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/tlt
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.
🎙️ About This Episode
The 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.
🧠 Chapters
00:00 - Intro: Market and geopolitical overview
00:08 - Market opening and initial comments
00:25 - Discussion on Iran, OPEC, and global oil markets
00:52 - Geopolitical implications for macroeconomics and Bitcoin
01:18 - US crypto legislation and Senate vote update
02:34 - Details of the ethics package and regulatory hurdles
03:36 - Political dynamics around Trump and crypto legislation
05:12 - Market sentiment and political influences on crypto
06:48 - Market structure, global adoption, and geopolitical risks
08:20 - Global regulatory landscape and US competitiveness
09:58 - Long-term macro trends and real asset cycles
12:17 - US Treasury yields, bond market signals, and interest rates
15:37 - Impact of Middle East conflict on energy and inflation
17:59 - Market reactions to geopolitical tensions
20:03 - US debt, fiscal policy, and bond yields
22:38 - Geopolitical shifts and oil market dynamics
25:17 - Real assets vs. financial assets long-term trends
28:33 - Market cycles, gold, Bitcoin, and inflation
32:58 - Long-term asset revaluation and market signals
37:36 - AI race: US vs. China and technological dominance
44:17 - AI advancements, model distillation, and geopolitical implications
50:33 - Market breakdowns, private credit, and consumer trends
53:29 - Closing thoughts and market outlook
💡 Subscribe & Stay Ahead
Get Onramp's weekly Research & Analysis:
High-signal insights in bitcoin, macro, and custody.
📩 https://onrampbitcoin.com/research
Subscribe to Onramp Media for more:
🎧 The Last Trade | Final Settlement | Scarce Assets
