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.