carry trade unwind, where the Bank of Japan's modest 25 basis point rate hike triggered catastrophic volatility across global markets, exposing the extraordinary leverage built into the fiat financial system. Jackson and co-hosts discuss how this event accelerates the case for Bitcoin as a neutral, hard-capped monetary alternative. The episode explores the two paths available to central banks—deleveraging or debasement—and why debasement is the only politically viable option, which structurally benefits Bitcoin long-term.

The Last Trade E061: The Great Deleveraging with Sam Callahan

Sam Callahan, senior Bitcoin analyst and former Swan researcher, joins Mark Connors and the OnRamp team to dissect the global macro environment following the August 2024 market turmoil triggered by Japan's rate hike. Callahan draws on Hyman Minsky's framework to explain how low-volatility environments breed the excessive leverage that eventually causes catastrophic deleveraging events. The panel explores how 24 years of zero interest rate policy in Japan created systemic fragility that a mere 25 basis points could destabilize. The conversation concludes with why Bitcoin, as a non-sovereign hard asset, is structurally positioned to benefit from continued monetary debasement as the only viable exit from over-leveraged global debt systems.

The Last Trade E063: Soft Sovereign Default with Peruvian Bull

Crypto analyst and macro commentator Peruvian Bull joins Jackson Mikalic and the OnRamp team for an in-depth analysis of Japan's unprecedented monetary experiment and its implications for global financial stability. Peruvian Bull walks through 25 years of Japanese monetary policy—from zero interest rates to yield curve control—and how these policies created the conditions for one of the largest carry trade unwinds in history. The episode examines how Japan's 263% debt-to-GDP ratio makes a conventional hiking cycle impossible, effectively trapping the country in a cycle of perpetual monetary accommodation. The panel connects Japan's predicament to the broader thesis of sovereign default via soft debasement, and why Bitcoin represents the only truly neutral, non-sovereign store of value outside this collapsing system.

The Last Trade E064: Future-Proofing Multi-Asset Portfolios with Jeroen Blokland

Jeroen Blokland, a 20-year multi-asset investment veteran and founder of the BlockLand Smart Multi-Asset Fund, joins the OnRamp team to discuss his thesis of building portfolios around scarcity—combining Bitcoin, physical gold, and quality equities. Blokland explains how his fund bridges the traditional and digital asset worlds by focusing on assets that can participate in what he calls the 'great rebalancing' of the global monetary system. He shares his early personal Bitcoin experience since 2013 and how his thinking evolved from skepticism to conviction as he studied the unique risk-adjusted return profile of Bitcoin. The conversation explores how Bitcoin's asymmetric return characteristics make it a compelling addition to conventional portfolios, even for investors who remain skeptical of a full monetary transition.

The Last Trade E066: Tracking Business Bitcoin Adoption with River's Sam Baker

Sam Baker, research analyst at River, joins The Last Trade to present his firm's landmark report on corporate Bitcoin adoption, covering the trends driving businesses to hold Bitcoin on their balance sheets. Drawing on prior experience at Citi's digital assets group and Galaxy, Sam offers an insider perspective on how large banks view Bitcoin and CBDCs as a threat to their deposit base rather than embracing Bitcoin's monetary significance. He explains the persistent brain drain of Bitcoin-literate talent from incumbent institutions to Bitcoin-native companies, and why this exodus leaves traditional finance perpetually ill-equipped to lead in the space. The episode also examines how the innovator's dilemma prevents legacy institutions from building Bitcoin-native solutions at the pace the market demands.

The Last Trade E067: The Dire Debasement Dilemma with Gary Brode

Gary Brode of Deep Knowledge Investing returns to The Last Trade seven months after his first appearance to assess the Federal Reserve's surprise 50 basis point rate cut and what it reveals about the true state of the US economy. He argues the Fed cut prematurely, as inflation remains structurally elevated well above official CPI readings, while government spending continues to paper over a deeply bifurcated economy that is thriving for asset owners and devastating for working and middle-class Americans. Gary walks through the distortions in shelter inflation data, the impact of bipartisan fiscal stimulus on GDP figures, and why the Fed's instruments are inadequate to address structural economic inequality. Bitcoin and hard assets are positioned as essential protection against the ongoing wealth transfer embedded in fiat monetary policy.

The Last Trade E068: The Millennial Monetary Migration with Bram Kanstein

Bram Kanstein, creator of the Bitcoin for Millennials podcast, joins The Last Trade to explore why millennials are uniquely positioned to understand and embrace Bitcoin as the internet-native sound money of their generation. Bram traces his own early Bitcoin discovery in 2013 through LimeWire-era internet experimentation, purchasing Bitcoin via Second Life's Linden Dollar in a multi-step workaround that previewed the convoluted early exchange ecosystem. The conversation covers his professional journey across tech media, startup marketing, and digital business building, arriving at how these experiences shaped his conviction in Bitcoin as the most important zero-to-one technology of the internet age. Jesse Myers and the hosts discuss why millennials who witnessed both the commercial internet's rise and Bitcoin's emergence are the generation best equipped to lead the sound money transition.

The Last Trade E069: A Random Walk Down the Timechain with Bob Burnett

Bob Burnett, CEO of Barefoot Mining and board member at Ocean Mining, joins the OnRamp team to walk through his unconventional argument that Bitcoin mining hardware is not 'application specific' and why this distinction matters for regulatory policy. Burnett explains his years-long skunkworks project to use Bitcoin proof-of-work to generate auditable, verifiable random numbers—demonstrating that mining hardware is far more versatile than regulators assume. The conversation covers the competitive advantages of small and medium-sized commercial miners, particularly those using stranded natural gas, versus large-scale operations that are often out of cycle by the time they come online. Burnett also shares his views on how the mining industry can better defend itself against hostile regulation by challenging the ASIC terminology that has been used as a policy weapon.

The Last Trade E070: Bitcoin is the Real Hurdle Rate with Richard Byworth

Richard Byworth, who spent 18 years in investment banking trading convertible bonds and navigating the Lehman Brothers collapse, joins The Last Trade to make the case that Bitcoin is the real hurdle rate against which all capital allocation decisions should be measured. He recounts his journey from dismissing Bitcoin on the trading floor in 2009, to buying gold in 2012 as a fiat hedge, to eventually building Diginex—a regulated crypto exchange listed on Nasdaq via SPAC—before stepping down over governance concerns and joining Seez Capital in Switzerland. Richard explains why proof-of-work Bitcoin mining was his gateway to understanding Bitcoin's fundamental differentiation from altcoins, and why the regulated DCA platform Relay may now be the largest in the world. The discussion covers Switzerland's Bitcoin ecosystem, the role of convertible bonds in corporate Bitcoin treasury strategies, and why Bitcoin's monetary properties make it the benchmark for all other investments.

The Last Trade E072: From Whitepaper to World Stage with Cam Doody & Bradley Chambers

On the 16th anniversary of Satoshi Nakamoto's Bitcoin whitepaper, Cam Doody of Brickyard and Bitcoin advisor Bradley Chambers join The Last Trade to reflect on how a nine-page document sparked a monetary revolution that now underpins a nearly $2 trillion asset. The conversation celebrates the decades of cryptographic work that preceded the whitepaper while exploring how the Bitcoin protocol's open, neutral architecture enables a spectrum of custody models—from self-custody to institutional—that are all valid and complementary. The hosts draw a striking parallel between Bitcoin's 2008 origin and the iPhone's 2007 launch, framing Bitcoin as a native currency of the internet era built to serve a generation for whom digital-first finance is the default. The episode also covers recent all-time high price action, Onramp's venture ecosystem, and what Bitcoin's growing Lindy effect signals about its permanence in the global financial fabric.

The Last Trade E073: The Orange Wave with Larry Lepard & David Foley

Larry Lepard and David Foley join the OnRamp team in the immediate aftermath of Trump's 2024 election victory to discuss what a Bitcoin-friendly administration means for the asset class and the broader monetary landscape. The panel examines how voter frustration with inflation and economic inequality—not partisan politics—drove the election result, and why neither party can truly solve the structural fiscal problems that make monetary debasement inevitable. David Foley discusses the limits of proposed spending cuts given that Medicare, Social Security, defense, and interest expense already consume most of the federal budget, while Larry Lepard argues that the loss of the long bond market is an early signal of a broader monetary reckoning. The conversation explores how Bitcoin, now the ninth largest asset globally at over $1.4 trillion, is rapidly becoming impossible for institutional investors to ignore.

The Last Trade E074: Reunderwriting America with David Thayer

David Thayer, executive advisor at Blackstone and longtime Bitcoin advocate, joins OnRamp at Bitcoin all-time highs to discuss the confluence of political, fiscal, and monetary forces driving Bitcoin's ascent. Thayer shares his experience at the historic Trump visit to Pubkey bar in September 2024, where the former and soon-to-be president completed Bitcoin's first presidential transaction. The episode examines how a Trump administration's approach to fiscal policy—while constrained by structural spending on entitlements and interest—creates an environment where monetary debasement remains the path of least resistance, further strengthening Bitcoin's value proposition. The panel discusses Bitcoin's journey from the ninth to eighth largest global asset during the week of recording, surpassing silver, and what this trajectory means for long-term holders and institutional allocators.

The Last Trade E076: Bitcoin Enables Ethical Finance with Harris Irfan

Harris Irfan, the investment banker who co-founded Deutsche Bank's Islamic finance team and helped reinvent an industry worth trillions, joins The Last Trade to explore the remarkable philosophical alignment between Bitcoin and Islamic finance principles. Harris recounts how Deutsche Bank's arrival in Dubai in 2001 catalyzed an Islamic finance revolution, applying Western structured finance techniques to Sharia law's prohibition of interest and speculative instruments for the first time at institutional scale. He draws direct parallels between Islamic finance's decades-long journey from a sleepy backwater to a global industry and Bitcoin's own trajectory from a 2008 experiment to a $2 trillion asset class. The episode examines why Bitcoin's fixed supply, absence of counterparty risk, and resistance to inflationary debasement make it a natural fit for ethical and Sharia-compliant investing frameworks.

The Last Trade E077: The Institutional Case for Bitcoin with Daniel Batten & Samuel Roberts

Daniel Batten, a former climate tech investor turned Bitcoin ESG researcher, and Sam Roberts, an institutional investment advisor to pension funds, join OnRamp to present the institutional case for Bitcoin from two very different angles. Batten explains how his deep dive into Bitcoin mining's energy use revealed surprising ESG benefits—from grid stabilization to methane capture—that completely flipped his initial skepticism. Roberts shares how the freezing of Russian sovereign assets in 2022 was the key catalyst that made institutional investors realize Bitcoin's value as a neutral, non-confiscatable asset in their portfolio. The episode details the rigorous due diligence process a pension fund undertakes when evaluating Bitcoin, including the outsized focus on custody arrangements, and why OnRamp's multi-institution model addressed every institutional concern that single-custodian alternatives could not.

The Last Trade E078: Securing Six-Figure Bitcoin with Bram Kanstein

Bram Kanstein, newly appointed Head of Growth at OnRamp and host of the Bitcoin for Millennials podcast, joins the team alongside private wealth advisor Kam Shromy to discuss Bitcoin's role as the definitive wealth preservation tool for a generation priced out of traditional asset accumulation. Kanstein shares his journey from fintech entrepreneur and banking innovator to full-time Bitcoin advocate, explaining how fractional reserve banking's inner workings became the catalyst for his deeper Bitcoin conviction. The episode explores how Bitcoin's absolute digital scarcity—a true discovery rather than an invention—provides the foundation for sound money in a digital age, while highlighting how OnRamp's custody and wealth management services are designed to protect and grow Bitcoin holdings across generations. The panel discusses Bitcoin approaching the $100k milestone and how the narrative is shifting from 'digital gold' to simply the world's premier store of value.

The Last Trade E079: Onramp X Google Fiber in Nashville

OnRamp hosted a live panel in Nashville featuring Google Fiber's head of sales Emily Japani and venture capitalist Cam Doody of Brickyard, exploring Nashville's emergence as a leading technology and innovation hub. The panelists drew parallels between early internet infrastructure buildout and Bitcoin's monetary network, discussing information asymmetries, entrepreneurial culture, and capital formation in emerging tech cities. The conversation examined why Bitcoin is well-positioned to become the foundational savings and value transfer layer for the next generation of companies. Nashville's collaborative culture, talent density, and infrastructure investments were highlighted as key drivers of its rise as a premier startup destination.

The Last Trade E081: Confronting the Chaos of Currency Collapse with Ralph Gebran

Ralph Gebran, managing partner at OnRamp MENA, joins Jackson Mikalic, Michael Tanguma, and Brian Cubellis for a deeply personal conversation about Lebanon's banking collapse, unofficial capital controls, and the devastating effects of currency failure on ordinary families. Ralph recounts how Lebanon's banking system trapped depositors, how the Lebanese pound collapsed from 1,500 to over 100,000 per dollar, and why these events cemented his conviction in Bitcoin as the only reliable savings technology. The discussion extends to a comparison of the UAE's business-friendly, Bitcoin-welcoming regulatory environment versus the slow deterioration seen in Canada and other Western economies. Ralph shares insights from OnRamp MENA's work bringing multi-institution Bitcoin custody to the Middle East and why regulators in Bahrain and the UAE are more forward-thinking than most Western counterparts.

Bitcoin Treasuries with Acropolis | Chase Palmieri & Tim Kotzman | TLT-083

Chase Palmieri from Acropolis joins The Last Trade during a historic week as President Trump is inaugurated and his administration begins reshaping the Bitcoin policy landscape. The conversation examines how corporate Bitcoin treasury strategies are evolving, what Acropolis offers companies adopting a Bitcoin balance sheet approach, and why the Trump administration's golden age framing creates a powerful tailwind for Bitcoin adoption at every level. The hosts and Chase explore the mechanics of corporate Bitcoin adoption, the risks and rewards of various treasury structures, and what the next wave of corporate Bitcoin entrants might look like as regulatory clarity improves.

Fed Speak, Gold ATHs, DeepSeek, State-Level Adoption, & BTC Dominance

The Core 4 — Jackson Mikalic, Brian Cubellis, Michael Tanguma, and Tim Kotzman — kick off their new four-host format by breaking down the week's biggest macro and Bitcoin signals. They dig into the Fed's rate pause and why Jerome Powell's commentary is mostly theater against the backdrop of $7 trillion in US debt refinancing, gold breaking to all-time highs, and the quiet but significant news of banks being cleared to custody digital assets. The crew also covers DeepSeek's disruption of AI capital allocation models, connecting it to Jeff Booth's deflationary technology thesis, and debates whether Bitcoin dominance will rise or fall as institutional capital floods in. State-level Bitcoin reserve legislation (now at 14+ states), expanding ETF access at major wirehouses like Wells Fargo and UBS, and OpSec risks for Bitcoin holders round out a wide-ranging episode.

Why the US Government Needs $1M Bitcoin with Larry Lepard

Larry Lepard, author of The Big Print and a longtime Bitcoin advocate, joins The Last Trade to explain why the mathematics of the US fiscal situation make a massive monetary expansion inevitable—and why $1 million Bitcoin is not a fantasy but a logical consequence. Larry opens by framing the Fed's policy dilemma: either tighten and trigger economic collapse, or print and devastate the savings of ordinary Americans, an outcome he argues has already systematically eviscerated the middle class. The discussion covers a hotter-than-expected CPI print, Trump's pressure for rate cuts, and why government-reported economic statistics systematically understate the inflation burden on working Americans—with real unemployment potentially as high as 23.7% when counting those in poverty-wage or part-time work. Bitcoin is presented as the only mathematically sound savings technology capable of protecting individuals from the wealth destruction guaranteed by continued fiat money printing.

Fort Knox Is Empty, Bitcoin Is the Reserve

The OnRamp team tackles the gold market chaos head-on, examining why commercial airlines are ferrying gold bars from London to the US, whether Fort Knox is actually empty, and what a potential audit would mean for the world's monetary order. Gold is outpacing Bitcoin year-to-date and the hosts lay out why this is a leading indicator of what is to come for Bitcoin, tying the gold rally to a broader global rotation away from US Treasuries and paper claims on hard assets. The episode covers Paul Tudor Jones' major iBIT position revealed in 13F filings, the Wisconsin State Pension Fund doubling its Bitcoin ETF allocation, and why counterparty risk remains deeply underappreciated in traditional finance. The hosts argue that Bitcoin and gold are both beneficiaries of a world waking up to debasement, while the structure of Bitcoin custody gives it a decisive advantage over gold in a world where trust is eroding.

Final Settlement: Bitcoin Is Money for Enemies

In this episode of Final Settlement, Michael Tanguma, Brian Cubellis, and Liam Nelson unpack one of the most consequential weeks in Bitcoin's history. The Financial Times confirmed that Iran's oil, gas, and petrochemical exporters union is requesting payment in Bitcoin for tanker tolls through the Strait of Hormuz, marking the first time a major energy producer has publicly named Bitcoin as a settlement asset for oil trade. The conversation explores why Bitcoin, and not stablecoins, yuan, dollars, or gold, is the asset filling this role, and what it signals about the future of neutral money in a multipolar world. The hosts also cover the Morgan Stanley spot Bitcoin ETF launch, which ranked in the top 1 percent of global ETF launches on day one, Treasury Secretary Scott Bessent's Wall Street Journal op-ed pushing Congress to pass the CLARITY Act, Standard Chartered pulling Zodiac Custody into its corporate banking arm, Japan's move to classify Bitcoin as a financial instrument, Securitize's appointment of a former SEC markets and trading director as president, and the acceleration of institutional convergence between traditional banking and Bitcoin infrastructure. What You Will Learn Why Iran chose Bitcoin over stablecoins and yuan for oil tanker toll payments How Bitcoin's censorship resistance and seizure resistance differ from stablecoin settlement Why the Morgan Stanley Bitcoin Trust launch signals a shift in how wirehouses distribute Bitcoin exposure What Treasury Secretary Bessent's CLARITY Act advocacy means for the intersection of Bitcoin, stablecoins, and US monetary policy How multi-institution custody addresses trust and governance challenges in cross-border Bitcoin settlement Why the convergence of traditional banking and Bitcoin custody is accelerating in 2026 Key Topics Discussed Iran and Bitcoin Oil Settlement (00:00 to 16:50) The Financial Times report on Iran's oil union requesting Bitcoin payment, the distinction between traceability and censorship resistance, why stablecoins fail the neutrality test, and the geopolitical implications of Bitcoin as a settlement layer for energy markets. Morgan Stanley Bitcoin Trust Launch (16:50 to 29:00) The launch of MSBT, its top-tier day-one performance, the fee structure undercutting the broader ETF complex, Morgan Stanley's 16,000 advisor distribution network, and the strategic implications of bringing Bitcoin custody in-house. Treasury Secretary Bessent's WSJ Op-Ed (29:00 to 36:00) Scott Bessent's public call for Congress to pass the CLARITY Act, the geopolitical framing of Bitcoin as a strategic asset for the United States, and the relationship between stablecoin legislation and Bitcoin monetization. Global Regulatory Convergence (36:00 to 42:00) Japan's classification of Bitcoin as a financial instrument, Standard Chartered's integration of Zodiac Custody, and the broader trend of large banks vertically integrating Bitcoin infrastructure. Private Credit, Tokenization, and Market Structure (42:00 to 57:00) Securitize's NYSE partnership and executive hire, the role of institutional underwriters in stablecoin credit markets, and the implications of Anthropic's growth trajectory for Bitcoin treasury adoption. Keywords: Bitcoin, Iran oil Bitcoin, Strait of Hormuz, Morgan Stanley Bitcoin ETF, MSBT, CLARITY Act, Scott Bessent Bitcoin, neutral settlement, censorship resistant money, multi-institution custody, Bitcoin geopolitics, petrodollar, stablecoin regulation, institutional Bitcoin adoption, Final Settlement podcast, Onramp

$280M Stolen, OpenAI Buys TBPN, & Coinbase Joins the Banks

Final Settlement Episode Recap: Drift Hack, Coinbase Bank Charter, and OpenAI Acquires TBPN Published: April 7, 2026 Hosts: Brian Cubellis, Michael Tanguma, Liam Nelson In this episode of Final Settlement, the team breaks down the biggest stories in Bitcoin, digital assets, and AI from the week of April 6, 2026. Topics include a $280 million DeFi exploit, the accelerating convergence of crypto and traditional banking, OpenAI's nine-figure acquisition of TBPN, and the Bitcoin-AI convergence thesis. What was the Drift protocol hack and how much was stolen? The Drift protocol exploit drained approximately $280 million from the DeFi platform in one of the largest crypto hacks of 2026. Unlike typical smash-and-grab exploits, the attackers spent six months building trust with the Drift team. They attended crypto conferences in person, met the team multiple times, and deposited $1 million of their own capital before eventually gaining access to an admin key in the protocol's multisig setup. Michael Tanguma compared the attack to the Bybit hack from early 2025, noting that as crypto honeypots grow larger, the return on investment for long-game social engineering attacks only increases. Sophisticated actors, including state-sponsored groups like Lazarus, are now playing multi-year infiltration games against high-value targets. How are crypto holders being targeted in physical attacks? A violent crime ring in the Bay Area and Los Angeles has been using leaked DoorDash and Uber Eats data to identify wealthy crypto holders, then showing up at their homes posing as delivery drivers. The ring cross-references credential leaks from app breaches to map ordering habits and home addresses, then stages real-world attacks. The Final Settlement team emphasized that digital security failures now create direct physical security risks for digital asset holders. As AI tools make it easier to triangulate personal data across breached datasets, this attack vector is expected to grow. Why are exchanges like Coinbase and EDX becoming banks? Multiple major crypto firms made banking-related moves in the same week: EDX Markets (backed by Citadel, Schwab, and Fidelity) filed an OCC application to establish a trust bank Coinbase received conditional OCC approval for a national trust charter Cross River Bank, a digital-asset-friendly institution, raised new capital Schwab confirmed it is launching spot Bitcoin trading for clients The strategic rationale: a federal banking charter eliminates the need to acquire money transmitter licenses state by state, opens the door to fractional reserve operations over time, and positions these firms to compete directly with traditional banks for institutional and high-net-worth clients. Michael flagged a longer-term concern that fractional reserve dynamics could eventually creep into digital assets, introducing fiat-style fragility into a system where there are no bailouts. This is also why multi-institution custody architecture matters for serious allocators. Sophisticated investors managing meaningful capital cannot accept the operational risk of a single custodian failure zeroing out an entire Bitcoin position. Is quantum computing actually a threat to Bitcoin? The engineering reality is that quantum computing poses no practical threat to Bitcoin in any near-term timeframe. The theoretical physics required to build a quantum computer capable of breaking Bitcoin's elliptic curve cryptography remains decades away at best, and the algorithms can be upgraded long before that becomes a real risk. The perception problem, however, is real. Liam Nelson raised the point that even a one or two percent perceived risk gives zero-exposure institutional allocators a convenient reason to stay on the sidelines. Michael Tanguma pushed back on the engineering FUD, pointing listeners to Brandon Black's recent breakdown with Marty Bent on the topic. Brian Cubellis noted that price action will ultimately resolve the narrative: if Bitcoin runs to $350,000 with no quantum incident, the FUD dissipates on its own. What is OpenFX and why did it raise $94 million? OpenFX raised a $94 million Series A to scale cross-border foreign exchange infrastructure using stablecoins. Investors include Accel, Atomico, Lightspeed, Faction, M13, Northzone, and Pantera. Founded in 2024 by a Falcon X co-founder, the company connects traditional banking systems with digital-native rails, enabling more efficient global money movement. The team views OpenFX as part of a broader bull market in payments and money movement infrastructure, even as Bitcoin and other digital assets remain in a bear cycle. Cross-border payments via stablecoins are expected to follow winner-take-most dynamics, with regulatory licensing and fiat liquidity pairs serving as the primary moats. Why did OpenAI acquire TBPN? OpenAI reportedly acquired TBPN, the technology business podcast and live streaming show, for nine figures. TBPN was founded in 2024, ran profitable on roughly $5 million in revenue last year, and was on track for $30 million this year. The show built a loyal audience by streaming live for three hours a day, five days a week, with operators from inside Silicon Valley as the core hosts. The Final Settlement team had mixed reactions: Bullish signal: Operator-led media is increasingly valuable, and distribution matters more than ever in an AI-saturated content environment. The deal validates the thesis that authentic, in-the-trenches content outperforms detached commentary. Bearish concerns: OpenAI's strategic rationale is unclear, and the acquisition may compromise TBPN's editorial credibility on AI topics now that one of the major AI players owns the show. The team compared the move to WeWork-era acquisitions made with inflated equity. Brian noted that the deal validates the Onramp and Early Riders media strategy of building audience through consistent, operator-driven podcast content over time. What does the Block layoff blog reveal about AI replacing middle management? Jack Dorsey's recent blog post explaining why Block cut 40 percent of its headcount goes deeper than cost-cutting. The post argues that AI is fundamentally replacing the information-aggregation function of middle management. Historical organizational hierarchies existed because information flow was slow and human-mediated. With AI systems that can ingest and synthesize entire organizational datasets in real time, those middle layers become structurally unnecessary. Block's approach centers on an internal AI "harness" that lets any employee query the company's full operational data through agents. Dorsey's stated goal is to flatten the org chart so that he is only a few reporting layers away from every employee. This pattern is expected to spread quickly across knowledge-work organizations, especially those with rich financial data, where AI signal extraction is most powerful. Michael Tanguma closed the episode by noting that the Bitcoin and AI convergence timeline feels like it is compressing faster than most expect, with the synergy between the two technologies likely to accelerate over the next 6 to 16 months. Key takeaways from this episode The $280 million Drift hack shows that crypto attacks are becoming long-game social engineering operations, not just technical exploits Physical security and digital security are now inseparable for crypto holders Coinbase, EDX, and Schwab are racing to absorb digital assets into the regulated banking system Multi-institution custody is becoming the standard for sophisticated allocators who cannot tolerate single counterparty risk Quantum computing is a perception problem more than an engineering one, but the perception still gates institutional capital OpenAI's TBPN acquisition signals the value of operator-led media and distribution AI is replacing middle management, with Block leading the playbook The Bitcoin and AI convergence is accelerating Listen to the full episode of Final Settlement on YouTube, Spotify, or Apple Podcasts.

MasterCard’s $1.8B Bitcoin Play, OpenAI Promises 17.5% Yield, & Bezos Bets $100B

Geopolitics & Markets The episode opened with the whipsaw in markets driven by Trump's comments on Iran, Iran's denials, and back-and-forth signaling. The key dynamic: Trump appears to calm markets during trading hours, then escalation happens over weekends. United CEO Scott Kirby is prepping for $175 oil and doesn't expect it back below $100 until end of 2027 — a signal that real infrastructure destruction in the region will have lasting supply implications. The bond market is now pricing in an interest rate hike for 2026, which tells you where inflation expectations are heading. Michael's base case is that the administration will keep pulling back from the brink because the alternative is systemic financial collapse, similar to the tariff dance earlier — but acknowledged this is more precarious since actual bombs are flying. Crypto Regulation & Market Structure The CFTC and SEC issued joint clarity on crypto asset classification, putting a broader basket (including Solana, Ripple) into the commodity bucket. The team sees this as groundwork before Morgan Stanley, Fidelity, and others can offer these products at scale. The Clarity Act feels closer than ever — possibly with a yield pass-through structure that's tiered rather than 1:1, which benefits larger institutions. S&P licensed perpetuals trading on Hyperliquid, and the SEC approved NASDAQ for tokenized securities — both signals that digital rails are increasingly being used for traditional financial activity rather than crypto-native tokens. Stablecoin Roundup Three big stories: Stripe's Machine Payments Protocol (MPP) using Tempo and Bridge infrastructure for agentic/internet-native commerce. MasterCard acquiring BVNK for $1.8B (after Coinbase's deal fell through) — Michael emphasized they're really acquiring the team and institutional knowledge, not just the tech. And a gold-backed stablecoin launching on Hyperliquid via Veo, which the team sees as an early signal of the free-banking-style future where stablecoins get backed by diversified assets beyond just Treasuries. Kraken IPO Freeze Kraken shelved its IPO plans citing market conditions, but the team flagged the CFO departure 30-60 days prior as a likely bigger factor. Compared Kraken's financials (2.2B revenue, 500M+ adjusted EBITDA) favorably against BitGo and Gemini (down 80% since listing, 30% headcount reduction). EY/Coinbase Institutional Survey You highlighted the custody slide: 61% of institutional investors use multiple custodians, 12% plan to switch from single to multi-custodian. You framed this as directional validation for MIC — the market understands single-custodian risk, but most don't yet grasp the difference between splitting assets across custodians versus a native multisig quorum model. AI & Robotics Corner Bezos launching a $100B fund for chips, defense, and aerospace. Amazon acquired River (stair-climbing delivery robots). OpenAI in talks with TPG/Bain for a $10B JV, Anthropic with Blackstone — essentially building PE/consulting arms to help enterprises integrate AI. OpenAI reportedly luring PE firms with 17.5% guaranteed returns, which Liam flagged as a red flag on capital structure complexity. Cloudflare CEO expects AI agent traffic to surpass human traffic by 2027. Walmart patented AI-driven dynamic pricing based on demand elasticity — Michael connected this to the surveillance economy and Bitcoin's long-term value proposition for internet-native finite scarcity.

Travis Kalanick, Tech Layoffs, & the Rebuilding of Everything

Travis Kalanick spent eight years building in silence. Now he's back. His new company Atoms — the rebranded successor to CloudKitchens — is building specialized industrial robots for food production, mining, and autonomous transport. In this episode of Final Settlement, Brian, Michael, and Liam break down what Kalanick's return signals about the shift from the managerial class back to founder-led companies, and why the next decade belongs to small, lean teams building with AI from day one. The conversation covers the wave of AI-driven layoffs sweeping Big Tech — 90,000 jobs cut before Q1 2026 is over, with both Block and Meta seeing their stocks rise on the news. The team explores what this means for how businesses are valued, why terminal value and DCF models may be breaking down, and how incumbents either adapt or get replaced by startups operating at a fraction of the cost. Other topics include McKinsey's internal AI chatbot — trained on 100 years of proprietary client work — getting hacked with full read/write access, Druckenmiller's comments on Bitcoin as a store of value and stablecoins running global payments within 15 years, Kraken receiving a conditional Fed master account and partnering with NASDAQ for 24/7 tokenized stock trading, Palmer Lucky launching a stablecoin-native bank, the Satoshi Nakamoto Institute's mission to preserve Bitcoin's canonical history using cryptographic timestamps, and Pokemon Go's disclosure of a 30-billion-image real-world dataset built from its users. The throughline: the old institutional playbook is dying. The companies that win from here are founder-led, AI-native, and building with Bitcoin as the savings layer. Build or get replaced.

OpenClaw Takeover & the Agentic AI Revolution

This episode analyzes OpenAI's acquisition of OpenClaw and explores how the agentic AI revolution is creating the technological backdrop for Bitcoin reaching million dollar prices. The hosts discuss the convergence of AI agents and cryptocurrency, examining how open source AI tools like OpenClaw are transforming productivity and automated systems.

Elon Says the Singularity Is Here — Why That Sends Bitcoin to $1M+

This episode explores how Elon Musk's comments about the technological singularity could drive Bitcoin to $1 million, examining the exponential growth potential versus linear thinking. The discussion covers Bitcoin's role as a counterparty risk-free asset amid changing market conditions, the disconnect between mainstream debasement trades choosing gold over Bitcoin, and why long-term holders should maintain conviction despite recent price volatility.

BitGo's $2.1B IPO & Silver's Surge: The Sound Money Reset Is Just Starting

This Final Settlement episode covers BitGo's $2.1 billion IPO announcement and the dramatic surge in precious metals markets, particularly silver which has added multiple Bitcoin market caps in recent months. The hosts analyze these movements as indicators of a broader flight to sound money as traditional currency systems face increasing pressure, while discussing the infrastructure being built during Bitcoin's current quiet period.

Goldman, State Street, NYSE: The TradFi-Crypto Takeover Is Underway

This Final Settlement episode covers the Digital Asset Clarity Act markup period and the contentious debate over stablecoin yield offerings. The hosts analyze Coinbase's decision to withdraw support from the bill and examine how traditional banks are lobbying against crypto regulations that could threaten their deposit monopoly.

Inside Venezuela's Regime Change, Global Asset Seizures, Dollarization & Currency Wars

The Final Settlement hosts analyze major developments including Venezuela's regime change and potential 600,000 Bitcoin seizure, while discussing how the US may force dollarization through stablecoins in occupied territories. The episode covers persistent inflation as 2025's dominant theme, with gold, silver, and Bitcoin all surging as scarce assets, plus institutional adoption trends and regulatory shifts heading into 2026.

The Truth About Tether, Stablecoins & JPMorgan’s Quiet Bitcoin Bet

This episode examines S&P's downgrade of Tether to weak stability rating due to Bitcoin and gold holdings in reserves, analyzing the $180 billion USDT backing structure. The hosts discuss Arthur Hayes' analysis of Tether's overcollateralization and Paulo Ardoino's response to stability concerns. The episode also covers broader stablecoin market dynamics and institutional Bitcoin adoption trends.

The Banks Are Here — JPMorgan Just Made Bitcoin Collateral

This episode discusses JPMorgan's groundbreaking decision to accept Bitcoin and Ethereum as loan collateral by year end, marking a significant shift in traditional banking's approach to cryptocurrency. The hosts analyze how this development represents a new epoch in asset collateral progression, moving from gold pre-1971 to treasuries post-1971, and now to Bitcoin. The episode also covers OnRamp's new business custody product for institutional Bitcoin treasury management and multi-institution governance controls.

Citi, Schwab, Nubank, & Aureo: The Global Bitcoin Race for 21 Million

This episode covers major developments in global Bitcoin regulation including UK retail access to Bitcoin ETPs through FCA approval and Japan's discussions on allowing banks to trade crypto. The hosts interview Gustavo Flores, CEO of Aureo, discussing institutional Bitcoin adoption trends and the international race for cryptocurrency market access as traditional financial institutions recognize the monetary opportunities in digital assets.

Altcoins Implode, Bitcoin Stands Strong: A Masterclass in Signal vs Noise

This Final Settlement episode analyzes recent cryptocurrency market volatility where altcoins crashed while Bitcoin remained relatively stable. The hosts discuss their experience at Texas blockchain conferences and the growing institutional interest in the debasement trade as a hedge against monetary policy.

Debasement Endgame: Bitcoin ATHs, Gold Near $4K, & Bonds Bleeding

This episode covers Bitcoin reaching new all-time highs above $125,000 alongside gold approaching $4,000, exploring the growing debasement trade narrative. The hosts discuss how major institutions like Morgan Stanley are now recommending 2-4% Bitcoin allocations as both assets outperform traditional markets amid dollar weakness. They analyze the shift from traditional 2% disaster hedge allocations to 20-25% recommendations as mainstream finance awakens to digital gold concepts.

Tether's Fedcoin, Thailand Banking Crisis, & The Shifting Monetary Order

This Final Settlement podcast episode examines Thailand's recent banking crisis where authorities froze accounts to target criminal activity but caught honest citizens in the process. The hosts discuss how this highlights the importance of bitcoin self custody and multi-institution custody solutions as alternatives to traditional banking systems that have single points of failure. They explore the risks of bitcoin ETFs and custody products that still rely on counterparties, emphasizing bitcoin's role as outside money without dependencies.

Trump Nationalizes Intel, Fed Turns Dovish & Warms the Money Printer

This episode covers Trump's announcement that the US government now owns 10% of Intel and the implications of increased government intervention in private companies. The hosts also discuss the Federal Reserve's dovish monetary policy stance and introduce new Bitcoin custody security features including withdrawal delays and blockchain-based authentication protocols.

Bitcoin & Gold Are Money, Everything Else is Credit

This episode examines Harvard University's historic $17 million Bitcoin ETF allocation through their $53 billion endowment, representing a market-weight 0.2% position. The hosts discuss how major institutions are treating Bitcoin and gold as similar sound money assets, with Bitcoin often receiving larger allocations than gold. The conversation explores the broader implications for institutional adoption and whether other university endowments will follow Harvard's lead in gaining Bitcoin exposure.

Liquidity Begets Liquidity: $123K Bitcoin and the Incoming Supply Shock

Presented collaboratively by Early Riders & Onramp Media… Final Settlement is a weekly podcast covering the underlying mechanics of the bitcoin protocol, its ongoing development and funding, and real-world applications of the technology. 00:00 - Bitcoin's All-Time Highs and Market Dynamics 14:53 - The Role of ETFs and Retail Interest in Bitcoin 21:52 - Venture Capital and Strategic Capital Allocation 29:47 - Counterparty Risks and Market Stability 31:38 - The Gambling Nature of Crypto Markets 33:43 - Market Structure and Bitcoin Dominance 36:01 - Retail vs. Institutional Demand in Crypto 40:12 - Privacy and Decentralization in the Age of AI 44:41 - Wages, Inflation, and Bitcoin Accumulation 47:44 - The Evolution of Bitcoin Mining 52:35 - Convergence of AI and Bitcoin 57:57 - Historical Perspectives on Capital and Control

Efficiency Is Alpha: AI Disruption & the Return to Sound-Money Investing

Clay Norris, venture capitalist and Bitcoin maximalist, joins to discuss the intersection of traditional venture capital and sound money investing. The episode covers Robin Hood's major crypto announcements including tokenization of private companies like SpaceX and OpenAI, and explores how Bitcoin principles are influencing broader capital allocation strategies. The discussion examines the growing demand for private market access and the role of efficiency in generating alpha returns.

Texas Goes ALL-IN on Bitcoin: Front Running Federal Accumulation

Presented collaboratively by Early Riders & Onramp Media… Final Settlement is a weekly podcast covering the underlying mechanics of the bitcoin protocol, its ongoing development and funding, and real-world applications of the technology. 00:00 - Introduction and Overview of Recent Developments 02:48 - Stablecoins and Regulatory Changes 06:43 - Market Dynamics and Institutional Trust 10:56 - Texas Bitcoin Reserve Legislation 14:42 - Custody Solutions and Security Risks 20:57 - Technological Revolutions and Market Perception 32:14 - Navigating Competition in Crypto Markets 33:39 - The Zero-Sum Nature of Bitcoin Trading 36:33 - Counterparty Risks and Market Dynamics 38:34 - The Role of Institutional Adoption in Bitcoin's Future 41:59 - Understanding Bitcoin's Volatility and Market Behavior 45:29 - The Future of Money and Digital Assets 46:39 - The Impact of Capital Constraints on Business Growth 49:36 - Bitcoin as a Conservative Capital Strategy 52:06 - Building Sustainable Businesses in a Bitcoin Economy 56:43 - Counterparty Risk in Gold and Bitcoin Markets

Long Chaos, Short Trust: Bitcoin is the Modern Safe Haven

This Final Settlement episode examines Bitcoin's performance during recent geopolitical events, highlighting its resilience as it quickly recovered from a dip to $103K back over $107K. The hosts discuss how Bitcoin has emerged as a modern safe haven asset, outperforming traditional assets like gold during crisis periods, and explore the bullish impact of stablecoin adoption on Bitcoin's long-term prospects.

Flash Forward: From Monetary Asset to Everyday Money

Flash CEO Pierre Corbin joins to discuss his takeaways from the Bitcoin Vegas conference, focusing on the tension between Bitcoin as a store of value versus its role in payments. The conversation covers Square's Lightning network announcements generating 9.7% yields, the importance of self-custody Bitcoin, and the ongoing development of Bitcoin as a medium of exchange rather than just a treasury asset.

Tariffs, Treasuries & $100K BTC: Decoding the China-US Deal’s Ripple Effects

The hosts discuss Bitcoin's market reaction to the new China-US tariff deal and rising Treasury yields reaching 4.5%. They analyze Bitcoin's unique position as both a risk-on and risk-off asset while examining the latest Bitcoin treasury company developments including Nakamoto's $750 million raise.

The New Ponzi Stack? Solana Treasuries, Stablecoins, & Crypto Exit Games

This Bitcoin podcast episode features Brian Cabllis discussing Bitcoin dominance trends, cryptocurrency market volatility, and regulatory developments including stablecoin legislation. The conversation covers Bitcoin custody evolution, altcoin market dynamics, and investment opportunities in the digital asset space while examining recent developments with major crypto exchanges like Binance.

Beyond Store of Value: Bitcoin and Lightning Are the Real FinTech Opportunity

Pierre Corbin of Flash Payments and Graham Kriezik of Voltage discuss Bitcoin's evolution beyond digital gold to realize its full potential as peer-to-peer electronic cash. The conversation explores how Lightning Network and other Bitcoin protocols enable superior payment systems compared to traditional fintech solutions. They examine whether Bitcoin would fail if it remained only a store of value versus becoming a true medium of exchange as originally envisioned in Satoshi's whitepaper.

Are Bitcoin Treasury Companies the New Altcoin ICOs?

The hosts discuss the rise of Bitcoin treasury companies in 2025, comparing them to the ICO craze and examining whether corporate Bitcoin adoption creates inorganic demand. They analyze the Hut 8 and Eric Trump partnership launching American Bitcoin, debating the effectiveness of Bitcoin treasury strategies versus direct Bitcoin ownership for investors.

Final Settlement E005: Federated Systems with Tony & Ben from Mutiny

Gold at $5,000 Is Just the Beginning | Jeroen Blokland

Multi-asset investor Jeroen Blokland explains the massive rally in precious metals and his prediction that gold reaching $5,000 per ounce is just the beginning. He discusses his investment approach combining scarce assets like Bitcoin, physical gold, and quality stocks as a hedge against debt monetization and geopolitical uncertainty.

Bitcoin Is Quietly Replacing Land as a Store of Wealth

This episode explores how Bitcoin is becoming a preferred store of wealth over traditional assets like land, featuring Vance Crowe, founder of Legacy Interviews. The discussion covers Bitcoin's unique properties as a scarce, portable, and durable asset that preserves wealth against currency debasement. Crowe shares his unconventional career journey from deckhand to entrepreneur, highlighting the importance of pursuing meaningful work and building genuine connections with people from diverse backgrounds.

Former Sprott CEO: Gold Has Now Replaced Bonds — A New Monetary Order Is Here

Former Sprott CEO Peter Grosskoff analyzes gold's remarkable 50% performance in 2025, reaching over $4300 per ounce and becoming the best performing asset year to date. The discussion covers central bank gold accumulation, institutional adoption trends, and why gold is increasingly viewed as a defense against currency debasement. Grosskoff also discusses his new venture Argo, a precious metals platform offering direct vault gold ownership.

A Wealth Advisor’s Wake-Up Call: Inflation, Longevity Risk, & Why Bitcoin Fits

Wealth advisor Stu Bradley from High Tower shares his personal Bitcoin awakening story that began at a Smoothie King when he witnessed purchasing power deterioration firsthand. The conversation explores how financial advisors are incorporating Bitcoin into wealth management strategies for high net worth clients, covering topics like inflation hedging, longevity risk, and the evolving economic landscape. Bradley discusses his international finance background and why Bitcoin makes sense as a scarce asset for wealth preservation in today's monetary environment.

Broken Money with Lyn Alden: The Technological Arc of Money and Power

Lyn Alden explores the technological evolution of money from shells and tobacco to Bitcoin, explaining how each advancement in communication and settlement technology has reshaped monetary control and power structures. She argues that Bitcoin represents the completion of digital money technology and could reverse the trend toward excessive financialization that has dominated recent decades.

Veteran Fund Manager: Bitcoin and Gold Will Crush Traditional Portfolios

Veteran fund manager Yurun Bachland, founder of the Blockland Smart Multi-Asset Fund, explains his investment strategy combining Bitcoin, gold, and quality equities to preserve wealth in the current macro environment. The discussion covers global liquidity trends, Bitcoin institutional adoption, and why traditional portfolio construction no longer works in today's market conditions.

The Great Repricing: Gold, Bitcoin, and the End of Easy Money

This episode features Josh Far, founder of Scottsdale Mint and Wyoming Reserve, exploring the convergence between precious metals and Bitcoin as sound money alternatives. The discussion covers institutional adoption of both gold and Bitcoin, the flaws in current monetary policy, and how nation states are reclaiming ownership of strategic scarce assets. Far shares his 20 years of experience in precious metals and his bullish perspective on Bitcoin as a complement to traditional store of value assets.

Multipolar Investing: Geopolitics, Risk, and the End of the 60/40 Portfolio

Rob Larity and Jacob Shapiro from Bespoke Group explain how the unipolar era is ending and regional power blocks are reshaping global trade and investment strategies. They discuss why US treasuries are no longer risk-free assets and how scarce, liquid assets like Bitcoin and gold are becoming essential as trust in sovereign debt erodes. The conversation covers not just what assets to own, but critically how and where to own them in this new multipolar world.

Inside the Monetary Reset: Why Gold and Bitcoin Must Go Higher

David Foley and Larry Leard analyze the ongoing monetary reshuffling that favors sound money assets like gold and Bitcoin over traditional fiat currencies. They discuss rising market volatility, the looming sovereign debt crisis, and how recent tariff announcements are accelerating the move away from a US dollar centric system. The conversation covers why both gold and Bitcoin are positioned for significant repricing as trust in traditional financial systems continues to collapse.

The Next Bretton Woods Is Here: Inflation, Bitcoin, and the Global Reset

Why Institutions Still Don’t Get Bitcoin—And What Will Change That

Bob Griffin, founder of Cactus Peak Digital, discusses the barriers preventing institutional adoption of Bitcoin despite recent ETF launches and regulatory clarity. With over 17 years in traditional finance including pension fund management, Griffin shares insights on what will drive mainstream institutional acceptance. The conversation explores Bitcoin's unique supply dynamics and its role as a wealth preservation asset in an inflationary environment.

The Scarcity Paradigm: Wealth Preservation in an Era of Debasement

Why the Traditional 60/40 Portfolio Is Dead with Argo Chairman Peter Grosskopf

Peter Grosskopf, Chairman of Argo and former CEO of Sprott, discusses why the traditional 60/40 investment portfolio model is no longer viable in today's economic environment. He explores gold's role as a wealth preservation asset as it approaches $3,000 per ounce, driven by mounting US debt and deficits. Grosskopf shares insights from his 35+ years in financial services and explains the importance of physical gold allocation versus paper claims.

From Gold Rush to Bitcoin Standard: Inflation’s Coming for Your Balance Sheet

This episode explores Square's launch of Bitcoin payments through their point of sale platform and its impact on business adoption. The hosts discuss how small businesses can use Bitcoin payments to build their first corporate Bitcoin treasury and the custody considerations that become important as Bitcoin holdings grow. They analyze the timing of this launch amid rising inflation and the debasement trade, positioning Bitcoin as both a payment method and treasury asset for businesses.

The New Frontier E003: Navigating Economic Shifts in the Middle East with Saifedean Ammous

Onramp Institutional Series | James Lavish & David Foley

James Lavish and David Foley from the Bitcoin Opportunity Fund explore the macroeconomic landscape and Bitcoin's role as a store of value for institutional investors. The discussion covers institutional Bitcoin adoption, regulatory developments, and strategies for capitalizing on growing institutional interest in Bitcoin as a legitimate asset class.