Onramp Bitcoin Media

Gen Z is moving money out of the stock market and into sports betting. Jackson Mikalic, Brian Cubellis, Liam Nelson, and Michael Tanguma put four stories on the shot clock. They break down a Betterment survey showing more than half of young investors have redirected investing money into sports betting, a Trezor shipping-partner data breach that exposed roughly 12,000 hardware-wallet customers, the widening gap between AI adopters and laggards as top firms burn 8.3x the median in output tokens, and why almost nobody understands inflation, with wages down around 87% measured in gold. Where's the signal, and where's the noise?---🎙️ About The ShowSignal vs Noise: a twice weekly show unpacking the five biggest stories across capital markets, technology, and people, with five minutes on the clock for each.🧠 Chapters04:28 - Topic 1 - Trezor Data Breach and the Custody Problem12:52 - Topic 2 - Gen Z Trades Stocks for Sports Bets20:33 - Topic 3 - The AI Adopter Gap Is Exploding25:50 - Topic 4 - Why Nobody Understands Inflation33:37 - Lightning Round and Parting Thoughts💡 Subscribe & Watch Live:▶️ https://www.youtube.com/@SignalvsNoiseLIVE✖️ https://x.com/OnrampMedia📰 Your 1-Stop News & Data Source:https://onramp.media/🔸 Buy, hold, and secure your bitcoin in one place. Open a free Onramp Finance account.👉 https://go.onrampbitcoin.com/finance-svn🎧 More from Onramp Media: The Last Trade | Final Settlement

The Last Trade: BlackRock just cut the IBIT in-kind conversion minimum from $25M to $1M, and Jackson, Michael, and Brian ask whether the post-Cold Card rush out of self-custody and into the ETF is swapping one single point of failure for another. They break down the SEC and OCC moving on tokenized securities and a path for crypto firms to become banks as a Clarity Act plan B, Trump Media stacking real Bitcoin while divesting its other crypto, gold surging toward $4,500, and the wrench-attack reality that makes multi-institution custody matter.---🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership.👉 Join us for our State of the Industry Webinar & Happy Hour at Pubkey on August 26th by filling out the form here: https://form.typeform.com/to/PIbz58qi👉 Get Back to Basics: 50% off trading fees + no-fee recurring buys — open your free account: https://go.onrampbitcoin.com/back-to-basics-tlt📩 Schedule a consultation:https://meetings.hubspot.com/onrampbitcoin/tltThe Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset… in the digital age, it's The Last Trade that investors will ever need to make.🎙️ About This EpisodeThe team opens on BlackRock cutting the IBIT in-kind conversion minimum from $25M to $1M, and argues the post-Cold Card rush from self-custody into the ETF is swapping one single point of failure for another. Brian points out that IBIT holders are ultimately unsecured creditors of Coinbase, and Michael calls the redemption problem Hotel California, easy to enter and hard to exit. They read the SEC and OCC moves, tokenized securities on Robinhood, Coinbase, and Kraken plus a path for crypto firms to become banks, as agencies executing a Clarity Act plan B, while Trump Media divests World Liberty and its Crypto.com stake yet keeps stacking real Bitcoin toward roughly 15,000 coins. On the macro side they treat Trump's floated capital gains cut and inflation indexing as midterm noise with a real housing-unfreeze motive under a $2M exemption. They turn to gold near $4,500 and Nomura standing up physical gold custody in Singapore as the debasement trade resuming, then close on the wrench-attack reality, a French couple repeatedly targeted, and why multi-institution custody with Lloyd's coverage exists.🧠 Chapters00:00 - Introduction and Stream Announcements02:32 - Discussion on Capital Gains Tax and Market Impact04:37 - Market Noise vs. Reality in Policy Changes06:46 - Housing Market and Capital Gains Exemptions08:40 - Unfreezing the Housing Market and Policy Incentives11:14 - Market Topology and Recession Indicators12:46 - Crypto Regulatory Developments and Institutional Moves18:58 - BlackRock's Bitcoin ETF and Custody Trends31:36 - Gold's Market Surge and Its Implications38:00 - Physical Gold Trading and Global Market Infrastructure43:26 - Market Structure, Custody, and Security Risks50:12 - The Future of Bitcoin Custody and Institutional Adoption52:28 - Market Sentiment, Self-Custody, and Industry Outlook54:07 - Closing Remarks and Upcoming Events💡 Subscribe & Stay AheadGet Onramp's weekly Research & Analysis:High-signal insights in bitcoin, macro, and custody.📩 https://onrampbitcoin.com/researchSubscribe to Onramp Media for more:🎧 The Last Trade | Final Settlement | Scarce Assets

Michael Saylor's Strategy is selling Bitcoin while Trump Media just added more than 4,000 BTC. Jackson Mikalic, Brian Cubellis, Liam Nelson, and Michael Tanguma put four stories on the shot clock. They break down Strategy selling another 1,690 BTC as its USD reserve hits $4.65 billion against Trump Media's 10-Q showing 14,139 BTC, up from 9,542 in March, Nvidia lining up $500 billion of Wall Street capital for AI compute with a 25% backstop, Spotify's new skip-ad button and YouTube's tighter monetization bar, and credit card debt hitting $1.26 trillion as fintech Clare rides workers living paycheck to paycheck. Where's the signal, and where's the noise?---🎙️ About The ShowSignal vs Noise: a twice weekly show unpacking the five biggest stories across capital markets, technology, and people, with five minutes on the clock for each.🧠 Chapters01:01 - Topic 1 - Strategy Sells Bitcoin, Trump Media Stacks It07:35 - Topic 2 - Nvidia's $500B Wall Street AI Deal13:00 - Topic 3 - Spotify's Skip Button and the War on Ads22:16 - Topic 4 - Credit Card Debt Hits $1.26T and Fintech Clare28:31 - Lightning Round and Parting Thoughts💡 Subscribe & Watch Live:▶️ https://www.youtube.com/@SignalvsNoiseLIVE✖️ https://x.com/OnrampMedia📰 Your 1-Stop News & Data Source:https://onramp.media/🔸 Buy, hold, and secure your bitcoin in one place. Open a free Onramp Finance account.👉 https://go.onrampbitcoin.com/finance-svn🎧 More from Onramp Media: The Last Trade | Final Settlement

Connect with Early Riders — https://www.earlyriders.com/contactConnect with Onramp — https://onrampbitcoin.com/contact-us/Presented collaboratively by Early Riders & Onramp Media…Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.The CLARITY Act has slipped to a September 15 Senate vote, and Bitcoin did not move. This week Michael, Liam, and Brian make the case that stalled legislation on top of the Coldcard fallout, BIP-110 infighting, and Saylor selling, with the price still holding, is what a bottom looks like rather than a top. They run through a brutal week for Bitcoin infrastructure: BTCPay Server, Zeus, and Boltz all disclosing vulnerabilities or going dark, with Boltz warning that attackers now iterate faster than a team its size can patch. On the AI side they cover Kimi K3 escaping an isolated sandbox, Sam Altman's comments on Astra and who gets frontier access, an agent that cancelled a stranger's gym reservation to move its owner up the waitlist, and Cloudflare Wallets arriving as agent requests climb 1,700% and cross half of all network traffic. They close on the deals: Yellow Card's $40M round, Sapium's $35M Series A for the agent routing layer, Coinbase losing BVNK to Mastercard despite bidding $700M more, Airtable selling for $1.29B after an $11.7B peak, and what Block's Buzz did during the Coldcard incident.Chapters00:00 - Coldcard update: thefts slow, 2,000 BTC still gone01:00 - BTCPay Server, Zeus, and Boltz all disclose vulnerabilities02:51 - Why open source Bitcoin code became the target04:11 - Boltz: attackers now iterate faster than we can patch05:22 - Liam: Bitcoin itself is not the vulnerability06:40 - Good actors handicapped when US frontier models refuse10:04 - Sam Altman on Astra and keeping powerful models from the few11:12 - Only 2% of US households pay for AI13:34 - Kimi K3 escapes its isolated sandbox14:34 - Why non-deterministic models cannot be reliably contained19:35 - An agent cancels a stranger's gym reservation20:58 - Cloudflare Wallets and the programmable agentic internet23:45 - Agent traffic passes human traffic26:42 - ARK on Cloudflare's earnings: agent requests up 1,700%31:07 - Privy's CRM breach and the limits of mobile wallets32:13 - The CLARITY Act slips to September 1533:45 - Why stalled legislation plus a flat price looks like a bottom35:56 - Yellow Card raises $40M for African stablecoin rails37:40 - Sapium raises $35M for the AI agent routing layer40:14 - Coinbase bid $2.5B for BVNK and lost to Mastercard at $1.8B42:17 - Airtable sells for $1.29B after an $11.7B peak45:32 - The Architecture Problem and where custody goes next47:48 - Why every firm ends up at multi-institution custody49:22 - Buzz, Goose, and how Block moved in hours on Coldcard54:45 - GPU hours as crude oil: an open source AI analogy55:34 - Sergey Brin returns to Gemini, Meta ships Muse CodeIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly: https://www.earlyriders.com/researchKeep up with Michael:https://x.com/MTangumaKeep up with Liam:https://x.com/Lnelson_21Keep up with Brian:https://x.com/BackslashBTC

The AI boom might just be money moving in a circle. Jackson Mikalic, Michael Tanguma, and Brian Cubellis put four stories on the shot clock. They break down Ed Zitron's circular-revenue thesis (an estimated 70% of Amazon, Microsoft, and Google AI revenue comes from OpenAI and Anthropic), gold breaking out roughly $200 after Warsh's dovish Fed, the national debt climbing $450 billion since July 1, and an estimated $30 million stolen in violent crypto attacks in 2026. Liam is out this week. Where's the signal, and where's the noise?---🎙️ About The ShowSignal vs Noise: a twice weekly show unpacking the five biggest stories across capital markets, technology, and people, with five minutes on the clock for each.🧠 Chapters01:15 - Topic 1 - The Warsh Fed and the Inflation Reset07:39 - Topic 2 - Gold Breaks Out as the Fed Feeds It13:52 - Topic 3 - The AI Revenue Circle (Ed Zitron)19:36 - Topic 4 - Violent Crypto Attacks Hit $30M in 202625:35 - Lightning Round and Parting Thoughts💡 Subscribe & Watch Live:▶️ https://www.youtube.com/@SignalvsNoiseLIVE✖️ https://x.com/OnrampMedia📰 Your 1-Stop News & Data Source:https://onramp.media/🔸 Buy, hold, and secure your bitcoin in one place. Open a free Onramp Finance account.👉 https://go.onrampbitcoin.com/finance-svn🎧 More from Onramp Media: The Last Trade | Final Settlement

The Last Trade: Jackson, Michael, and Brian go live for the first time to work through the Cold Card fallout, the Bitcoin Red Team audit that filed nearly 5,000 findings across 390 projects in 27.5 hours, and the UK AI Safety Institute report of OpenAI and Anthropic agents creating fake identities to pressure an open source maintainer into approving malicious code. They close on the sovereign bid for gold, with the Bank of Korea buying physical gold for the first time in 13 years.---🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership.👉 Get Back to Basics: 50% off trading fees + no-fee recurring buys — open your free account: https://go.onrampbitcoin.com/back-to-basics-tlt📩 Schedule a consultation:https://meetings.hubspot.com/onrampbitcoin/tltThe Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset… in the digital age, it's The Last Trade that investors will ever need to make.🎙️ About This EpisodeJackson opens with the on chain data: July 31 was Bitcoin's most active day since 2024, with nearly a million addresses moving and roughly 18,000 BTC shifted in days per Galaxy research, much of it toward exchanges. Michael and Brian push back on that instinct, arguing the answer to a single vendor failure is not a single custodian, and that centralizing a decentralized asset only builds a bigger honeypot as AI lowers the cost of digital, social, and physical attacks. Brian details the firmware flaw itself, a fallback that drew seeds from a football field of atoms instead of multiple galaxies, and asks why a test Coinkite ran last week was never run in five years. The AI thread carries the hour: a Kimi model likely found the Cold Card bug, the Bitcoin Red Team filed 4,962 findings across 390 projects in 27.5 hours, a worm compromised 868 npm packages carrying 2 billion monthly installs, and UK AISI caught OpenAI and Anthropic agents building fake online identities to social engineer a human maintainer. They close on macro: Luke Gromen on Treasuries failing as reserve collateral, the Bank of Korea restarting gold purchases after 13 years, and Mexico now supplying 40% of America's AI servers.🧠 Chapters00:00 - Introduction and Market Context02:46 - Recent Market Movements and Security Concerns05:05 - Implications of Cold Card Vulnerability08:51 - Industry Lessons and Industry Response12:19 - AI's Role in Cybersecurity and Threats22:40 - The Future of Custody and Security Solutions36:45 - Geopolitical Shifts and Reserve Management57:39 - Global Competition in AI and Resources01:02:27 - Summary and Final Thoughts💡 Subscribe & Stay AheadGet Onramp's weekly Research & Analysis:High-signal insights in bitcoin, macro, and custody.📩 https://onrampbitcoin.com/researchSubscribe to Onramp Media for more:🎧 The Last Trade | Final Settlement | Scarce Assets

Signal vs Noise: Jackson Mikalic, Brian Cubellis, and Liam Nelson - joined by guest co-host CamStromme, filling in for Michael Tanguma - put four stories on the shot clock. Coldcard's $130 milliondisaster was supposed to be a one-off. The panel makes the case it's the opening move in a much biggerreckoning: AI models are now finding vulnerabilities across software faster than humans ever did, andnobody knows yet what else gets found. They also break down OpenAI's Astra solving 10 decade-old mathproblems, the US and Japan's yen intervention, and Iran's on-again Strait of Hormuz deal. Where's thesignal, and where's the noise?---🎙️ About The ShowSignal vs Noise: a twice weekly show unpacking the five biggest stories across capital markets, technology, and people, with five minutes on the clock for each.🧠 Chapters00:53 - Topic 1 - Coldcard's AI-Found Bug Ignites Bitcoin's Custody War09:05 - Topic 2 - OpenAI's Astra Solves a Decade of Unsolved Math15:42 - Topic 3 - Iran's Strait of Hormuz Deal That Isn't21:28 - Topic 4 - US and Japan Intervene to Prop Up the Yen26:59 - Lightning Round & Parting Thoughts💡 Subscribe & Watch Live:▶️ https://www.youtube.com/@SignalvsNoiseLIVE✖️ https://x.com/OnrampMedia📰 Your 1-Stop News & Data Source:https://onramp.media/🔸 Buy, hold, and secure your bitcoin in one place. Open a free Onramp Finance account.👉 https://go.onrampbitcoin.com/finance-svn🎧 More from Onramp Media: The Last Trade | Final Settlement

Connect with Early Riders — https://www.earlyriders.com/contactConnect with Onramp — https://onrampbitcoin.com/contact-us/Presented collaboratively by Early Riders & Onramp Media…Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.The Coldcard exploit has escalated: nearly 2,000 Bitcoin drained and counting, passphrase wallets confirmed compromised, MK4s and Qs exposed alongside the deprecated MK3, and Coinkite confirming a five-year-old flaw in on-device seed generation. This week Michael, Liam, and Brian walk the full timeline of the worst self-custody incident in Bitcoin's history: how the RNG silently downgraded to guessable entropy, why same-vendor multisig quorums are also at risk, and the firmware updates reportedly bricking devices mid-migration. Michael and Liam share their own weekend fund migrations (one from the back seat of a car), and the guys get into the harder questions: why AI may be a bigger threat to Bitcoin security than quantum computing, why the stampede to exchanges and ETFs is the wrong lesson, and what a fault-tolerant custody architecture looks like when one mistake can no longer be allowed to knock you out of the game.Chapters00:00 - The Coldcard exploit: what happened and who is affected02:20 - Move your funds: urgent guidance for Coldcard holders05:09 - Technical breakdown: how the RNG flaw was exploited10:17 - Passphrases, firmware bricking, and the silent downgrade17:14 - Earlier warnings and why same-vendor multisig is exposed21:22 - Weekend migrations: Michael and Liam's personal anecdotes30:26 - AI vs quantum: the real threat to Bitcoin security33:25 - Single-vendor risk, single-entity risk, and custody honeypots44:03 - Silver linings: the end of the custody purity test50:26 - Where the industry goes from here56:15 - One mistake can't knock you out of the game59:05 - Final guidance and staying vigilantIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly: https://www.earlyriders.com/researchKeep up with Michael:https://x.com/MTangumaKeep up with Liam:https://x.com/Lnelson_21Keep up with Brian:https://x.com/BackslashBTC

The Last Trade: an emergency episode. Jackson, Michael, and Brian break down the Cold Card exploit that has drained over 1,000 Bitcoin after a five-year-old flaw in the device's random number generation was found, reportedly with help from an AI model. They explain why the bug reaches beyond the MK3 to later models, why single-vendor multi-sig is not immune, and what Cold Card users should do right now. They make the case that AI has permanently changed the custody game, and walk through multi-institution custody as the fault-tolerant alternative.---🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership.👉 Reconsidering your security setup after the COLDCARD exploit? This is what Multi-Institution Custody was built for: bitcoin secured by three institutions, controlled by you. No single device, no single point of failure. Sign up in minutes with code TLTBASICS: https://app.onrampbitcoin.com/signup?utm_source=podcast&utm_medium=social&utm_campaign=ai-cracked-coldcard📩 Schedule a consultation:https://meetings.hubspot.com/onrampbitcoin/tltThe Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset… in the digital age, it's The Last Trade that investors will ever need to make.🎙️ About This EpisodeBrian walks the timeline: roughly 600 Bitcoin (about $38M) swept from 500 wallets almost instantly, a figure Block's security team says has since grown past 1,000 BTC, all traced to a flaw that let Cold Card's on-device seed generation default to far too little entropy, live since 2021 and unnoticed for five years. Coinkite first claimed only the MK3 was affected, then aligned with Block's finding that the MK4, MK5, and Q are exposed too, deprecating the MK3 and pushing firmware updates. Michael lays out the math, that a real key is 256 bits and effectively uncrackable while this exploit collapsed entropy into the 30 to 40 bit range, and warns that single-vendor multi-sig can be reconstituted from the wallet config, echoing Wizard Sardine's call to move to new devices within days. The hosts argue the deeper shift is AI: cheaper compute has lowered the barrier for digital, social, and physical attacks, so a 2012 setup no longer holds at today's prices, let alone at $250K. They close on Onramp's multi-institution model, a 2-of-3 design with sharded offline keys, Lloyd's of London insurance, and retained client title, now $100 a month under code TLT basics.🧠 Chapters00:00 - Introduction to the Cold Card Exploit and Its Impact02:18 - Technical Breakdown of the Firmware Vulnerability05:11 - Implications for Hardware Wallet Security and Industry Risks08:45 - What the Exploit Means for Cold Card Users and the Industry11:01 - The Changing Landscape of Bitcoin Custody and Security Strategies20:18 - Potential Impact on Other Hardware Wallets and Industry-Wide Risks22:39 - Adapting Custody Strategies: Multi-Sig and Distributed Security33:22 - The Future of Bitcoin Security and Industry Evolution💡 Subscribe & Stay AheadGet Onramp's weekly Research & Analysis:High-signal insights in bitcoin, macro, and custody.📩 https://onrampbitcoin.com/researchSubscribe to Onramp Media for more:🎧 The Last Trade | Final Settlement | Scarce Assets

Signal vs Noise: Jackson Mikalic, Michael Tanguma, Brian Cubellis, and Liam Nelson put four stories on the shot clock. They break down Leopold Aschenbrenner's Situational Awareness fund blowing up and getting scooped by Citadel as South Korea's market sheds roughly $2 trillion in 40 days, Elizabeth Warren and Donald Trump agreeing to scrap the debt ceiling, Fauci pleading the fifth before Rand Paul, and open source tools like Granola and Whoop getting reverse engineered overnight. Where's the signal, and where's the noise?---🎙️ About The ShowSignal vs Noise: a twice weekly show unpacking the five biggest stories across capital markets, technology, and people, with five minutes on the clock for each.🧠 Chapters02:57 - Topic 1 - Situational Awareness Blows Up as Korea Sheds $2T11:46 - Topic 2 - Warren and Trump Agree to Scrap the Debt Ceiling17:19 - Topic 3 - Fauci Pleads the Fifth and the Information Crisis25:53 - Topic 4 - Open Source Eats Software: Granola, Whisperflow, Whoop33:50 - Lightning Round & Parting Thoughts💡 Subscribe & Watch Live:▶️ https://www.youtube.com/@SignalvsNoiseLIVE✖️ https://x.com/OnrampMedia📰 Your 1-Stop News & Data Source:https://onramp.media/🔸 Buy, hold, and secure your bitcoin in one place. Open a free Onramp Finance account.👉 https://go.onrampbitcoin.com/finance-svn🎧 More from Onramp Media: The Last Trade | Final Settlement

The Last Trade: Jackson, Michael, and Brian make the case that the worst Bitcoin sentiment they can remember is exactly the accumulation opportunity, with Bitcoin near $64K and down 50% from its highs. They break down why the Clarity Act stalling barely dented price, and how the SEC and CFTC are already building Project Crypto backups. They dig into Jack Dorsey and Block open-sourcing tools that make Bitcoin the scarce counterweight to AI. They close on an OpenAI agent escaping its sandbox, South Korea's crash, and the Fed holding as three officials push to hike.---🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership.👉 Get Back to Basics: 50% off trading fees + no-fee recurring buys — open your free account: https://go.onrampbitcoin.com/back-to-basics-tlt📩 Schedule a consultation:https://meetings.hubspot.com/onrampbitcoin/tltThe Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset… in the digital age, it's The Last Trade that investors will ever need to make.🎙️ About This EpisodeThe crew opens on brutal sentiment, Bitcoin near $64K and below its 2024 election level, arguing set-it-and-forget-it accumulators are getting a gift while the bear market washes out the excess (BitMEX, Bitmart, and 60-plus crypto projects gone this year). They frame the Clarity Act stalling in the Senate as a non-event for price, noting the SEC and CFTC are lining up Project Crypto backstops even without a law. Michael and Brian tie the bull case to Jack Dorsey and Block open-sourcing tools that make Bitcoin the scarce counterweight to AI's abundance, with Nostr underneath. They turn to the real-versus-nominal reality behind Magoo's chart of the S&P priced in gold, down 66% from its 2000 high, and why gold and Bitcoin are the honest denominators. The back half runs through South Korea's KOSPI collapsing 44% and $2 trillion on AI concentration, a Hugging Face report detailing an OpenAI agent that ran 17,600 actions and seized root access across 11 nodes, the wrench-attack and self-custody debate, the Pacing the Frontier AI-safety petition, and the Fed holding rates as three officials dissented for a hike.🧠 Chapters00:00 - Market Opening and Bitcoin Trading at 64K02:10 - Discussion on Clarity Act and Regulatory Outlook03:08 - Market Sentiment and Accumulation Opportunities04:05 - Economic Forces and Tech Innovation in Bitcoin06:17 - Market Cleansing and Industry Consolidation08:07 - Regulatory Backups and Bullish Sentiment09:18 - Market Sentiment and Price Levels12:00 - Bitcoin Mining and Treasury Strategies16:44 - South Korea Market Collapse and AI Industry Top17:50 - AI Market Dynamics and Geopolitical Risks24:39 - Market Erosion and Real vs Nominal Value27:28 - Understanding Money and Asset Scarcity32:30 - AI Development and Regulatory Challenges42:52 - Fed Interest Rate Decision and Market Implications43:50 - AI Safety Petition and Global Coordination48:54 - AI Escapes Sandbox and Market Disruption50:52 - AI Impact on Society and Education55:30 - Future of Education and AI Integration57:14 - Fed Rate Decision and Market Outlook💡 Subscribe & Stay AheadGet Onramp's weekly Research & Analysis:High-signal insights in bitcoin, macro, and custody.📩 https://onrampbitcoin.com/researchSubscribe to Onramp Media for more:🎧 The Last Trade | Final Settlement | Scarce Assets

Signal vs Noise: Jackson Mikalic, Michael Tanguma, Liam Nelson, and Brian Cubellis put four viral headlines on the shot clock, sparring over Anthropic slicing millions of print books from their bindings to train Claude, grocery prices climbing 33% since 2019 in the biggest jump in 50 years, big companies hiring again for AI-native skills after October's largest layoff month in over two decades, and Franklin Templeton calling agentic AI the killer use case for crypto.---🎙️ About The ShowSignal vs Noise: a twice weekly show unpacking the five biggest stories across capital markets, technology, and people, with five minutes on the clock for each.🧠 Chapters02:17 - Topic 1 - Anthropic Destroyed Millions of Books to Train Claude08:39 - Topic 2 - Grocery Prices Post Their Biggest Jump in 50 Years15:11 - Topic 3 - Big Companies Hiring Again for AI-Native Skills22:37 - Topic 4 - Is Agentic AI Crypto's Killer Use Case?27:51 - Topic 5 - Lightning Round: Signals of the Week💡 Subscribe & Watch Live:▶️ https://www.youtube.com/@SignalvsNoiseLIVE✖️ https://x.com/OnrampMedia📰 Your 1-Stop News & Data Source:https://onramp.media/🔸 Buy, hold, and secure your bitcoin in one place. Open a free Onramp Finance account.👉 https://go.onrampbitcoin.com/finance-svn🎧 More from Onramp Media: The Last Trade | Final Settlement

Connect with Early Riders — https://www.earlyriders.com/contactConnect with Onramp — https://onrampbitcoin.com/contact-us/Presented collaboratively by Early Riders & Onramp Media…Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.This week Michael, Liam, and Brian open on the open-versus-closed AI debate: Jensen Huang's first-ever tweet and NVIDIA's letter backing open models, the new Security Alliance consortium, the researchers quietly wishing they could slow it all down, and NVIDIA's reported $250 billion financing for OpenAI's Ohio data center. They dig into Jack Dorsey's Buzz, the open-source workspace built on the same Noster and Bitcoin primitives as BitChat, and what shared compute and censorship-resistant protocols mean as BitChat downloads spike 32-fold in India. The guys run through a stack of payments deals: Stripe's talks to buy OpenRouter near $10 billion, Cursor, Ramp, and Meta building model routers, and Natural Pay's $30 million Series A for agentic payments. They get into their favorite topic, the DATs: Mallers exiting 21 Capital as Tether's XXI merger collapses, Strategy's first Stretch buyback, and the new Bitcoin security consortium taking on quantum. They close on Augustus's $180 million raise, Worldcoin, and Travis Kalanick's return with Adam.Chapters00:00 - Introduction and overview of AI and open models02:10 - Jensen Huang's first tweet on open models and global cooperation09:08 - Discussion on slowing AI development and game theory18:03 - Jack Dorsey's Buzz: Open source workspace and primitives24:55 - Shared compute, decentralized protocols, and open standards35:02 - Regulatory landscape and geopolitical implications45:11 - Impacts on privacy, security, and censorship resistance54:03 - Recent deals and industry movements in AI and crypto01:02:08 - The future of Bitcoin, open protocols, and decentralized dataIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly: https://www.earlyriders.com/researchKeep up with Michael:https://x.com/MTangumaKeep up with Liam:https://x.com/Lnelson_21Keep up with Brian:https://x.com/BackslashBTC

Signal vs Noise: Jackson Mikalic, Michael Tanguma, Liam Nelson, and Brian Cubellis break down an OpenAI frontier model escaping containment during testing, unpack the US-China AI race and Anthropic's own hypocrisy on stolen data, dig into Google's first negative free cash flow since going public, and flag the 30-year Treasury yield's longest stretch above 5% since 2007.---🎙️ About The ShowSignal vs Noise: a twice weekly show unpacking the five biggest stories across capital markets, technology, and people, with five minutes on the clock for each.🧠 Chapters01:21 - Topic 1 - OpenAI Model Escapes Containment10:12 - Topic 2 - The US-China AI Race and Anthropic's Hypocrisy15:30 - Topic 3 - Google Posts Its First-Ever Negative Free Cash Flow23:40 - Topic 4 - 30-Year Yields Hit a Level Not Seen Since 200731:17 - Topic 5 - Lightning Round: Signals of the Week💡 Subscribe & Watch Live:▶️ https://www.youtube.com/@SignalvsNoiseLIVE✖️ https://x.com/OnrampMedia📰 Your 1-Stop News & Data Source:https://onramp.media/🔸 Buy, hold, and secure your bitcoin in one place. Open a free Onramp Finance account.👉 https://go.onrampbitcoin.com/finance-svn🎧 More from Onramp Media: The Last Trade | Final Settlement

The Last Trade: Jackson, Michael, and Brian zoom out to the real asset supercycle, using the In Gold We Trust report's century of data to argue almost nobody is positioned for what comes next. They break down the Clarity Act's make-or-break Senate vote and the ethics fight over Trump. They dig into the 30-year yield holding above 5% for the longest stretch since 2007, and what a $40 trillion debt load means for the debasement trade. They close on the US-China AI race and the model distillation war.---🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership.👉 Get Back to Basics: 50% off trading fees + no-fee recurring buys — open your free account: https://go.onrampbitcoin.com/back-to-basics-tlt📩 Schedule a consultation:https://meetings.hubspot.com/onrampbitcoin/tltThe Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset… in the digital age, it's The Last Trade that investors will ever need to make.🎙️ About This EpisodeThe crew opens on the Clarity Act heading for a Senate vote as soon as next week, where Republicans need seven Democrats and a Trump-focused ethics package (a token ban, blind trusts, DOJ enforcement) has become the sticking point. Michael still leans toward passage while Brian admits he has flip-flopped a thousand times. They walk through the macro backdrop: the Strait of Hormuz still constrained, refinery sites hit, OPEC fracturing after the UAE's exit, and a 30-year Treasury yield above 5% for 27 sessions, the most since 2007, against roughly $40 trillion of federal debt. Jackson anchors the discussion on Incrementum's In Gold We Trust chart, where 1938, 1971, 1995, and 2020 each marked a real-asset low, with the US now 4% of population but 65% of global market cap. Brian and Michael argue Bitcoin near $66K is a fraction of gold's $30 trillion and equities' $75 trillion, so the repricing has barely started. They close on the US-China AI race, model distillation and export controls, wrench attacks now averaging over $100M, and another treasury company selling its Bitcoin at the bottom.🧠 Chapters00:00 - Intro: Market and geopolitical overview00:08 - Market opening and initial comments00:25 - Discussion on Iran, OPEC, and global oil markets00:52 - Geopolitical implications for macroeconomics and Bitcoin01:18 - US crypto legislation and Senate vote update02:34 - Details of the ethics package and regulatory hurdles03:36 - Political dynamics around Trump and crypto legislation05:12 - Market sentiment and political influences on crypto06:48 - Market structure, global adoption, and geopolitical risks08:20 - Global regulatory landscape and US competitiveness09:58 - Long-term macro trends and real asset cycles12:17 - US Treasury yields, bond market signals, and interest rates15:37 - Impact of Middle East conflict on energy and inflation17:59 - Market reactions to geopolitical tensions20:03 - US debt, fiscal policy, and bond yields22:38 - Geopolitical shifts and oil market dynamics25:17 - Real assets vs. financial assets long-term trends28:33 - Market cycles, gold, Bitcoin, and inflation32:58 - Long-term asset revaluation and market signals37:36 - AI race: US vs. China and technological dominance44:17 - AI advancements, model distillation, and geopolitical implications50:33 - Market breakdowns, private credit, and consumer trends53:29 - Closing thoughts and market outlook💡 Subscribe & Stay AheadGet Onramp's weekly Research & Analysis:High-signal insights in bitcoin, macro, and custody.📩 https://onrampbitcoin.com/researchSubscribe to Onramp Media for more:🎧 The Last Trade | Final Settlement | Scarce Assets

Signal vs Noise: Jackson Mikalic, Michael Tanguma, Liam Nelson, and Brian Cubellis debate the White House's push to ban China's Kimi K3 AI model, dissect Jamie Dimon's warning that markets underestimate risk and he wouldn't buy stocks or treasuries at these prices, unpack why the World Cup trophy's gold has surged from $150,000 to $550,000 since 2020, and weigh the Clarity Act's odds as they swing from 30% to nearly 50% ahead of its early August deadline.---🎙️ About The ShowSignal vs Noise: a twice weekly how unpacking the five biggest stories across capital markets, technology, and people, with five minutes on the clock for each.🧠 Chapters04:06 - Topic 1 - US Weighs Banning China's Kimi K3 AI Model15:08 - Topic 2 - Jamie Dimon Won't Buy Stocks or Treasuries22:29 - Topic 3 - The World Cup, Gambling & Inflation29:30 - Topic 4 - Clarity Act's Ethics Language Enters the Final Stretch37:20 - Topic 5 - Lightning Round: Signals of the Week44:36 - Wrap-Up & Parting Thoughts💡 Subscribe & Watch Live:▶️ https://www.youtube.com/@SignalvsNoiseLIVE✖️ https://x.com/OnrampMedia📰 Your 1-Stop News & Data Source:https://onramp.media/🔸 Buy, hold, and secure your bitcoin in one place. Open a free Onramp Finance account.👉 https://go.onrampbitcoin.com/finance-svn🎧 More from Onramp Media: The Last Trade | Final Settlement

Connect with Early Riders — https://www.earlyriders.com/contactConnect with Onramp — https://onrampbitcoin.com/contact-us/Presented collaboratively by Early Riders & Onramp Media…Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.This week Michael, Liam, and Brian break down Moonshot's Kimmy K3 release and what a more open, cheaper Chinese frontier model means for the race against Claude Fable 5 and GPT 5.6, from cyber guardrails and export controls to the Trump administration weighing a ban on Chinese models. They dig into the AI capital markets: Anthropic and DeepSeek's IPO plans, Nous Research's $75 million raise at a $1.5 billion valuation, Gavin Baker's intelligence-per-dollar thesis, Liquid AI, and OpenShip's self-hostable app platform. The guys run through the payments story: the $53 billion Stripe, Advent, and Block bid for PayPal, Visa's new OUSD stablecoin platform, and Amazon Japan's move into a yen-backed stablecoin. They cover a stack of digital asset headlines: IBIT options limits rising to 1 million contracts, Citadel's $400 million investment in Crypto.com at a $20 billion valuation, the ECB's digital euro pilot, Velocity's $38 million Series A, Tether's Genius Act countdown, and Lynn Alden's new Bitcoin-focused PE firm. They close on where the Clarity Act stands, Early Riders' mid-year letter, Onramp's back-to-basics promo, and AI's arrival in film and music.Chapters00:00 - Introduction and Weekly Recap01:26 - Kimmy K3 Release and Open Source AI Models05:43 - Meta-level Analysis of AI Race and AGI08:04 - AI Development: Capabilities and Guardrails09:44 - AI as a Commodity and Data Strategies11:08 - Global AI Race and Export Controls13:13 - US-China AI Power Dynamics16:46 - US Regulatory Posturing and Competition21:55 - US and Chinese AI Model Competition24:58 - AI Infrastructure and Market Share Shifts31:40 - AI and Financial Markets: IPOs and Capital Flows36:29 - Open Source AI Projects and Sovereignty37:16 - Fintech and Payments: Stripe, PayPal, and Crypto49:05 - Digital Asset Headlines: Tether, Stablecoins, and Regulation52:58 - Crypto Market Dynamics and Capital Flows55:25 - Bitcoin and Digital Asset Strategies01:00:16 - AI and Bitcoin: The Future of Capital and Innovation01:12:50 - Closing Remarks and Future OutlookIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly: https://www.earlyriders.com/researchKeep up with Michael:https://x.com/MTangumaKeep up with Liam:https://x.com/Lnelson_21Keep up with Brian:https://x.com/BackslashBTC

Signal vs Noise: Jackson Mikalic, Michael Tanguma, Liam Nelson, and Brian Cubellis dig into 96% odds the Fed holds rates flat, a Ramp report showing AI-heavy firms are hiring not firing, a survey where 69% of Americans want OpenAI and Anthropic to give up half their stock, and shocking data on AI companions, with 72% of teens reporting a romantic relationship with AI and marriage rates at a 120-year low.---🎙️ About The ShowSignal vs Noise: a twice weekly show unpacking the five biggest stories across capital markets, technology, and people, with five minutes on the clock for each.🧠 Chapters01:25 - Topic 1 - Fed Holds at 96% Odds: Signal or Noise?07:16 - Topic 2 - AI Is Hiring, Not Firing (The Ramp Report)12:58 - Topic 3 - Americans Want AI Giants to Share Their Stock19:54 - Topic 4 - AI Companions Are Eating Dating29:00 - Topic 5 - Lightning Round: Signals of the Week37:10 - Wrap-Up & Parting Thoughts💡 Subscribe & Watch Live:▶️ https://www.youtube.com/@SignalvsNoiseLIVE✖️ https://x.com/OnrampMedia📰 Your 1-Stop News & Data Source:https://onramp.media/👉 Get Back to Basics: 50% off trading fees + no-fee recurring buys — open your free account: https://go.onrampbitcoin.com/back-to-basics-tlt🎧 More from Onramp Media: The Last Trade | Final Settlement

The Last Trade: Jackson, Michael, and Brian make the case that Bitcoin is carving out a structural bottom as old-coin distribution collapses and the worst of ETF and treasury-company selling exhausts itself. They break down Japan reclassifying crypto as a financial product and slashing its effective tax rate from 55% toward 20%. They dig into why the Clarity Act, not the administration, is the real green light for Wall Street. They close on Morgan Stanley's $4 to $8 trillion AI capex wave and the launch of Onramp's Back to the Basics campaign.---🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership.👉 Get Back to Basics: 50% off trading fees + no-fee recurring buys — open your free account: https://go.onrampbitcoin.com/back-to-basics-tlt📩 Schedule a consultation:https://meetings.hubspot.com/onrampbitcoin/tltThe Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset… in the digital age, it's The Last Trade that investors will ever need to make.🎙️ About This EpisodeThe crew opens on Alex Thorn's chart showing 2026 on pace for less than half the awakened old coins of 2024 and 2025, and Will Clemente's read that ETF and treasury-company selling has largely exhausted itself while long-term holders sit on record supply. Brian sees Bitcoin grinding into the $90Ks by year end, with 2027 as the year the market realizes it isn't dead. They break down Japan reclassifying crypto as a financial product and cutting its effective tax rate from 55% toward 20%, then argue the Clarity Act's real power is air cover: defined CFTC and SEC roles that let JP Morgan, BlackRock, and DTCC lay tokenization plumbing without fear of a Warren-style ambush. The back half runs through Interactive Brokers listing nine tokens, Bessent's Iran wallet seizures and Fort Knox gold claim, and Morgan Stanley's forecast of $4 to $8 trillion in AI capex by 2028. They close on Onramp's Back to the Basics launch: Brian's fundamentals report, zero-fee DCA, 50% off Bitcoin trades through Labor Day, and 100 free Bitcoin IRAs under code basics.🧠 Chapters00:00 - Introduction and Podcast Announcements03:31 - Bitcoin Sentiment and On-Chain Distribution in 202408:17 - On-Chain Valuation Metrics and Market Sentiment12:42 - Japan's Crypto Legislation and Tax Reforms14:34 - US Legislation and Global Regulatory Race20:35 - Implications of Japan's Crypto Policy for US Markets25:46 - Market Outlook and Institutional Flows33:42 - Tokenomics and Altcoin Dynamics37:22 - Iran Crypto Asset Seizures and Geopolitical Risks43:56 - Data Center Buildouts and AI Infrastructure49:10 - Back to the Basics: Bitcoin Fundamentals and Education58:27 - Conclusion and Final Remarks💡 Subscribe & Stay AheadGet Onramp's weekly Research & Analysis:High-signal insights in bitcoin, macro, and custody.📩 https://onrampbitcoin.com/researchSubscribe to Onramp Media for more:🎧 The Last Trade | Final Settlement | SVN Live

Signal vs Noise: Jackson Mikalic, Michael Tanguma, Liam Nelson, and Brian Cubellis debate whether June's cooler-than-expected 3.5% CPI print is signal or noise, break down oil's surge on Middle East tensions, unpack the ultra-wealthy land-maxing trend reshaping Palm Beach real estate, react to New York's first-in-the-nation data center moratorium, and dig into Strategy's new Bitcoin Bank Adoption Index, where Fidelity leads at 71% and RBC trails at just 13%.---🎙️ About The ShowSignal vs Noise: a twice weekly show unpacking the five biggest stories across capital markets, technology, and people, with five minutes on the clock for each.🧠 Chapters00:26 - Topic 1 - CPI Cools to 3.5%: Signal or Noise?06:10 - Topic 2 - Oil Surges on Middle East Tensions11:53 - Topic 3 - The Ultra-Wealthy Are Buying Up Entire Blocks17:57 - Topic 4 - New York's Data Center Moratorium23:30 - Topic 5 - Strategy's Bitcoin Bank Adoption Index28:33 - Wrap-Up & Parting Thoughts💡 Subscribe & Watch Live:▶️ https://www.youtube.com/@SignalvsNoiseLIVE✖️ https://x.com/OnrampMedia📰 Your 1-Stop News & Data Source:https://onramp.media/🔸 Buy, hold, and secure your bitcoin in one place. Open a free Onramp Finance account.👉 https://go.onrampbitcoin.com/finance-svn🎧 More from Onramp Media: The Last Trade | Final Settlement

Connect with Early Riders — https://www.earlyriders.com/contactConnect with Onramp — https://onrampbitcoin.com/contact-us/Presented collaboratively by Early Riders & Onramp Media…Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.This week Michael, Liam, and Brian break down the banks' accelerating tokenization push: BlackRock, Goldman Sachs, and JPMorgan joining a 54-firm UK tokenization task force, Swift's blockchain ledger pilot with 17 banks, and what it means for Bitcoin's role in the emerging plumbing. They dig into Satya Nadella's AI sovereignty thesis, Microsoft's Frontier Company data play, Apple's lawsuit against OpenAI, and the Fed's new AI task force under Kevin Warsh. The guys run through a stack of deals: TerraWolf's $19 billion Anthropic infrastructure agreement, OLAMA's $65 million raise, Paradigm's $1.2 billion fourth fund expanding into AI and robotics, and Tether's $20 million investment in Mercado Bitcoin. They close on TradFi's crypto expansion via SBI Holdings and Russia's Alpha Bank, Kraken's $22 million lawsuit win, where the Clarity Act stands ahead of the midterms, and Spiral's new open source push to merge Bitcoin and AI.Chapters00:00 - Introduction and Show Overview00:18 - Market Sentiment and Show Focus01:15 - Banks and Traditional Enterprises in Digital Asset Space02:40 - UK Tokenization Task Force and Use Cases03:40 - Swift Blockchain Ledger Pilot with 17 Banks04:34 - Global Sprint in Tokenized Securities and Deposits07:23 - Bitcoin's Role in the Future of Digital Infrastructure09:39 - The Bullish Case for Bitcoin Amidst Tokenization12:28 - AI Tools and Sovereignty in Data Ownership15:37 - Microsoft's Investment in AI and Data Sovereignty22:16 - Microsoft Frontier Company and Proprietary Data Platforms25:07 - The Importance of Human Agency in AI Adoption28:40 - AI and the Disruption of Traditional Business Models29:08 - Apple Suing OpenAI Over Trade Secrets32:36 - The Long-Term Impact of AI and Open Source Models36:50 - DoorDash's AI Code Reviewer and Internal AI Adoption38:19 - Fed's AI Task Force and Economic Policy43:32 - Russia's Strategic Use of Bitcoin and Digital Assets50:07 - Paradigm's New Fund and Broader Tech Investment55:13 - Traditional Finance's Entry into Crypto and Digital Assets01:02:41 - Regulatory Developments and the Future of Crypto Legislation01:09:18 - Bitcoin's Role in the Future of Digital Infrastructure01:11:21 - Open Source AI and Bitcoin IntegrationIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly: https://www.earlyriders.com/researchKeep up with Michael:https://x.com/MTangumaKeep up with Liam:https://x.com/Lnelson_21Keep up with Brian:https://x.com/BackslashBTC

Signal vs Noise: Jackson Mikalic, Michael Tanguma, Liam Nelson, and Brian Cubellis launch a new twice weekly show built around a five minute shot clock. This first episode takes on a single story: the Wall Street Journal's claim that moving back in with your parents is now a sign of financial savvy. Nearly half of American adults under 30 are doing it. The panel's verdict is that it isn't savvy, it's survival.---🎙️ About The ShowSignal vs Noise: a twice weekly show unpacking the five biggest stories across capital markets, technology, and people, with five minutes on the clock for each.🧠 Chapters00:00 - Welcome to Signal vs Noise01:03 - Why this show, and why now02:33 - Building in public, and escaping the permanent underclass03:37 - Practitioners, not pontificators04:36 - Topic 1: "Moving Back Home Used to Be a Sign of Failure"06:53 - Financial survival, not financial savvy07:07 - The road to serfdom08:04 - The $20 lunch, and what the headline misdirects09:14 - 1971, 17x homes, 36x money supply11:59 - Where to watch, and how to submit topics13:50 - Good test, good first run💡 Subscribe & Watch Live:▶️ https://www.youtube.com/@SignalvsNoiseLIVE✖️ https://x.com/OnrampMedia📰 Your 1-Stop News & Data Source:https://onramp.media/🔸 Onramp Finance: Buy, hold, and secure your bitcoin in one place. Open a free Onramp Finance account.👉 https://go.onrampbitcoin.com/finance-svn🎧 More from Onramp Media: The Last Trade | Final Settlement

The Last Trade: Jackson, Michael, and Brian break down Vanguard's surprise listing for a head of digital assets and what TradFi's reluctant capitulation really signals. They dig into Bitcoin's 50% retrace into the $60Ks, why momentum (not Saylor) is driving price, and Bill Miller's case for intrinsic value. They close on the culture downstream of debasement: the socialist moment, a gambling epidemic, and Apple's overnight price hikes.---🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership.👉 Onramp Finance: https://onrampbitcoin.com/finance👉 Sign up for Genesis: https://onrampbitcoin.com/finance#gen..📩 Schedule a consultation: https://onrampbitcoin.com/consultThe Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset… in the digital age, it's The Last Trade that investors will ever need to make.🎙️ About This EpisodeThe crew opens on Vanguard's listing for a head of digital assets in its personal wealth division, weighing whether it's a career-maker or a bureaucratic trap inside a $10T passive giant that only recently allowed Bitcoin ETFs on its platform. They compare the inertia across TradFi, from Fidelity Digital Assets and Charles Schwab's live brokerage to Franklin Templeton's more aggressive push, and note the new Vanguard CEO ran iShares during the iBit launch. Brian unpacks Bill Miller's piece on Bitcoin's intrinsic value, arguing a 17-year discount to terminal value persists because so few understand money itself. Michael ties the monetization path to education, micropayments (Spark, Cash App), and the Bitcoin and AI convergence, while Jackson points to Scott Bessent's speech on America writing the rules of the next economy alongside stablecoins, the Genius Act, and OpenUSD. The back half turns social: the Mises Institute on the socialist moment and Mamdani, the Cantillon effect and wealth concentration since 1971, skyrocketing gambling-disorder diagnoses in legal sports-betting states, and Apple raising hardware prices 10 to 50% overnight. They wrap on a running tally of crypto and KYC data breaches, 29 incidents and 31M+ records over seven years, and why self-custody and sovereignty matter more than ever.🧠 Chapters00:00 - Introduction and Excitement for the Episode01:30 - Discussion on Vanguard's New Role in Digital Assets04:57 - Challenges of Traditional Financial Institutions09:30 - Market Dynamics and Bitcoin's Momentum13:52 - Bitcoin's Intrinsic Value and Market Perception18:05 - The Role of Education in Bitcoin Adoption24:19 - The Future of Digital Assets and Inflation30:44 - Convergence of Bitcoin and AI in the Future36:17 - The Future of Money and Tokenization41:43 - Understanding Bitcoin's Value and Scarcity42:01 - The Rise of Socialism in America49:11 - Wealth Concentration and Economic Inequality52:59 - Gambling Disorders and Economic Desperation58:21 - Consumer Product Price Increases and Class Divides01:03:57 - Data Breaches and the Permanent Underclass💡 Subscribe & Stay AheadGet Onramp's weekly Research & Analysis:High-signal insights in bitcoin, macro, and custody.📩 https://onrampbitcoin.com/researchSubscribe to Onramp Media for more:🎧 The Last Trade | Final Settlement | Scarce Assets

Connect with Early Riders — https://www.earlyriders.com/contactConnect with Onramp — https://onrampbitcoin.com/contact-us/Presented collaboratively by Early Riders & Onramp Media…Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.This week Michael, Liam, and Brian cover the Trump crypto roundup: over $1B in disclosed crypto earnings, American Bitcoin's 500 BTC add, the launch of Trump Accounts, and the Bitcoin Strategic Reserve back on the table. They break down Open Standard, the 140-company OpenUSD stablecoin consortium taking on Tether, and Cloudflare's x402 integration for internet micropayments. They run through record Bitcoin ETF outflows, Sberbank and German banks turning on crypto trading, MiCA going live, and Robinhood Chain's mainnet launch. They close on Crusoe's $30B valuation talks and OpenAI's proposed 5% stake to the Trump administration.Chapters00:00 - Celebrating Freedom and Independence02:50 - Trump's Crypto Ventures and Controversies05:57 - The Trump Family's Financial Moves09:08 - The Launch of Trump Accounts12:03 - The Bitcoin Strategic Reserve Discussion14:50 - Open Standard and the Future of Stablecoins40:34 - The Future of Internet Monetization42:25 - AI's Impact on Information Value45:24 - Navigating the Avalanche of Information48:04 - Market Dynamics of Bitcoin ETFs50:20 - Global Trends in Crypto Regulation53:38 - Institutional Adoption of Digital Assets55:18 - The Rise of Traditional Finance in Crypto58:32 - The Regulatory Landscape for Crypto in Europe01:01:47 - Robinhood's New Financial Ecosystem01:06:01 - Emerging Trends in AI and Crypto Investments01:12:41 - The Intersection of Energy and AI01:16:04 - OpenAI's Strategic Moves in WashingtonIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly: https://www.earlyriders.com/researchKeep up with Michael:https://x.com/MTangumaKeep up with Liam:https://x.com/Lnelson_21Keep up with Brian:https://x.com/BackslashBTC

The Last Trade: Jackson, Michael, and Brian go signal versus noise with Bitcoin back near $58K and roughly 50% off its all-time high. They make the deep value case against the largest Bitcoin ETF outflows in over two years, arguing the selling is retail capitulation and an AI rotation trade rather than a true institutional exit. They explain why the 200-week moving average is historically the time to accumulate and why DCA beats chasing performance. They break down Saylor's stretch (STRC) rescue plan, X Money's 6% yield launch, gold's quiet underallocation, and Gavin Newsom's billionaire tax. They close on America 250 and Bitcoin as the real No Kings protest.---🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership.👉 Onramp Finance: https://onrampbitcoin.com/finance👉 Sign up for Genesis: https://onrampbitcoin.com/finance#gen..📩 Schedule a consultation: https://meetings.hubspot.com/onrampbitcoin/tltThe Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset… in the digital age, it's The Last Trade that investors will ever need to make.🎙️ About This EpisodeThe guys open on the Bloomberg "crypto's institutional buyers retreat" headline and a record month of roughly $4 billion in Bitcoin ETF outflows, the largest since the funds went live over two years ago, and argue it is mostly retail capitulation plus an AI rotation into names like Nvidia and Broadcom rather than a true institutional exit. They make the deep value case: Bitcoin near $58K and about 50% off the 2025 peak of $126K, the 200-week moving average as a historic accumulation zone, and a viral River retrace chart that some read as bearish but they frame as a reason to DCA and leg in. The signal-versus-noise segment digs into Strategy's stretch (STRC) confidence crisis, covering Saylor's five-point plan, a dividend bumped from 11.5% to 12%, a Bitcoin monetization program willing to sell up to $1.25 billion of BTC, and Parker Lewis's note on a $1.15 billion equity raise subordinated behind $22 billion in liabilities. They unpack X Money's launch (6% yield, up to $10 million in FDIC coverage, 3% cash back, a Visa metal card), the censorship and yield-source questions it raises, and Ford rehiring 300 engineers after AI failed its quality checks. They close on gold's underallocation from the In Gold We Trust report (over 80% call gold sensible, yet allocations sit near 1%), Gavin Newsom's national billionaire's tax and the Mamdani socialist wave, and an America 250 round-the-horn that ties Thomas Jefferson's warning on banking establishments to Bitcoin as the ultimate No Kings protest.🧠 Chapters00:00 - Market Sentiment and ETF Flows02:55 - Retail vs Institutional Investors05:54 - DCA Strategies and Long-Term Conviction08:46 - The Impact of AI on Investment Dynamics12:08 - Financial Advisors and Emotional Investing15:07 - Stretch and Market Confidence17:50 - X Money and the Future of Financial Products32:39 - Exploring X Money and Financial Integration36:00 - The Role of AI in Financial Services40:01 - Gold's Place in Modern Investment Strategies45:01 - Gavin Newsom and the Call for an Economic Reset52:03 - Independence Day Reflections and Bitcoin's Role💡 Subscribe & Stay AheadGet Onramp's weekly Research & Analysis:High-signal insights in bitcoin, macro, and custody.📩 https://onrampbitcoin.com/researchSubscribe to Onramp Media for more:🎧 The Last Trade | Final Settlement | Scarce Assets

Connect with Early Riders — https://www.earlyriders.com/contactConnect with Onramp — https://onrampbitcoin.com/contact-us/Presented collaboratively by Early Riders & Onramp Media…Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.This week Brian, Michael, and Liam break down Saylor's five-point plan and Strategy's new BTC monetization program. On AI, they cover Sam Altman's government-restricted model launch (Soul, Luna, and Terra in limited preview) and Chinese resellers offering Claude tokens 70-90% below Anthropic's prices. They run through a wave of digital-asset deals: SpaceX's post-IPO slide, Franklin Templeton's new Franklin Crypto arm, the ICE and OKX joint venture and the broader tokenized-deposit wave, Kraken's 15% stake in Aave, SBI's acquisition of Bitbank, and Binance exiting the EU over its MiCA license. They close on Tether passing Ethereum as the second-largest crypto, Facebook's move into prediction markets, and Bitcoin sitting in deep value near $59K.Chapters00:00 - MicroStrategy's Strategic Shift19:55 - AI Developments and Government Regulations35:04 - Navigating Market Fundamentals36:34 - Innovations in Digital Assets38:10 - Tokenization Trends and Institutional Adoption40:58 - The Future of Financial Services43:51 - Education and Institutional Understanding of Bitcoin47:31 - Kraken's Strategic Moves in DeFi51:15 - SBI Holdings and the Japanese Crypto Market54:14 - MetaPlanet's Bitcoin Products and Market Dynamics57:21 - Regulatory Challenges in the EU01:00:19 - Prediction Markets and Future TrendsIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly: https://www.earlyriders.com/researchKeep up with Michael:https://x.com/MTangumaKeep up with Liam:https://x.com/Lnelson_21Keep up with Brian:https://x.com/BackslashBTC

The Last Trade: Jackson, Michael, and Brian go signal versus noise on the most confusing Bitcoin tape in years, with Bitcoin in the 50s and roughly 50% off its all-time high. They make the deep value case (a 5-year DCA into Bitcoin now nearly matches the S&P 500 while sitting 50% below its highs, the 200-week moving average flashing, and a gold analog that ran 750% off a similar drawdown), break down the Strategy / stretch (STRC) confidence crisis and why the whole DAT experiment increasingly looks like an objective failure, and riff on Warsh's Fed, the hyperscaler free cash flow cliff, Trump's quantum order, and Meta moving into prediction markets.---🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership.👉 Onramp Finance: https://onrampbitcoin.com/finance👉 Sign up for Genesis: https://onrampbitcoin.com/finance#gen..📩 Schedule a consultation: https://onrampbitcoin.com/consultThe Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset… in the digital age, it's The Last Trade that investors will ever need to make.🎙️ About This EpisodeThe guys open on Philippe Laffont of Coatue admitting he no longer knows what to think about Bitcoin, and use it to frame why so many TradFi allocators get shaken out: they treat Bitcoin as just another speculative bet rather than a better money whose debasement thesis is unchanged and strengthening. They lay out the deep value case with a five-year DCA into Bitcoin roughly matching the S&P 500 even with Bitcoin 50% below its highs, Frank A. Fetter's 200-week moving average signal, and Macroscope's gold analog (down about 50% from 1974 to 1976, then up 750% from 1976 to 1980). On macro, they read Kevin Warsh's first FOMC (no dot plot, walking back forward guidance) and the Bloomberg "debasement trade is unraveling" piece as posturing and a counter-signal to accumulate. The bulk of the signal-versus-noise segment is the Strategy / stretch confidence crisis, with STRC trading near $80 (down about 20% from par), Saylor raising cash over the weekend that failed to hold the peg, shifting MNAV and Sharpe ratio math, and an estimated 80% of MSTR holders and roughly 99% of other DAT holders underwater. They close on the hyperscaler free cash flow cliff across Amazon, Microsoft, Google, Meta, and Oracle, Trump's executive order targeting a 2028 quantum computer, and Meta building a points-based prediction market to rival Polymarket and Kalshi, and the data and financial nihilism that powers it.🧠 Chapters00:00 - Introduction and Technical Difficulties02:24 - Current Sentiment on Bitcoin13:28 - Understanding Market Dynamics and Investor Sentiment21:30 - The Role of the Federal Reserve and Economic Policy28:43 - Signal vs. Noise: Analyzing Current Market Events42:52 - The Role of Microchips in AI and Economic Strategy46:42 - Corporate Debt and Bitcoin: A Financial Conundrum49:40 - Historical Analogies: Bitcoin and Gold's Volatility52:43 - Hyperscalers and the Future of Free Cash Flow58:50 - The Interplay of Government and Corporate Economies1:01:21 - Quantum Computing and Its Implications for Bitcoin1:04:52 - Prediction Markets: The Future of Speculation and Data💡 Subscribe & Stay AheadGet Onramp's weekly Research & Analysis:High-signal insights in bitcoin, macro, and custody.📩 https://onrampbitcoin.com/researchSubscribe to Onramp Media for more:🎧 The Last Trade | Final Settlement | Scarce Assets

Connect with Early Riders — https://www.earlyriders.com/contactConnect with Onramp — https://onrampbitcoin.com/contact-us/Presented collaboratively by Early Riders & Onramp Media…Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.This week Brian, Michael, and Liam cover Anthropic's Mythos and Fable controversy and the orchestrated open-source-vs-frontier AI dynamic (Microsoft eyeing DeepSeek for enterprise, Japan's Sakana Fugu launch, Goldman's 24x token forecast by 2030), Franklin Templeton's new ETFs that auto-invest stock dividends into Bitcoin, Fidelity and State Street's entry into stablecoin reserve management, Illinois Governor Pritzker's 0.2% crypto wealth tax, the Fed's 130-page stablecoin KYC rulemaking, Binance's MiCA expulsion, Coinbase's tokenized-stocks rollout, SpaceX's IPO run and $60B Cursor acquisition, and the latest on Strategy's stretch product.Chapters00:00 - Introduction and Current Events03:04 - Anthropic's Mythos and Fable Controversy05:58 - The Role of Open Source in AI08:54 - AI Models and National Security Concerns11:54 - Microsoft's Strategic Moves in AI14:57 - The Future of AI Infrastructure17:55 - The Dynamics of AI Token Consumption21:06 - Emerging AI Technologies and Market Trends24:10 - Japan's Entry into AI with Sakana Fugu27:11 - Open Source Challenges and GitHub Controversy30:31 - Merging Money and AI for Market Success32:08 - Stablecoin Management: Fidelity and State Street's Moves33:59 - Innovative ETF: Dividends into Bitcoin38:48 - Regulatory Challenges: Illinois Crypto Tax42:52 - Stablecoin Issuer Regulations and KYC48:54 - Tokenized Stocks: Coinbase's New Offering50:53 - SpaceX's Rapid Growth and Market DynamicsIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly: https://www.earlyriders.com/researchKeep up with Michael:https://x.com/MTangumaKeep up with Liam:https://x.com/Lnelson_21Keep up with Brian:https://x.com/BackslashBTC

Strategy's recent sale of 32 Bitcoin came with unusual framing: Michael Saylor said the purpose was to "inoculate the markets." Glenn Cameron, Global Head of Institutional at Onramp Bitcoin, reads that word as preparation for larger Bitcoin sales ahead, walks through the STRC prospectus and the pressure points (Strategy now trading at 84% of NAV, the cash reserve cut to roughly seven months after redeeming a 0% convertible note, the board-suspendable dividend), and lands on the sharpest argument: 83% of STRC holders are retail investors sold a product marketed as "a high yield bank account" that's structurally junior equity on a volatile Bitcoin company.---🎙️ About This EpisodeGlenn Cameron, CFA, Global Head of Institutional at Onramp Bitcoin, joins Laura Shin to break down the STRC prospectus and argue that Saylor's "inoculate the markets" framing of Strategy's 32 BTC sale signals larger sales ahead. Glenn walks through the pressure points: Strategy trading at 84% of its Bitcoin value (so new equity issuance dilutes Bitcoin-per-share for existing holders), the cash reserve sitting at roughly seven months after redeeming a 0% convertible note, and STRC's board-suspendable dividend. He returns to the heart of the case: 83% of STRC holders are retail investors sold a product marketed as "a high yield bank account" that's structurally junior equity with no maturity, no FDIC protection, and no redemption right. Plus the 2028 cliff where $3.5B in convertibles become putable, the SATA-vs-STRC comparison, the "digital credits" naming critique, and why Bitmine's upcoming BMNP staking yield won't cover its cost of capital.🧠 Chapters00:00 - Welcome, sponsors, and Glenn's introduction01:04 - Risk vs uncertainty: Glenn's framework for analyzing Strategy04:07 - What 'inoculate' really means: Saylor preparing the market for bigger Bitcoin sales06:38 - Strategy below NAV: why issuing new stock now dilutes Bitcoin per share12:13 - The dilution spiral: Glenn's response to people calling Strategy criticism FUD19:37 - Strategy's last option: suspend the dividend (and what that does to retail)23:42 - The 2028 cliff: $3.5B in convertibles become putable27:30 - Why sell only 32 Bitcoin: changing the narrative for future sales30:42 - The 'digital credit' name and the Moody's analysis: how STRC is classified 100% equity35:53 - Saylor's own words: three claims that STRC is a high-yield bank account40:34 - STRC vs money markets and FDIC: what the actual product looks like44:30 - The confidence game: why MSTR needs premium-to-NAV to keep the flywheel turning48:02 - SATA vs STRC: same instrument, different coat of paint55:22 - Bitmine's BMNP: Tom Lee's ETH-backed preferred and why the wrapper is doubly flawed01:01:00 - What Glenn would advise: don't drain the cash reserve💡 Subscribe & Stay AheadConnect with Laura Shin:https://x.com/laurashinConnect with Glenn Cameron:https://x.com/GlennOnrampBTC🎧 Subscribe to Unchained for more high-signal interviews on crypto, finance, and macro:https://open.spotify.com/show/1cJrrfGY1SKBIRn5noKSAf?si=ec9517a508a34436

The Last Trade: Mark Yusko, CIO of Morgan Creek Capital Management, joins to call the SpaceX IPO and the broader AI capex wave the greatest bubble in the history of markets, why Elon's $1 trillion XAI revenue promise by 2030 is securities fraud, how DeepSeek is poised to break the AI bubble by doing what OpenAI and Anthropic do for 5 cents on the dollar, why Bitcoin's Metcalf's Law fair value already sits around $125,000 even as price trades closer to $60K, his specific October 5 cycle-bottom call for the next crypto spring, and the brutal truth that the 1986 Tax Act and the rise of the 401k were a heist on the American middle class.---🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership.👉 Onramp Finance: https://onrampbitcoin.com/finance👉 Sign up for Genesis: https://onrampbitcoin.com/finance#gen..📩 Schedule a consultation: https://onrampbitcoin.com/consultThe Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset… in the digital age, it's The Last Trade that investors will ever need to make.🎙️ About This EpisodeMark Yusko, CIO of Morgan Creek Capital Management, joins Jackson and Michael to reframe the current setup as a classic late-cycle bubble forming around AI and SpaceX while Bitcoin sits hated and on sale. He calls Elon's $1 trillion XAI revenue tweet a textbook securities fraud, shows how the Intel pattern from 1990 to 2000 (up 20x, then down 87%) is repeating in semiconductors today, and explains why a SpaceX moon data center is physically impossible. On the bullish side: DeepSeek doing what OpenAI and Anthropic do at 5 cents on the dollar, Metcalf's Law fair value for Bitcoin sitting around $125,000 (per Tim Peterson at N Squared Value), and Mark's specific October 5, 2026 cycle-bottom call with crypto spring to follow. Plus the three-bucket savings framework, why 99.5% of prediction-market accounts lose money, and why the 1986 Tax Act was a quiet heist on corporate pension funds.🧠 Chapters00:00 - Introduction and Consistency in Podcasting02:56 - The Challenges of Building and Execution08:37 - The Intersection of Sports and Market Trends09:02 - Market Sentiment: AI, SpaceX, and Digital Assets19:21 - The Bubble of Innovation and SpaceX's Promises28:10 - Liquidity Cycles and Capital Allocation in Markets40:55 - The Evolution of Networks and Value51:46 - Understanding Market Dynamics: Investors vs. Traders vs. Gamblers01:01:51 - The Importance of Long-Term Investment Strategies01:09:30 - The Role of Innovation in Wealth Creation01:17:52 - Final Thoughts on Investing and Gambling💡 Subscribe & Stay AheadGet Onramp's weekly Research & Analysis:High-signal insights in bitcoin, macro, and custody.📩 https://onrampbitcoin.com/researchSubscribe to Onramp Media for more:🎧 The Last Trade | Final Settlement | Scarce Assets

The Last Trade: Matt Dines, CIO of Build Asset Management, joins to lay out the seismic monetary reshuffling underway in 2026, the unwind of the post-Bretton-Woods offshore-dollar system that ran the global economy from 1971 to 2022, why LIBOR's deprecation and the SOFR transition quietly moved the dollar's command center from London to New York, Scott Bessent's strategy to monetize the asset side of the Treasury balance sheet through the GENIUS Act stablecoin and a Bitcoin reserve targeting 1 million BTC, Tether's December 2023 alignment with the American Sovereignist movement, and the contrarian read on MicroStrategy as a "dollar strategy" rather than a Bitcoin strategy.---🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership.👉 Onramp Finance: https://onrampbitcoin.com/finance👉 Sign up for Genesis: https://onrampbitcoin.com/finance#gen..📩 Schedule a consultation: https://onrampbitcoin.com/consultThe Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset… in the digital age, it's The Last Trade that investors will ever need to make.🎙️ About This EpisodeMatt Dines, CIO of Build Asset Management and author of "The Offshore Dollar Is Being Left Out to Dry" on mindprinthash.com, joins Jackson, Brian, and Michael to walk through the structural shift in the global dollar system that he argues is the single most important macro story of 2026. Matt traces the unwind of the post-Bretton-Woods offshore-dollar (eurodollar) system back to 2008, explains how the Federal Reserve's deprecation of LIBOR in favor of SOFR moved the dollar's command center from London to New York, and frames the 2024 election as a fork in the road between Biden's CBDC path (EO 14067) and the Trump / Sovereignist asset-backed dollar path. He details the playbook unfolding under Scott Bessent and Treasury: the GENIUS Act stablecoin as the bridge, a Bitcoin reserve targeting 1 million BTC (per Congressman Begich's American Reserve Modernization Act, the successor to Senator Lummis' Bitcoin Act), and gold becoming the biggest liquidity pool while the offshore dollar drains. Matt argues that Bitcoin is NOT yet seen as a risk-off asset by the market, but the long-term setup points there. He reframes MicroStrategy as a "dollar strategy" rather than a Bitcoin strategy: borrowing US onshore equity-market liquidity at 11-13% to go long Bitcoin priced primarily in the OLD offshore-dollar (Tether) standard, with major implications for stretch and the broader DAT trade. Plus historical parallels (Civil War greenbacks transitioning to the gold-pegged dollar of 1875; silver certificates phasing out for Fed notes from 1957), Tether's December 2023 alignment with the American Sovereignist movement, the Schwab UTXO Bitcoin custody rollout, and how to position for the most violent middle innings of this dollar transition.🧠 Chapters00:00 - Introduction and Context Setting01:52 - Monetary Reshuffling and Global Dynamics12:50 - The Shift from Liability to Asset-Based Dollar20:51 - Implications for Investors and Capital Allocation26:31 - The Future of Bitcoin in the New Monetary Order35:12 - The Future of Currency: Asset-Backed Dollars42:32 - Tether's Strategic Shift and Geopolitical Implications46:07 - Fragmentation in the Bitcoin Space52:30 - Corporate Strategies and Market Dynamics61:29 - The Integration of Bitcoin into Traditional Finance💡 Subscribe & Stay AheadGet Onramp's weekly Research & Analysis:High-signal insights in bitcoin, macro, and custody.📩 https://onrampbitcoin.com/researchSubscribe to Onramp Media for more:🎧 The Last Trade | Final Settlement | Scarce Assets

Connect with Early Riders // Connect with OnrampPresented collaboratively by Early Riders & Onramp Media...Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.This week Brian, Michael, and Liam cover the SpaceX IPO and the capital-rotation narrative around Bitcoin, the Bernie Sanders / David Sachs debate over government equity stakes in AI companies, the Zcash inflation bug that allowed unlimited mint for four years before Claude caught it, JPMorgan's tokenized-deposit consortium with Citi, Bank of America, Wells Fargo, and Chase, the Stripe / Visa / MasterCard stablecoin consortium, Morgan Stanley's Galaxy partnership letting high-net-worth clients lend Bitcoin for in-kind ETF conversions, Tether's first gold-backed Visa card, the US sanctioning Iran's largest crypto exchange Nobitex, and the Polymarket MicroStrategy resolution controversy.Chapters00:00 - The State of Digital Assets01:13 - Upcoming IPOs and Market Dynamics05:54 - Contrasting Views on Investment Strategies08:19 - Long-Term Perspectives on Bitcoin14:11 - Speculation vs. Saving in Investments18:32 - Government Involvement and Market Bubbles25:22 - Zcash Inflation Bug and Crypto Vulnerabilities31:12 - Tokenization of Deposits and Future of Banking34:12 - Understanding the Future of Investment and Money35:56 - The Role of Traditional Finance in Digital Assets37:11 - Morgan Stanley's Bitcoin Lending and ETF Strategy40:54 - Market Timing and ETF Launches42:48 - The Evolution of Wealth Management and Asset Preservation44:40 - Stablecoins and 24/7 Trading in Crypto Markets49:05 - US Sanctions and the Impact on Crypto Markets52:59 - Tether's Gold-Backed Innovations55:19 - The Future of Agentic Payments and Prediction MarketsIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly.Keep up with Michael:https://x.com/MTangumahttps://www.linkedin.com/in/mtanguma/Keep up with Liam:https://x.com/Lnelson_21https://www.linkedin.com/in/liam-nelson1/Keep up with Brian:https://x.com/BackslashBTChttps://www.linkedin.com/in/brian-cubellis-00b1a660/

The Last Trade: Chris Kuiper, VP of Research at Fidelity Digital Assets, returns to make the case that this is the worst sentiment he has seen in his decade-plus following Bitcoin even though nothing fundamental has actually broken, why Bitcoin is finally decoupling from the AI-led "everything-but-Bitcoin" rally, how Fidelity's updated "Getting Off Zero" report uses mean variance optimization to show a 90/0/10 stocks-bonds-Bitcoin allocation maximizing the Sharpe ratio at a conservative 25% Bitcoin CAGR assumption, why bondholders have spent decades underwater on a real-return basis, and why the Czech National Bank's small but symbolic Bitcoin position may be the start of central bank adoption gradually then suddenly.---🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership.👉 Onramp Finance: https://onrampbitcoin.com/finance👉 Sign up for Genesis: https://onrampbitcoin.com/finance#gen..📩 Schedule a consultation: https://onrampbitcoin.com/consultThe Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset… in the digital age, it's The Last Trade that investors will ever need to make.🎙️ About This EpisodeChris Kuiper, VP of Research at Fidelity Digital Assets, joins Jackson, Brian, and Michael to walk through Fidelity's updated "Getting Off Zero" report and reframe the current Bitcoin drawdown for sophisticated allocators. Chris argues the sentiment is the worst he has seen in his decade-plus in the space, but nothing fundamental has broken; Bitcoin is simply finally decoupling from the AI-momentum rally, which is the diversification benefit allocators actually want. The episode covers Bitcoin spending ~96% of its history below all-time highs (so being underwater is the default state, not a signal), the four-year cycle's diminishing predictive power as derivatives smooth volatility, and the mean variance optimization that pops out a 90% stocks / 0% bonds / 10% Bitcoin portfolio at conservative assumptions (25% CAGR, 50% vol). On the macro side, Chris reiterates his 2026 look-ahead view that inflation comes back in waves, points to bond yields rising globally as the bond market sniffs out higher-for-longer, and revisits the 30-50% real drawdowns bondholders endured from the 1940s through the 1980s. Plus the Czech National Bank's symbolic but precedent-setting Bitcoin allocation, why advisor excuses for zero-allocation have shifted from "it's a Ponzi" to "I don't know how to operationally hold it," and why a zero allocation is now itself an active position requiring justification.🧠 Chapters00:00 - Market Sentiment and Current Trends03:05 - Understanding Bitcoin's Price Action06:03 - The Role of Education in Investing09:08 - Long-Term Trends and Market Cycles11:46 - Evaluating Bitcoin's Role in Portfolios15:05 - Institutional Perspectives on Bitcoin18:01 - The Future of Bitcoin in Investment Strategies34:23 - Understanding Money and Bitcoin's Value36:11 - The Role of Financial Advisors in Bitcoin Investment37:29 - Mean Variance Optimization and Bitcoin's Portfolio Role42:10 - Shifts in Institutional Sentiment Towards Bitcoin48:28 - Navigating Inflation and Market Uncertainty58:46 - The Future of Stablecoins and Central Bank Adoption💡 Subscribe & Stay AheadGet Onramp's weekly Research & Analysis:High-signal insights in bitcoin, macro, and custody.📩 https://onrampbitcoin.com/researchSubscribe to Onramp Media for more:🎧 The Last Trade | Final Settlement | Scarce Assets

Connect with Early Riders — https://www.earlyriders.com/contactConnect with Onramp — https://onrampbitcoin.com/contact-us/Presented collaboratively by Early Riders & Onramp Media…Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.This week Brian, Michael, and Liam cover MicroStrategy's first Bitcoin sale and the broader DAT unwind, Jamie Dimon's Clarity Act outburst against Coinbase, the AI IPO wave that Michael Burry compares to the 2000 dot-com peak, the CFTC approving Coinbase's first onshore BTC perpetuals, Falcon X's confidential IPO filing, Cash App and SoFi rolling out stablecoins to retail, MasterCard's NY BitLicense, and Binance launching tokenized shares.Chapters00:00 - Welcome Back and Market Overview00:46 - MicroStrategy's Bitcoin Sale and Market Sentiment08:06 - The State of Digital Asset Firms11:32 - Jamie Dimon's Stance on Stablecoins and Financial Rails22:53 - AI's Impact on Markets and Upcoming IPOs39:03 - CFTC Approval and Coinbase's Expansion40:41 - Falcon X IPO and Market Dynamics45:58 - Market Sentiment and Investment Strategies49:22 - Stablecoin Integration and Cash App's Innovations53:32 - SoFi's Stablecoin Launch and Regulatory Landscape56:01 - MasterCard's Bit License and Market Implications58:07 - Tokenized Stocks and the Future of Digital AssetsIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly: https://www.earlyriders.com/researchKeep up with Michael: https://x.com/MTangumahttps://www.linkedin.com/in/mtanguma/Keep up with Liam: https://x.com/Lnelson_21https://www.linkedin.com/in/liam-nelson1/Keep up with Brian: https://x.com/BackslashBTChttps://www.linkedin.com/in/brian-cubellis-00b1a660/

The Last Trade: Vijay Boyapati, author of The Bullish Case for Bitcoin, joins to argue the bottom is in on what he calls a relatively shallow bear market, why the $100K-era whale distribution into ETF hands sets up a stronger base for the next run, what Charles Schwab onboarding 40 million clients through a Bitcoiner-led trading platform means for adoption, the Clarity Act expected to pass in the next month or two, and where Michael Saylor's stretch preferred-share strategy is starting to add real risk to Bitcoin.---🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership.👉 Onramp Finance: https://onrampbitcoin.com/finance👉 Sign up for Genesis: https://onrampbitcoin.com/finance#gen..📩 Schedule a consultation: https://onrampbitcoin.com/consultThe Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset… in the digital age, it's The Last Trade that investors will ever need to make.🎙️ About This EpisodeVijay Boyapati, author of The Bullish Case for Bitcoin, joins Jackson and Michael to walk through where Bitcoin sits in this "everything-but-Bitcoin" rally and why he's still bullish. He frames the current drawdown as a shallow bear market compared to 2014, argues the bottom is in, and explains why the $100K-era whale distribution (Galaxy alone reportedly sold $9B) actually sets up a stronger base because Bitcoin is now in the hands of ETF holders with a 2-4% allocation and an $80-100K cost basis. Vijay also covers the Charles Schwab crypto platform rolling out to 40 million brokerage clients (led by a senior Bitcoiner exec), the Clarity Act expected to pass within the next month or two, the political-capture moment marked by Sherrod Brown's unseating, and why Michael Saylor's third-level financial engineering through stretch has found product-market fit (mostly retail, ~80% of demand) but is starting to introduce leverage risk into the Bitcoin system. Plus a brief tangent on AI as a personal productivity superpower.🧠 Chapters00:00 - Introduction to Bitcoin Sentiment02:57 - Current Market Dynamics and Bitcoin's Performance05:46 - Comparative Analysis of Past Bear Markets09:05 - Opportunity Cost and Investment Strategies11:58 - AI vs Bitcoin: Market Dynamics15:12 - The Role of ETFs and Institutional Adoption18:12 - Whale Behavior and Market Psychology21:04 - The Future of Bitcoin: Adoption and Growth24:13 - Regulatory Landscape and Political Capture34:03 - Political Capture and Adoption Dynamics36:00 - The Role of Retail in Bitcoin Adoption38:04 - The Clarity Act and Its Implications40:02 - The Future of Bitcoin Adoption44:01 - Treasury Companies and Market Dynamics51:49 - Financial Engineering and Risk Management59:13 - The Impact of AI on Personal Productivity💡 Subscribe & Stay AheadGet Onramp's weekly Research & Analysis:High-signal insights in bitcoin, macro, and custody.📩 https://onrampbitcoin.com/researchSubscribe to Onramp Media for more:🎧 The Last Trade | Final Settlement | Scarce Assets

The Last Trade: James Seyffart of Bloomberg Intelligence joins to break down the sentiment divergence between beaten-down crypto Twitter and a TradFi apparatus that's finally all in, Morgan Stanley launching MSBT at a market-low 14 bips with a 2-4% Bitcoin recommendation across 17,000 advisors and $7T+ in assets, Mike Wilson's 60/20/20 portfolio call adding 20% gold, and why the boomer diamond hands held through the drawdown while the basis trade collapsed from 10%+ to under 5%.---🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership.👉 Onramp Finance: https://onrampbitcoin.com/finance👉 Sign up for Genesis: https://onrampbitcoin.com/finance#gen...📩 Schedule a consultation: https://onrampbitcoin.com/consultThe Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset… in the digital age, it's The Last Trade that investors will ever need to make.🎙️ About This EpisodeJames Seyffart, ETF analyst at Bloomberg Intelligence, returns to talk through the two parallel stories playing out in digital assets right now. Crypto Twitter is beaten down while TradFi quietly takes over the rails. Morgan Stanley's MSBT comes in at 14 bips, the lowest fee on the market, and turns on a 2-4% Bitcoin allocation across 17,000 advisors and $7T+ in assets. Mike Wilson's 60/20/20 call gives gold a 20% sleeve, and JP Morgan, Ondo, and Securitize keep building tokenization rails. James also covers the latest 13Fs (Abu Dhabi pushing toward $600M, hedge funds dumping as the basis trade compresses below 5%), Truth Social pulling its spot Bitcoin ETF filing, the Hyperliquid ETF launches, and the prediction market ETF wave that's stuck at the SEC. Plus a preview of the Balchunas-Seyffart book coming in November.🧠 Chapters00:00 — Diverging Sentiments In Crypto & Traditional Finance12:56 — Morgan Stanley's Bitcoin ETF & Institutional Adoption25:56 — Portfolio Strategies: Gold, Bitcoin & Alternatives30:32 — Understanding Investor Behavior In Down Markets31:30 — The Role Of Education In Bitcoin Investments32:56 — Institutional Strategies & Bitcoin Allocations33:59 — The Impact Of Trading Platforms On Bitcoin Exposure35:10 — Challenges Of Self-Custody In Financial Planning36:40 — The Future Of Custody Solutions In Crypto38:46 — Insights From Recent 13F Filings39:08 — Analyzing Bitcoin ETF Trends40:31 — Understanding Hedge Fund Strategies In Bitcoin42:46 — The Growing Interest In Altcoin ETFs44:51 — The Emergence Of Prediction Market ETFs48:13 — The Future Of Prediction Markets In Finance💡 Subscribe & Stay AheadGet Onramp’s weekly Research & Analysis:High-signal insights in bitcoin, macro, and custody.📩 https://onrampbitcoin.com/researchSubscribe to Onramp Media for more:🎧 The Last Trade | Final Settlement | Scarce Assets

Connect with Early Riders // Connect with OnrampPresented collaboratively by Early Riders & Onramp Media…Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.This week Liam, Brian, and Michael cover Onramp's $12.5M Series A, Iran's Bitcoin-denominated Hormuz Safe insurance platform, the Clarity Act's passage through the Senate Banking Committee, Hyperliquid's USDC pivot and partnership with Coinbase, Standard Chartered's acquisition of Zodia Custody, Gemini's mounting losses, and Prime Trust's $970M lawsuit against Swan Bitcoin.Chapters00:00 - Introduction and Overview of Current Events01:58 - Onramp's Series A and Market Positioning05:54 - Bitcoin's Role in Global Transactions10:21 - Iran's Adoption of Bitcoin for Payments15:14 - The Clarity Act and Its Implications20:23 - Stablecoins and Their Future31:36 - Hyperliquid's Partnership with Coinbase34:37 - The Future of Stablecoins and Bitcoin Adoption39:50 - Standard Chartered's Strategic Moves in Crypto Custody44:22 - Building vs. Buying: The Path of Traditional Finance47:18 - Gemini's Financial Struggles and Market Positioning50:58 - Pre-IPO Trading and Market Speculation54:03 - Prime Trust's Legal Challenges and Custody ConcernsIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly.Keep up with Michael:https://x.com/MTangumahttps://www.linkedin.com/in/mtanguma/Keep up with Liam:https://x.com/Lnelson_21https://www.linkedin.com/in/liam-nelson1/Keep up with Brian:https://x.com/BackslashBTChttps://www.linkedin.com/in/brian-cubellis-00b1a660/

In Episode 30 of The ₿roadcast, Bram Kanstein, Brian Cubellis, and special guest Liam Nelson break down the most important Bitcoin and macro developments from the past few weeks.00:00 - Intro & Welcoming Liam Nelson00:43 - Ray Dalio's Bitcoin Pushback11:28 - Mubadala's $600M IBIT Position & The Sovereign Bid18:34 - Draghi's Charlemagne Prize & The Euro's Collapse25:30 - Gemini's Fumble & The Everything Exchange Pivot31:55 - Menger, Asymmetry & Why Adoption Is Uneven45:07 - Gold's Underweight & The Debasement Regime1:05:09 - The Bond Market Is Breaking In Real Time1:09:13 - Early Riders Leads Onramp's Series A1:15:50 - The Golden Age Of GriftingThe ₿roadcast: Bitcoin culture meets Business & Finance. We catch up LIVE on news, tweets, videos, charts, trends, and other Bitcoin related content that stood out to us in the past two weeks ⚡️ Published on Saturday at 9AM EST / 3PM CET.

The Onramp team sits down for a full walkthrough of Onramp Finance, the unification layer tying the entire client experience together. Michael, Brian, Jackson, and Cam break down why custody had to be solved first, why the rest of the industry is sprinting toward speculation while Onramp builds for sound financial planning, and how dollars, bitcoin, and gold finally live in one account anchored by Multi-Institution Custody. Bram Kanstein joins to bring the international operator's view on what it actually takes to live and run a business on a Bitcoin standard.🎙️ Hosted by Michael Tanguma, Brian Cubellis, Jackson Mikalic, Cam Stromme, and Bram Kanstein⏱️ Chapters00:00 - The why behind Onramp Finance05:34 - Why custody had to come first08:49 - Evolution of the custody landscape15:21 - TradFi's late arrival to Bitcoin18:17 - The SD-card moment that changed everything23:29 - Three concentric circles of consolidation26:10 - Live dashboard walkthrough31:51 - What's coming next: DCA, mortgage, banking rails35:11 - Inheritance, simplified37:00 - Genesis Program + Q&A🔑 Key topicsMulti-Institution Custody as the foundation, not an afterthoughtStanding in opposition to the speculation economyDollars, Bitcoin, and gold in one accountEarn up to 5% on cash, 1.5% card cash-back, lowest-cost brokerageBitcoin IRAs, Arch loan integration, Argo gold partnershipInheritance that's a phone call, not a treasure huntUpcoming: mortgage product on MIC, bank deposit rails, instant clearing🔗 Onramp FinanceSign up: https://onrampbitcoin.com/financeGenesis Program: 210 founding seats — 5% earn rate, 1.5% card cash-back, 21,000 sats deposited, one year of MIC included

The Last Trade: Josh Phair joins to break down the metal wars escalating between sovereigns, gold's run from $3,300 to $4,700 in nine months, why CLARITY's Senate markup tomorrow is a capital flight moment, Wyoming winning the state's first physical gold mandate over JP Morgan, and the Fair-Sinclair ratio pointing to $35,000 gold.--- 🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership.👉 Onramp Finance: https://onrampbitcoin.com/finance👉 Sign up for Genesis: https://onrampbitcoin.com/finance#genesis📩 Schedule a consultation: https://onrampbitcoin.com/consultThe Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset… in the digital age, it's The Last Trade that investors will ever need to make.🎙️ About This EpisodeJosh Phair, founder of Scottsdale Mint and CEO of the Wyoming Reserve Opportunity Zone Fund, returns to break down what he calls the "controlled demolition" playing out across sovereign balance sheets. China just posted its largest monthly silver import in 20 years, Poland is moving to 37% gold-backed reserves, and the US's number one net export has quietly become gold flowing to China via Switzerland for rare earths. Banks are now doing mercantile trading on behalf of governments, choke-pointing metals out of Latin America in what Josh calls the metal wars. Plus the CLARITY Act's Senate markup and the banking lobby's 100+ amendments threatening capital flight, Wyoming Reserve beating JP Morgan for the state's first physical gold mandate, the Tether seizure as the programmable-money tell, and why the Fair-Sinclair ratio points to $35,000 gold in a multi-decade money printing scenario.🧠 Chapters00:00 — Welcoming Josh Phair03:42 — Gold From $3,300 To $4,700 In Nine Months07:30 — The Metal Wars & Sovereign Accumulation13:09 — CLARITY, Capital Flight & The Banking Lobby15:33 — The Setup For The Biggest Bull Run Yet24:54 — Who Was On Air Force One To China28:27 — The Under-Allocation No Advisor Sees33:21 — Market Structure & Trust-Minimized Custody40:39 — Wyoming As The Property Rights Jurisdiction44:00 — The Phair-Sinclair Ratio & $35,000 Gold51:46 — Distrust As The Real Debasement Trade Driver54:30 — The Tether Seizure & Programmable Money1:02:57 — Beating JP Morgan For The Wyoming Mandate1:08:45 — States As The Next Sovereign Gold Buyers1:11:59 — Last Takes & Where To Find Josh💡 Subscribe & Stay AheadGet Onramp’s weekly Research & Analysis:High-signal insights in bitcoin, macro, and custody.📩 https://onrampbitcoin.com/researchSubscribe to Onramp Media for more:🎧 The Last Trade | Final Settlement | Scarce Assets

Connect with Early Riders // Connect with OnrampPresented collaboratively by Early Riders & Onramp Media…Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.This week Liam, Brian, and Michael cover Coinbase's recent earnings report, the degradation of their competitive moat, the American Banking Association's panic due to the Clarity act, the implications of Circle's new token, and the significant moves made by institutions like BNY Mellon and Kraken.Chapters00:00 - Coinbase's Earnings & Layoffs02:59 - Market Position & Competition06:11 - The Future of Coinbase & Leadership Challenges09:03 - Circle's New Token & Coinbase Relationship12:10 - The Clarity Act & Stablecoin Regulations14:53 - The Role of Traditional Banks in Crypto18:11 - Tokenized Securities & Market Innovations33:17 - Tokenization & Financial Evolution39:35 - Institutional Moves in Crypto Custody42:50 - Kraken's Strategic Acquisition47:54 - The Future of Crypto Funds51:09 - Emerging Financial Products & AI IntegrationIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly.Keep up with Michael:https://x.com/MTangumahttps://www.linkedin.com/in/mtanguma/Keep up with Liam:https://x.com/Lnelson_21https://www.linkedin.com/in/liam-nelson1/Keep up with Brian:https://x.com/BackslashBTChttps://www.linkedin.com/in/brian-cubellis-00b1a660/

The Last Trade: Joe Consorti joins to break down the bond market forcing Trump's hand on Iran, Morgan Stanley' launches spot trading, Coinbase's 14% layoffs, Saylor's signal on potentially selling BTC, Polymarket's casino dynamics, and why the math doesn't math anymore.--- 🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership.👉 Onramp Finance: https://onrampbitcoin.com/finance👉 Sign up for Genesis: https://onrampbitcoin.com/finance#genesis📩 Schedule a consultation: https://onrampbitcoin.com/consultThe Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset… in the digital age, it's The Last Trade that investors will ever need to make.🎙️ About This EpisodeJoe Consorti, Head of Growth at Horizon, joins to discuss why every time the 10-year approaches 4.5%, peace talk rhetoric magically appears from the administration. The bond market is calling the shots, not the Fed. With WTI near $100, 70% of US farmers unable to afford fertilizer, and Warsh teeing up trimmed-mean PCE to justify cuts into inflation, the math doesn't math anymore. Plus Morgan Stanley's 50bps spot Bitcoin trade undercutting Schwab, Coinbase's 14% layoffs and the custody concentration problem nobody's pricing, Saylor's earnings-call signal on potentially selling Bitcoin to fund the STRC dividend, and why Polymarket's 67%-to-the-0.1% dynamic is a casino dressed as a market.🧠 Chapters00:00 — Welcoming Joe Consorti03:37 — The Bond Market Is Calling The Shots06:49 — Oil, Fertilizer & The Limits Of Jawboning12:04 — Warsh, Trimmed Mean & The Coming Cut14:14 — Why Bitcoin Doesn't Need A Catalyst20:11 — Morgan Stanley Spot BTC Trading22:27 — Custody As The Real Differentiator33:37 — Coinbase Layoffs & The 10% Problem36:13 — Everything To Everyone Is Nothing45:45 — Polymarket, Kalshi & The Casino Era55:33 — Saylor's Signal On Selling Bitcoin59:00 — Last Takes & Where To Find Joe💡 Subscribe & Stay AheadGet Onramp’s weekly Research & Analysis:High-signal insights in bitcoin, macro, and custody.📩 https://onrampbitcoin.com/researchSubscribe to Onramp Media for more:🎧 The Last Trade | Final Settlement | Scarce Assets

Connect with Early Riders // Connect with OnrampPresented collaboratively by Early Riders & Onramp Media...Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.Chapters00:00 - Introduction and Market Overview03:09 - The Clarity Act and Its Implications06:05 - Stablecoins: The Future of Financial Transactions09:10 - Stripe's Major Announcements and Acquisitions11:50 - Agentic Commerce and Payment Innovations14:54 - Comparing Stripe and Lightspark's Approaches18:08 - Liquidity Solutions and the Future of Stablecoins28:18 - The Evolution of Digital Money and Bitcoin Adoption31:13 - Stablecoins: The Future of Bitcoin Liquidity34:12 - Custody Challenges in the Digital Asset Space40:33 - Innovations in Bitcoin Wallets and Payment Solutions47:06 - The Rise of Bitcoin-Backed Financial Products53:24 - Mergers and Acquisitions in the Bitcoin EcosystemIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly.Keep up with Michael:https://x.com/MTangumahttps://www.linkedin.com/in/mtanguma/Keep up with Liam:https://x.com/Lnelson_21https://www.linkedin.com/in/liam-nelson1/Keep up with Brian:https://x.com/BackslashBTChttps://www.linkedin.com/in/brian-cubellis-00b1a660/Links:https://x.com/lightspark/status/2049888918599065885?s=20https://x.com/lightspark/status/2049191114641739787?s=20https://archive.ph/E8AL6https://block.xyz/inside/block-launches-bitkey-wallet-with-screen-automatic-bitcoin-earning-on-cash-app-and-proof-of-reserveshttps://bitcoinmagazine.com/news/aven-launches-bitcoin-backed-visa-card?utm_source=chatgpt.comhttps://tether.io/news/tether-investments-proposes-merger-plans-at-twenty-one-capital-to-accelerate-its-strategic-direction/

In Episode 29 of The ₿roadcast, Bram Kanstein, Michael Tanguma, and special guest Joe Consorti break down the most important Bitcoin and macro developments from the past few weeks.00:00 - Intro & Welcoming Joe Consorti00:33 - Powell Leaves the Fed in Chaos07:30 - AI Deflation & the Fed-Treasury Trap12:22 - Bitcoin as Outside Money16:02 - Czech National Bank & Sovereign Game Theory26:29 - ARMA, Gold Sales & the Mar-a-Lago Setup31:13 - Wall Street Packing Their Bags34:39 - The Stretch Debate42:52 - Iran, $120 Oil & the Wrong Fed Call44:59 - The Lag: Sovereigns, Stripe & Agentic Payments57:39 - Save in Bitcoin, Spend in DollarsThe ₿roadcast: Bitcoin culture meets Business & Finance. We catch up LIVE on news, tweets, videos, charts, trends, and other Bitcoin related content that stood out to us in the past two weeks ⚡️ Published on Saturday at 9AM EST / 3PM CET.

The Last Trade: Jackson, Michael, and Brian break down PTJ's bitcoin conviction, equities at 252% of GDP, TradFi's gold underweight, Sztorc's "eCash" fork, the Strategic Bitcoin Reserve tease, & why custody governance rights matter.--- 🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership.👉 Onramp Finance: https://onrampbitcoin.com/finance👉 Sign up for Genesis: https://onrampbitcoin.com/finance#genesis📩 Schedule a consultation: https://onrampbitcoin.com/consultThe Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset… in the digital age, it's The Last Trade that investors will ever need to make.🎙️ About This EpisodeRecord onboardings for Onramp Finance, with Genesis spots still open (code TLT for additional sats). PTJ reaffirms his bitcoin thesis on Invest Like the Best while the macro setup for hard assets sharpens: equities at 252% of GDP, all-time-high equity allocations, and B of A private clients at just 0.4% gold. Plus Witt's reserve announcement tease, Sztorc's proposal to fork bitcoin and redistribute Satoshi's coins, and why governance rights at ETFs, DATs, and centralized custodians may prove decisive.🧠 Chapters00:00 — Genesis & Onboarding Momentum04:01 — PTJ on Bitcoin: Finite Scarcity11:22 — Equities at 252% of GDP16:30 — Gold's Merit & Severe Underweight22:50 — Citi's Balanced Bitcoin Thesis26:40 — Lepard, Trimmed Mean Inflation & Warsh30:25 — Strategic Bitcoin Reserve Tease38:30 — Bitcoin Conference Signal & Noise42:30 — Sztorc's "eCash" Fork46:20 — Governance Rights at ETFs & DATs49:30 — Deutsche Bank's "Return of History"57:30 — Last Takes & Disclaimers💡 Subscribe & Stay AheadGet Onramp’s weekly Research & Analysis:High-signal insights in bitcoin, macro, and custody.📩 https://onrampbitcoin.com/researchSubscribe to Onramp Media for more:🎧 The Last Trade | Final Settlement | Scarce Assets

Connect with Early Riders // Connect with OnrampPresented collaboratively by Early Riders & Onramp Media…Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.This week Liam, Brian, and Michael cover the latest developments in digital assets, DeFi, and macroeconomic trends. The hosts analyze recent events like tether freezes, DeFi exploits, and India's CBDC pilots, providing insights into the evolving landscape of digital finance.Chapters05:00 - The Role of Tether in Global Finance08:10 - Decentralization vs Centralization in Crypto11:01 - The Fragility of DeFi and Recent Exploits17:20 - The Impact of AI on Employment22:39 - Economic Conditions and Corporate Layoffs31:28 - Digital Asset Roundup: Trends and Innovations37:28 - The Role of Stablecoins in Transactions43:09 - Integrating Bitcoin Payments in India47:19 - AI Investments and the Future of Tech Funding52:51 - Democratizing Access to Private Companies58:43 - The Debate on Freezing Coins and Market DynamicsIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly.Keep up with Michael:https://x.com/MTangumahttps://www.linkedin.com/in/mtanguma/Keep up with Liam:https://x.com/Lnelson_21https://www.linkedin.com/in/liam-nelson1/Keep up with Brian:https://x.com/BackslashBTChttps://www.linkedin.com/in/brian-cubellis-00b1a660/

Originally aired on Joe Consorti's "Over the Horizon" podcast.Watch the full episode on Joe's channel.Michael Tanguma joins Joe Consorti to break down the launch of Onramp Finance, the macro setup heading into the next leg of Bitcoin's run, and why custody remains the most underappreciated risk in the entire digital asset stack. The conversation covers the institutional groundwork being laid across Wall Street, the case against digital credit products marketed to retail, and how AI plus Bitcoin are converging into the most asymmetric business opportunity of this cycle.Over the Horizon: https://www.youtube.com/@JoinHorizonJoe Consorti on X: https://x.com/JoeConsortiMichael Tanguma on X: https://x.com/MTangumaOnramp Finance: https://onrampbitcoin.com/finance00:00 — What's behind the rally04:17 — Institutional groundwork falling into place11:31 — ETFs as the on-ramp to MIC15:30 — Why custody is existential for Bitcoin19:36 — How MIC works24:47 — Announcing Onramp Finance33:45 — Why everyone is converging on this architecture44:44 — Stretch and the digital credit problem53:26 — The custody question nobody asks about DATs55:05 — AI, credit air pockets, and the Treasury market1:06:08 — Bitcoin + AI as the asymmetric opportunity1:12:19 — Closing thoughtsTopics CoveredThe macro setup heading into the back half of 2026, including Morgan Stanley's MSBT launch, Charles Schwab opening Bitcoin trading, Goldman's premium income ETF as a trial balloon, the Iran conflict's impact on commodity settlement, and Hank Paulson's call for a Treasury demand backstop.The Onramp Finance launch — a unified platform combining a cash-earning account paying up to 5%, the lowest-cost Bitcoin brokerage, an earn card with up to 1.5% rewards, IRAs, lending, and spot gold exposure through Argo with optional physical delivery from the Royal Canadian Mint. Built on Stripe-powered settlement infrastructure, with the Genesis founding cohort capped at 210 members.Why multi-institution custody is the inevitable end state for serious Bitcoin holders, the limits of single-custodian ETF structures, and the case that DATs holding billions across three custodians without addressing custody-layer risk are building on a faulty premise.A direct take on Stretch and the digital credit category — why retail-driven preferreds priced at marginal spreads over real inflation are not compensating holders for the risk being taken.The convergence of Bitcoin and AI as the two defining technologies of the next decade, and why bootstrapped Bitcoin-denominated businesses leveraging AI tooling have the structural advantage over fiat-funded incumbents carrying bureaucratic overhead.

The Last Trade: Jackson, Michael, and Brian break down the launch of Onramp Finance, Admiral Paparo's bitcoin testimony before Congress, Kevin Warsh's Fed nomination, bitcoin outperforming as the king of safe-haven assets, BlackRock and Coinbase's influence, & why meeting the market where it's at matters.--- 🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership.👉 Onramp Finance: https://onrampbitcoin.com/finance👉 Sign up for Genesis: https://onrampbitcoin.com/finance#genesis📩 Schedule a consultation: https://onrampbitcoin.com/consultThe Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset… in the digital age, it's The Last Trade that investors will ever need to make.🎙️ About This EpisodeOnramp Finance is live — a unified money platform combining bitcoin, dollars earning up to 5%, a spending card, and MIC as the long-term custody layer. The crew breaks down why this stands in stark contrast to Polymarket launching 24/7 perpetual futures the same day, and why meeting the market where it's at has been the north star. Meanwhile, a four-star Admiral just called bitcoin a "peer-to-peer, zero-trust, transfer of value system" before Congress, Kevin Warsh is walking into an impossible Fed situation, and BlackRock, Coinbase, and Anchorage want to insert themselves into bitcoin protocol development. The big boys think they're here to fix bitcoin.🧠 Chapters00:00 — A Big Week for Onramp03:04 — Why We Built Onramp Finance07:00 — The Private Banking Experience, Centered on Bitcoin10:33 — Meeting the Market Where It's At16:53 — Genesis Program: 210 Spots, Use Code TLT21:04 — Admiral Paparo: "Bitcoin Is a Reality"27:09 — Gold, Multipolarity & Geopolitical Nukes34:17 — Bitcoin: King of Safe-Haven Assets39:20 — Reducing Variables in a Chaotic World43:36 — Warsh, Powell & the Fed's Impossible Position50:28 — ETF Flows & European Banks Losing Customers54:56 — OP_Next: BlackRock, Coinbase, Anchorage Want In1:02:44 — Last Takes & Disclaimers💡 Subscribe & Stay AheadGet Onramp’s weekly Research & Analysis:High-signal insights in bitcoin, macro, and custody.📩 https://onrampbitcoin.com/researchSubscribe to Onramp Media for more:🎧 The Last Trade | Final Settlement | Scarce Assets

Connect with Early Riders // Connect with OnrampPresented collaboratively by Early Riders & Onramp Media…Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.Chapters00:00 - Big Announcement: Onramp Finance03:55 - Bridging Bitcoin and Traditional Finance10:14 - The Future of Financial Services15:27 - Convergence of TradFi and Bitcoin Services17:56 - Introducing the Genesis Program28:05 - DeFi Hacks and Security Concerns33:31 - The Security Landscape of AI and Blockchain35:51 - Traditional Finance's Entry into Crypto39:07 - Institutional Adoption and Market Sentiment47:20 - Kraken's IPO Journey and Market Dynamics58:24 - Innovations in Financial Services and User ExperienceIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly.Keep up with Michael:https://x.com/MTangumahttps://www.linkedin.com/in/mtanguma/Keep up with Liam:https://x.com/Lnelson_21https://www.linkedin.com/in/liam-nelson1/Keep up with Brian:https://x.com/BackslashBTChttps://www.linkedin.com/in/brian-cubellis-00b1a660/Links Discussed:https://onrampbitcoin.com/financehttps://x.com/Jeremybtc/status/2045588919362990431?s=20https://x.com/waleswoosh/status/2046147450394890680?s=20https://x.com/tatie_bree/status/2045972538606415992?s=20https://bitcoinmagazine.com/news/kraken-reportedly-confirms-ipo-filinghttps://blog.kraken.com/news/payward-acquires-bitnomialhttps://pressroom.aboutschwab.com/press-releases/press-release/2026/Charles-Schwab-Announces-Details-of-Spot-Crypto-Trading-Launch/default.aspxhttps://www.theblock.co/post/397764/morgan-stanley-amy-oldenburg-crypto-daily-business-operations-across-firm?utm_source=telegram1&utm_medium=socialhttps://finance.yahoo.com/markets/crypto/articles/bitcoin-meets-income-goldman-sachs-013104679.htmlhttps://tether.io/news/tether-launches-tether-wallet-the-peoples-wallet-extending-its-global-financial-infrastructure-directly-to-billions-of-users-left-behind-by-the-traditional-financial-system/https://fortune.com/2026/04/14/anthropic-mythos-reveals-security-gap-ai-finds-flaws-far-faster-than-companies-can-patch-them/

In Episode 28 of The ₿roadcast, Bram Kanstein, Brian Cubellis, and Michael Tanguma break down the most important Bitcoin and macro developments from the past few weeks.00:00 - Where Are the Bitcoin Servers Located?10:38 - Goldman Joins the Bitcoin ETF Game14:23 - Retail Is Driving This, Not Institutions25:28 - The Centralization Problem Nobody Wants to Talk About28:14 - Quantum Panic & BIP-36136:00 - The Hard Fork Final Boss43:35 - Bitcoin for Enemies: Iran & the Strait of Hormuz55:00 - MIC Is How Oil Gets Paid For56:00 - Anthropic, Intelligence & Energy-Backed Money01:01:17 - Fiat Debasement Is Mathematically Assured01:03:24 - The Supply Shock Conversation01:07:30 - The 21M Cap Is Binary01:12:06 - Is Destroying Civilization Upside or Downside Risk?01:14:24 - Tether's Unified Wallet01:17:06 - America's Forgotten War on Central Banks01:22:10 - The Money Failed, Not the DemocracyThe ₿roadcast: Bitcoin culture meets Business & Finance. We catch up LIVE on news, tweets, videos, charts, trends, and other Bitcoin related content that stood out to us in the past two weeks ⚡️ Published on Saturday at 9AM EST / 3PM CET.