Gold Meets Bitcoin

The Last Trade

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

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

Final Settlement

Final Settlement: Bitcoin Is Money for Enemies

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

Final Settlement

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

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

The Last Trade

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

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

The Last Trade

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

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

Final Settlement

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

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

The Last Trade

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

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

Scarce Assets

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

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

Final Settlement

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

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

The Last Trade

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

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

Final Settlement

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

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

Final Settlement

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

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

The Last Trade

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

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

The Last Trade

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

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

Final Settlement

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

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

The Last Trade

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

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

The Last Trade

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

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

The Last Trade

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

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

Final Settlement

The Banks Are Here — JPMorgan Just Made Bitcoin Collateral

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

Bitcoin for Businesses

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

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

The Last Trade

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

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

The Last Trade

Wall Street Joins the Sound Money Renaissance

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

Final Settlement

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

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

The Last Trade

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

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

The Last Trade

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

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

The Last Trade

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

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

The Last Trade

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

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

The Last Trade

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

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

The Last Trade

The Big Red Button That’s Destroying Your Future

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

Final Settlement

Bitcoin & Gold Are Money, Everything Else is Credit

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

Scarce Assets

Veteran Fund Manager: Bitcoin and Gold Will Crush Traditional Portfolios

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

Scarce Assets

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

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

The Last Trade

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

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

The Last Trade

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

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

Final Settlement

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

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

Final Settlement

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

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

Final Settlement

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

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

Scarce Assets

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

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

The Last Trade

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

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

Scarce Assets

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

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

The Last Trade

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

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

The Last Trade

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

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

Final Settlement

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

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

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BlackRock, Trump, and the Great Bitcoin Repricing

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

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

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

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

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

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

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

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

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

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

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

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The Last Trade E045: A Generational Reckoning with Jackson Mikalic

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

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The Last Trade E047: The Dollar Endgame with Peruvian Bull

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The Last Trade

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

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

The Last Trade

Fort Knox Is Empty, Bitcoin Is the Reserve

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