The Sound Money Supercycle: Gold & Bitcoin vs. the Dollar
Corporate lawyer and Bitcoin analyst Jesse Cobberick examines the recent underperformance of Bitcoin treasury companies like MicroStrategy, which have surprisingly lagged behind Bitcoin itself over recent months. The discussion explores the sound money supercycle thesis and analyzes why leveraged Bitcoin corporate strategies have not delivered the expected outperformance that investors anticipated.
Show Notes
The 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.
00:00 - Intro to Jesse Kobernick 05:10 - Bitcoin Treasury Companies: Promises vs Reality 23:55 - Retail Flows and Reflexivity 32:35 - Outlook and Risks for Bitcoin Equity Proxies 38:38 - Gold vs Bitcoin: A Century in One Chart 43:17 - Long Bonds, Fiscal Dominance, and the Risk-Free Myth 49:00 - Global Reserves Shift: Central Banks Buy Gold 51:57 - Self-Custody at Scale: Real Risks 01:22:11 - Multi-Institution Custody Explained 01:24:46 - ETFs and Single-Custodian Risk 01:28:44 - Market Structure and Cycle Paths 01:34:19 - Supercycle on the Table? 01:37:53 - Guardian Controls for Real-World Threats 01:49:40 - Outro and Disclaimer
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