Writer–investor Mel Mattison joins The Last Trade to break down why sub-$100K BTC could be the launchpad for a +50% move — driven by a liquidity flip, fiscal stimulus, and central banks cornered by debt. Gold, Bitcoin, and the coming debasement trade — explained. Get Onramp’s weekly Research & Analysis → https://onrampbitcoin.com/research

---

🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership.

👉 Inheritance & Trust Planning:

https://onrampbitcoin.com/products/inheritance

👉 Institutional:

https://onrampbitcoin.com/products/institutional

👉 Business: https://onrampbitcoin.com/products/business

📩 Schedule a briefing: https://onrampbitcoin.com/contact

🎙️ About This Episode

Writer–investor Mel Mattison joins The Last Trade with a clear call: sub-$100K is the buy zone. We unpack why liquidity—not sentiment—drives the next leg, how fiscal surpluses and the shutdown drained markets, and why a policy flip could fuel a +25–50% BTC move in the months ahead. We also hit gold vs. bitcoin as twin “liquidity sponges,” the 1950s macro rhyme, AI’s looming labor shock, and why institutions are quietly rebalancing toward sound money.

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.

🧠 Chapters

00:00 – Intro: Mel Mattison joins The Last Trade

04:46 – Quoz and the rise of financial thrillers

07:42 – Bitcoin under $100K: why Mel is bullish

10:31 – Liquidity drought → fiscal flip: surplus, shutdown, SRF

13:29 – Beyond the halving: ETFs, new buyers, and cycle shifts

16:27 – Gold + Bitcoin: twin anchors in a debt-soaked world

19:30 – China, BRICS, and the gold-backed reset

22:36 – The U.S., debt, and why the fiat era is ending

25:33 – Healthcare, entitlements, and market dependence

28:35 – Lessons from the 1950s: inflation, inequality, and growth

33:00 – The next generation’s financial reality

38:22 – Energy, AI, and the future of global power

51:48 – AI’s labor shock, Social Security, and fiscal strain

57:13 – Social unrest & long-term stability risks

01:03:09 – Bitcoin vs. Gold & the institutional era ahead

01:13:22 – Mel’s $150K Bitcoin call & closing thoughts

💡 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

Follow Mel Mattison on X → https://x.com/MelMattison1

Connect with Early Riders // Connect with Onramp

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.

00:00 - Government Shutdown and Economic Implications

03:03 - Impact of EBT and SNAP on Consumers

05:49 - Ledger IPO and Digital Asset Market Dynamics

08:33 - Ripple's Valuation and Market Positioning

11:52 - FOMO and the Rise of High-Risk Investments

14:42 - Innovations in Payment Systems and Merchant Adoption

37:24 - Coinbase's New Token Launch Platform

44:31 - The Evolution of Custody in Crypto

51:01 - Hedge Funds and the Crypto Conflation

56:25 - DeFi Exploits and the Complexity of Trust

01:01:21 - AI Investments and Public-Private Partnerships

If you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly.

Links discussed:
https://x.com/LukeGromen/status/1986203411331568041
https://www.theblock.co/post/378115/ledger-considering-new-york-ipo-or-fundraise-as-demand-for-hardware-wallets-climbs-ft
https://www.reuters.com/business/more-than-half-hedge-funds-invested-crypto-global-survey-says-2025-11-06
https://x.com/Balancer/status/1986104426667401241
https://www.cnbc.com/2025/11/05/ripple-gets-40-billion-valuation-after-500-million-funding-round.html
https://techcrunch.com/2025/11/06/why-benchmark-made-a-rare-crypto-bet-on-trading-app-fomo-with-17m-series-a/
https://www.theblock.co/post/377876/arx-research-raises-6-1-million-usd-seed-round-launch-burner-terminal-stablecoin-fiat-point-of-sale-device
https://x.com/KobeissiLetter/status/1987886039847882961?s=20
https://www.nbcnews.com/politics/congress/senators-reach-tentative-deal-end-government-shutdown-rcna242401
https://x.com/zerohedge/status/1987876356345024775
https://x.com/Square/status/1987886908480033186?s=20

Keep up with Michael:

https://x.com/MTanguma
https://www.linkedin.com/in/mtanguma/

Keep up with Brian:

https://x.com/BackslashBTC
https://www.linkedin.com/in/brian-cubellis-00b1a660/

Keep up with Liam:

https://x.com/Lnelson_21
https://www.linkedin.com/in/liam-nelson1/

Galaxy’s Alex Thorn joins TLT to decode “slop,” ETF-driven passive flows, and why bitcoin’s next era belongs to institutions—not hobbyists.

We cover Treasury tweets, M&A, stablecoins, the debasement trade & more. Get Onramp’s weekly Research & Analysis → https://onrampbitcoin.com/research

---

🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership.

👉 Inheritance & Trust Planning: https://onrampbitcoin.com/products/inheritance

👉 Institutional: https://onrampbitcoin.com/products/institutional

👉 Business: https://onrampbitcoin.com/products/business

📩 Schedule a briefing: https://onrampbitcoin.com/contact

🎙️ About This EpisodeGalaxy’s Alex Thorn joins The Last Trade to unpack the next era of Bitcoin — from hobbyists to institutions. We cover treasuries and the Treasury, ETF flows, macro malaise, stablecoins, and why the coming years will be defined by passive institutional bids and sound-money scarcity.

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.

🧠 Chapters

00:00 – Slop Season with Galaxy’s Alex Thorn

08:19 – Bitcoin at 17: From Cypherpunks to Asset Managers

13:55 – The Great Transition: Hobbyists Out, Institutions In

18:54 – Passive Flows & the End of the Four-Year Cycle

26:41 – Wall Street Buys the Plumbing: M&A & Market Maturity

32:54 – Economic Malaise, Inequality, & the Debasement Trade

46:42 – The Unit Bias Problem & the Next Wave of Adoption

52:34 – DATs, Whales, & the Hand-Off to Real Businesses

01:10:38 – Stablecoins, Dollar Rails, & Bitcoin’s Simplicity

01:15:21 – Outlook for 2026, Outro, & Disclaimer

💡 Subscribe & Stay Ahead

Get Onramp’s weekly Research & Analysis:

The highest signal insights in bitcoin, macro, and custody.

📩 https://onrampbitcoin.com/research

Subscribe to Onramp Media for more:

🎧 The Last Trade | Final Settlement | Scarce Assets

Follow Alex Thorn (Galaxy Digital) on X →

https://x.com/intangiblecoins

Matthew Montgomery, Founder of MAEVLO and veteran of the oil & gas industry, joins Scarce Assets to reveal why energy prices and Bitcoin are destined to rise together — and how his firm is pioneering a fund that turns oil royalties into Bitcoin reserves. This episode connects the dots between America’s energy plateau, AI-driven power demand, and Bitcoin’s fixed supply, offering one of the clearest frameworks yet for understanding the coming era of scarcity.

Connect with Onramp // Onramp Institutional // Jackson Mikalic on X // Matthew Montgomery on X // MAEVLO Company

WHAT WE COVER:

- How the U.S. shale boom turned America into a net energy exporter

- Why the era of cheap energy is ending — and what happens next

- The surprising parallels between oil extraction and Bitcoin mining

- How AI data centers are quietly rewriting global energy demand

- Why energy scarcity could be the catalyst for Bitcoin’s next bull run

- How MAEVLO's fund bridges real-world energy assets with Bitcoin reserves

KEY INSIGHTS DISCUSSED:

- 80% of oil well production occurs in the first 24 months

- LNG exports projected to triple by 2030

- Data center demand expected to add +10 BCF/day of natural gas consumption

- U.S. has already drilled the best shale wells — the easy energy is gone

- Every MAEVLO investor fund now allocates a portion of cash flow to Bitcoin reserves

MATTHEW’S THESIS:

“We’re entering an era where both energy and Bitcoin are getting more scarce. Oil wells deplete, block rewards halve — the same economics drive both. The only rational strategy is to own the hardest assets in the world.”

WHO IS MATTHEW MONTGOMERY?

- Founder & Managing Director, MAEVLO Company

- 20+ year career across shale exploration, mineral rights, and private equity energy funds

- Early pioneer integrating Bitcoin into traditional energy investments

- Advocates for sound money, hard assets, and family wealth preservation

CHAPTERS:

00:00 — Intro & Matthew’s Background

03:00 — The Shale Revolution Explained

10:30 — Lessons from Building in Energy

17:00 — Parallels Between Shale and Bitcoin

20:00 — Inside the Mineral & Royalty Market

27:30 — Why Investors Seek Yield and Inflation Hedges

33:30 — Oil, Gas, and the Inflation Trade

39:00 — Discovering Bitcoin & Sound Money

46:00 — “Scarcity Compounded”: Energy Meets Bitcoin

57:00 — The Coming Energy Supply Crunch

1:03:00 — How MAEVLO Integrates Bitcoin

1:08:00 — Preserving Value & Getting Off Zero

1:16:00 – Outro & Disclaimer

Scarce Assets: a biweekly podcast presented by Onramp which delves into the emergent role of bitcoin in finance professionals' strategies and outlooks. Hosted by Jackson Mikalic, Scarce Assets provides invaluable insights for wealth managers aiming to outperform their peers in the decades ahead. Finance professionals everywhere know about stocks and bonds, but the macroeconomic outlook requires that serious investors pay close attention to another category: Scarce Assets.

Please subscribe to Onramp Media channels and sign up for weekly Research & Analysis to get access to the best content in the ecosystem weekly.

#Bitcoin #Energy #Scarcity #Inflation #AI #OilAndGas #Macro #Onramp #HardAssets #ProofOfWork

Connect with Early Riders // Connect with Onramp

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.

00:00 - MasterCard's Acquisition of ZeroHash

02:57 - The Future of Bitcoin and Stablecoins

05:47 - Coinbase's Strategic Moves and Partnerships

12:05 - The Role of Traditional Finance in Crypto

17:46 - Trends in Stablecoins and Tokenization

23:42 - The Hype Cycle in Crypto and Its Implications

28:42 - Navigating the Crypto Spectrum

32:15 - The Evolution of Trust in Financial Products

34:32 - The Role of Institutional Trust in Crypto

38:01 - Understanding Credit Ratings in the Crypto Space

43:21 - AI Layoffs and the Future of Business

51:14 - The Impact of AI on Consulting and Business Models

If you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly.

Links discussed:
https://www.electronicpaymentsinternational.com/news/coinbase-2bn-acquisition-bvnk/
https://x.com/stockmktnewz/status/1984016283306786943?s=12
https://www.linkedin.com/posts/gs-fintech_today-im-excited-to-announce-hercle-has-activity-7389290368699297792--tYs
https://www.citigroup.com/global/news/press-release/2025/citi-coinbase-join-forces-boost-digital-asset-payment-capabilities-global-clients
https://www.coinbase.com/blog/Coinbase-Asset-Management-and-Apollo-Partner-to-Develop-Stablecoin-Credit-Strategies
https://fortune.com/crypto/2025/10/29/mastercard-zerohash-acquisition-bvnk-stablecoins-coinbase/
https://x.com/KrishanGopaul/status/1983851088588513482
https://x.com/FirstSquawk/status/1982850503320187044
https://x.com/thepowerfulHRV/status/1982859979989324139
https://x.com/saylor/status/1982857061257097696
https://x.com/ChainLinkGod/status/1983755475079278877
https://x.com/therosieum/status/1984987750647333350

Keep up with Michael:

https://x.com/MTanguma
https://www.linkedin.com/in/mtanguma/

Keep up with Brian:

https://x.com/BackslashBTC
https://www.linkedin.com/in/brian-cubellis-00b1a660/

Keep up with Liam:

https://x.com/Lnelson_21
https://www.linkedin.com/in/liam-nelson1/

Zuby (@ZubyMusic) joins The Last Trade to reveal why bitcoin represents the greatest asymmetric opportunity for millennials and Gen Z - and why the journey from $100K to $1M will be MUCH easier than getting your first $100K.

🚨WHAT WE COVER:

- Why 100,000+ tech workers just lost their jobs (and who's next)

- The Nigerian hyperinflation story that opened Zuby's eyes to bitcoin

- Why bitcoin ISN'T crypto - it's financial survival

- The "escape velocity" principle: $0-$100K vs $100K-$1M

- How AI will force you to become "ungovernable" or get left behind

- Why the status quo is now your enemy (not your friend)

📊 SHOCKING STATS DISCUSSED:

- Nigerian Naira: 1:1 with British Pound at independence → 2,000:1 today

- 40% of all USD created in 18 months (2020-2021)

- Top 5 companies laid off 100,000+ workers THIS WEEK

- Bitcoin took 16 years to reach $100K (next 10x will be faster)

🎯 ZUBY'S BITCOIN THESIS:

"Why would you choose money that works against you? Some random person can hit a button and drop your savings by 10%, 20%, 50%, 90%. Bitcoin is the only escape."

WHO IS ZUBY?

- Oxford Computer Science Graduate

- Independent Rapper with 1M+ followers

- Host of Real Talk with Zuby podcast

- Joe Rogan Experience guest

- Living proof that breaking from the status quo = freedom

FOLLOW ZUBY:

Twitter/X: @ZubyMusic

Podcast: Real Talk with Zuby

All platforms: Search "Zuby"ABOUT THIS EPISODE: Recorded October 30, 2025, this conversation captures a pivotal moment as mass layoffs accelerate and bitcoin crosses historic price levels. If you're under 40 and want financial freedom, this is required viewing.🔥 SUBSCRIBE for weekly bitcoin alpha and conversations with the sharpest minds in the space.

Book a consultation to learn about our multi-institution custody solution at onrampbitcoin.com.

#Bitcoin #Zuby #Layoffs #AI #Inflation #GenZ #Millennials #FinancialFreedom #Cryptocurrency #TechLayoffs #Economy

Connect with Onramp // Onramp Business // Onramp Institutional // Zuby on X

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: Zuby’s Journey & Why Bitcoin

04:38 – First Touch: 2017 Run-Up

07:36 – Through Volatility to Conviction

10:37 – Global Lens: Inflation & Currency Risk

13:57 – Creativity, Communication, Building

16:39 – Pain, Lessons, Financial Clarity

19:51 – Status Quo & Change Aversion

23:01 – Why Bitcoin for the Next Gen

34:10 – Bitcoin vs. Traditional Assets

42:41 – Generational Openings & S-Curves

53:18 – AI, Automation, Jobs Ahead

01:02:42 – Escape Velocity: Zero to Wealth

01:07:07 – Outro & Disclaimer

Please subscribe to Onramp Media channels and sign up for weekly Research & Analysis to get access to the best content in the ecosystem weekly.

Connect with Early Riders // Connect with Onramp

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.

00:00 – Cold open: Friday/Sunday pump banter; “the banks are here” kickoff

02:11 – JPMorgan to accept BTC/ETH as collateral by year-end

11:41 – Fortress/Prime Trust fallout: single-custodian risk and insolvency lessons

16:19 – Notable deals of the week

25:31 – FalconX to buy 21Shares: ETFs as on-ramp; options liquidity migration

26:41 – Crypto M&A surges; Q3 deal value and what 2026 might look like

32:08 – Coinbase buys Echo (and UpOnly)

38:56 – Tether roundup: AI ambitions, USAT, and the Rumble token (RUM)

46:54 – Convergence of AI and digital assets

53:53 – ETH dev flight to Tempo; centralization tradeoffs and incentive-driven pivots

58:15 – The state of the greater digital assets industry

1:08:28 – Macro week preview

If you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly.

Links discussed:
https://www.theblock.co/post/376038/jpmorgan-to-let-institutional-clients-pledge-btc-eth-loan-collateral
https://x.com/pmarca/status/1982524567072669929
https://www.theblock.co/post/375102/ledger-nano-device-wallet-app
https://www.theblock.co/post/375791/coinbase-unveils-tool-ai-agents-claude-gemini-access-crypto-wallets
https://www.theblock.co/post/375102/ledger-nano-device-wallet-app
https://www.theblock.co/post/376037/tether-ai-open-dataset-local-app
https://www.coindesk.com/business/2025/10/24/tether-eyes-fresh-investments-to-push-usat-stablecoin-to-100m-americans-at-december-launch
https://www.theblock.co/post/376092/zelle-weighs-stablecoin-integration-expand-trillion-dollar-payments-network-abroad
https://www.bloomberg.com/news/articles/2025-10-23/crypto-m-a-surges-30-fold-as-niche-firms-shift-to-mainstream
https://www.theblock.co/post/375652/prime-broker-falconx-to-buy-21shares-amid-crypto-ma-spree-report
https://www.theblock.co/post/375689/salesforce-backed-paytech-firm-modern-treasury-acquires-beam-stablecoin-startup-40-million-all-stock-fortune
https://www.theblock.co/post/375778/kalshi-fielding-investment-offers-12-billion-valuation-after-major-funding-round-bloomberg
https://blog.kraken.com/news/q3-2025-financial-highlights
https://investor.galaxy.com/news/news-details/2025/Galaxy-Announces-Second-Quarter-2025-Financial-Results/default.aspx
https://finance.yahoo.com/news/nevada-shuts-down-fortress-trust-114729119.html
https://a16zcrypto.com/posts/article/state-of-crypto-report-2025/
https://x.com/TheOneandOmsy/status/1982219947792126246
https://finance.yahoo.com/news/coinbase-signs-375-million-deal-113014849.html

Keep up with Michael:

https://x.com/MTanguma
https://www.linkedin.com/in/mtanguma/

Keep up with Brian:

https://x.com/BackslashBTC
https://www.linkedin.com/in/brian-cubellis-00b1a660/

Keep up with Liam:

https://x.com/Lnelson_21
https://www.linkedin.com/in/liam-nelson1/

Connect with Onramp // Onramp Business // Onramp Institutional // Gustavo Flores on X // Aureo Bitcoin

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 - Introduction & the debasement trade

05:22 - Liquidity conditions & bitcoin’s resilience

08:38 - Bitcoin cycles: halving vs liquidity

11:43 - U.S. debt explosion & nominal distortion

14:36 - Government signals & gold’s resurgence

17:34 - Shifting incentives & institutional positioning

19:44 - Global adoption: U.S., India, & Asia-Pacific

23:07 - Latin America’s adoption landscape

25:54 - Financial institutions & ETF-driven onboarding

29:00 - Bitcoin management: custody, risk, & MIC

37:18 - Security realities in Latin America

46:29 - Gold & bitcoin as sound money

01:03:34 - Market structure, stablecoins, & centralization

01:11:42 - Closing remarks, outro, & disclaimer

Please subscribe to Onramp Media channels and sign up for weekly Research & Analysis to get access to the best content in the ecosystem weekly.

Connect with Early Riders // Connect with Onramp

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.

00:00 – Intro & welcoming Gustavo Flores

01:17 – UK opens retail BTC/ETH ETPs

04:13 – Japan stablecoins & productization

07:49 – LATAM stablecoin wave; Brazil in focus

11:27 – Coinbase x CoinDCX (India/APAC)

15:47 – Stablecoin plumbing: BlackRock & Stripe

20:27 – BTC credit vs high LATAM rates; Bolivia case

23:31 – Nubank pursues U.S. bank charter

29:11 – 2026 custody (Citi/Schwab) & cycle timing

33:25 – Aureo announced (Swapido → Aureo)

35:03 – Aureo MIC thesis & team

42:21 – Storage-first: MIC + localized service

56:40 – Debasement trade & BTC hurdle rate

1:04:23 – Onramp Business controls; wrap & disclaimer

If you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly.

Links discussed:
https://www.aureobitcoin.com/en
https://www.earlyriders.com/news/early-riders-acts-as-exclusive-investor-in-aureos-pre-seed-round-to-build-latam-native-bitcoin-financial-services-infrastructure
https://bitcoin.docsend.com/view/2dj7n3sjr5uyrsr4
https://blockworks.co/news/tempo-series-a-raise
https://www.lightspark.com/news/lightspark/introducing-lightspark-grid
https://www.theblock.co/post/374924/blackrock-to-launch-genius-compliant-money-market-fund-tailored-for-stablecoin-issuers-report?utm_source=telegram1&utm_medium=social
https://www.cnbc.com/2025/10/13/citi-aims-to-launch-crypto-custody-in-2026-exploring-stablecoin.html
https://www.theblock.co/post/375228/japan-fsa-local-banks-crypto
https://www.theblock.co/post/375250/21shares-bitwise-blackrock-wisdomtree-uk-retail-bitcoin-ethereum-etps-fca
https://www.coinbase.com/en-in/blog/Coinbase-makes-investment-in-CoinDCX-expanding-our-commitment-to-India-and-the-Middle-Easts-crypto-future
https://www.theblock.co/post/374870/paxos-mistakenly-mints-300-trillion
https://www.theblock.co/post/375083/japans-big-banks-join-forces-on-stablecoins-to-speed-corporate-payments-nikkei
https://www.theblock.co/post/374643/stripe-stablecoin-unit-bridge-applies-for-national-bank-trust-charter-co-founder-zach-abrams-says

Keep up with Michael:

https://x.com/MTanguma
https://www.linkedin.com/in/mtanguma/

Keep up with Brian:

https://x.com/BackslashBTC
https://www.linkedin.com/in/brian-cubellis-00b1a660/

Keep up with Liam:

https://x.com/Lnelson_21
https://www.linkedin.com/in/liam-nelson1/

Keep up with Gustavo:

https://x.com/gustavojfe
https://www.linkedin.com/in/gustavo-j-flores-echaiz/

~ BITCOIN FOR BUSINESSES EP. 3~

Connect with Onramp // Connect with Acropolis // Connect with Early Riders

Presented by Onramp Media in collaboration with Acropolis & Early Riders...

Bitcoin for Businesses is a bi-weekly podcast for operators. We turn headlines into a playbook, covering custody architecture, board approvals, accounting, financing, and real-world implementation.

00:00 - Introduction to Bitcoin for Businesses Podcast

01:24 - Square’s Integration of Bitcoin Payments

05:34 - The Future of Bitcoin in Business

13:11 - Inflation and the Gold-Bitcoin Relationship

19:08 - Counterparty Risk in Bitcoin Holdings

25:11 - Emerging Multinational Banks and Bitcoin

32:07 - Tax Considerations for Bitcoin-accepting Businesses

If you found this valuable, please subscribe to Onramp Media.

Analyst James Check (Checkmate) joins to unpack the current state of bitcoin and gold markets, the impact of shifting liquidity conditions, the relevance of four-year cycles, the future of bitcoin treasury companies, and why understanding market structure, capital flows, and the debasement trade is key to anticipating bitcoin’s next major move.

Connect with Onramp // Onramp Business // Onramp Institutional⁠ // ⁠⁠⁠James Check on X⁠

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 — Market Overview & Sentiment

03:39 — Are 4-Year Cycles Dead?

06:26 — Liquidity & Macro Regime

09:24 — Gold vs Bitcoin: Signals & Sovereign Bid

11:39 — Institutions vs Retail Demand

13:44 — Onchain: Retail, OG Supply, Smart Money

19:59 — Treasury Companies: MNAV, Risks, Reality

32:15 — Who Buys Next? ETFs, WM, Sovereigns

37:44 — Retail Reflexivity & Hardware Tell

41:42 — Real Inflation & BTC vs Traditional Assets

56:33 — BTC Dominance, Altcoins & Valuation

01:05:40 — Liquidations, Tokenomics & Value Capture

01:13:29 — Barbell: Gold + BTC, Cycles & Leverage

01:24:44 — Outro

Please subscribe to Onramp Media channels and sign up for weekly Research & Analysis to get access to the best content in the ecosystem weekly.

Connect with Early Riders // Connect with Onramp

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.

00:00 - Introduction and Overview of Recent Events

02:53 - Texas Capital Markets and Blockchain Summit Insights

05:59 - Understanding the Debasement Trade and Fiscal Policies

08:40 - Market Reactions to Recent Economic Announcements

12:07 - The Fragility of the Crypto Ecosystem

14:53 - Lessons from Recent Market Volatility

17:44 - The Role of Bitcoin in a Volatile Market

20:55 - The Future of Prediction Markets and Information Discovery

30:35 - The Nuances of Prediction Markets

32:45 - Square's AI Voice Ordering and Bitcoin Integration

37:55 - Traditional Finance Meets Digital Assets

42:17 - Sovereign Adoption of Bitcoin

49:42 - The Risks in Capital Markets and First Brands

If you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly.

Links discussed:
https://www.theblock.co/post/374266/crypto-liquidations-near-10-billion-in-historic-drawdown-following-trumps-100-tariffs-on-china
https://www.cnbc.com/2025/10/10/morgan-stanley-drops-crypto-fund-restrictions-for-wealth-clients.html
https://blockworks.co/news/bank-of-russia-limited-crypto
https://www.theblock.co/post/374286/rwa-giant-securitize-eyeing-public-listing-via-cantor-fitzgerald-spac-at-unicorn-valuation-bloomberg
https://techcrunch.com/2025/10/10/kalshi-hits-5b-valuation-days-after-rival-polymarket-gets-2b-nyse-backing-at-8b/
https://techcrunch.com/2025/10/08/square-launches-ai-voice-ordering-and-an-integrated-bitcoin-solution-for-merchants/
https://www.theblock.co/post/373957/paypay-acquires-40-stake-in-binance-japan?utm_source=rss&utm_medium=rss
https://www.prnewswire.com/news-releases/galaxy-announces-460-million-strategic-investment-from-a-leading-asset-management-firm-302581126.html
https://x.com/unusual_whales/status/1977710157766307970
https://x.com/matthew_sigel/status/1976251057421647886
https://x.com/gladstein/status/1976684360754684366
https://x.com/nextfckingthing/status/1977072040227045729
https://x.com/kaledora/status/1977138503382413777
https://x.com/web4O/status/1977109201311908304
https://x.com/_Checkmatey_/status/1977112327704268833
https://finance.yahoo.com/news/wall-street-pivots-morgan-stanley-114628117.html
https://blockworks.co/news/morgan-stanley-crypto-access
https://x.com/HighyieldHarry/status/1976107853695107382

Keep up with Michael:

https://x.com/MTanguma
https://www.linkedin.com/in/mtanguma/

Keep up with Brian:

https://x.com/BackslashBTC
https://www.linkedin.com/in/brian-cubellis-00b1a660/

Keep up with Liam:

https://x.com/Lnelson_21
https://www.linkedin.com/in/liam-nelson1/

From the Onramp Media Archives..

Lyn Alden traces the arc of monetary technology—from shells and tobacco to gold and Bitcoin—and how each leap reshaped who controls money. She explains why Bitcoin represents the end of financialization and the first true form of digital settlement, closing a 150-year gap between transactions and finality. Alden unpacks the forces driving fiscal dominance, the coming liquidity cycle, and why sound, scarce assets like Bitcoin are positioned to lead in a macro-heavy decade defined by debt, geopolitics, and technological change. Originally recorded in February 2024.

00:00 – Bitcoin as the Reversal of Financialization

04:20 – Money as a Ledger & the Question of Control

07:10 – Tobacco & Wampum: Lessons in Early American Money

11:40 – Two Technological Paths in the Evolution of Money

15:30 – Telegraph to Bitcoin: Closing the Settlement Gap

21:00 – Technological Determinism & Monetary Centralization

25:10 – Fiscal Dominance, Liquidity Cycles, & Bitcoin’s Tailwinds

29:10 – Hard Assets, Portfolio Strategy, & the Macro-Heavy Decade

Please subscribe to Onramp Media channels and sign up for weekly Research & Analysis to get access to the best content in the ecosystem weekly.

Connect with Onramp // Onramp Terminal // Onramp Institutional

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 — The Debasement "Trade" is Here

08:13 — Institutional Voices Join the Chorus

11:21 — The Dollar’s Decline & Asset Inflation

17:06 — The Fastest Horse Returns

20:06 — Store of Value: Bitcoin’s Core Use Case

23:21 — ETFs, Custody, & Counterparty Risk

26:06 — Hard Money in Modern Portfolios

29:10 — The Custody Dilemma

42:59 — Risk, Trust, & Peace of Mind

44:34 — Sovereign Shifts & Monetary Strategy

49:56 — Tether as a Digital Nation-State

58:17 — IBIT Dominance & the Future of BTC Ownership

01:08:49 — Central Banks & Bitcoin’s Next Era

01:19:26 — Closing, Outro, & Disclaimer

Please subscribe to Onramp Media channels and sign up for weekly Research & Analysis to get access to the best content in the ecosystem weekly.

Connect with Early Riders // Connect with Onramp

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 - Market Breakthroughs: Gold and Bitcoin Surge

02:55 - The Debasement Trade: Shifting Sentiments in Finance

05:43 - Institutional Adoption: The Role of TradFi in Digital Assets

08:51 - Galaxy One Launch: Bridging TradFi and Crypto

11:43 - Yield Products: Evaluating Risks and Opportunities

14:54 - The Future of Financial Metrics: Nominal vs. Real Returns

17:55 - The Wild West of Finance: Embracing Change

20:39 - Bridging the Gap: Crypto Services for TradFi

23:53 - Incumbents Entering Crypto: Walmart and Stripe's Moves

39:51 - The Future of Stablecoins

43:50 - Interoperability and User Experience in Finance

45:33 - Walmart's Role in Financial Inclusion

48:10 - Risks of Stablecoins and Financial Systems

49:44 - The Evolving Landscape of Stablecoin Competition

53:23 - Credit Market Risks and Financial Distortions

01:03:18 - AI's Impact on Venture Capital and Market Dynamics

If you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly.

Links discussed:
https://x.com/QTRResearch/status/1974204995273654475
https://www.bloomberg.com/news/articles/2025-10-01/nyc-pilot-funded-by-coinbase-tries-basic-income-payments-in-crypto
https://www.theblock.co/post/373468/galaxy-launches-galaxyone
https://finance.yahoo.com/news/wall-street-pivots-morgan-stanley-114628117.html
https://fortune.com/crypto/2025/10/01/stripe-crypto-stablecoins-open-issuance-bridge-blockchain-tempo/
https://www.theblock.co/post/373510/standard-chartered-estimates-1-trillion-could-exit-emerging-market-bank-deposits-for-us-stablecoins
https://murmurationstwo.substack.com/p/the-stablecoin-duopoly-is-ending
https://www.cnbc.com/2025/10/06/openai-amd-chip-deal-ai.html
https://www.reuters.com/business/ai-venture-funding-continued-surge-third-quarter-data-shows-2025-10-06/
https://www.bestbrokers.com/forex-brokers/the-state-of-ai-venture-capital-in-2025-ai-boom-slows-with-fewer-startups-but-bigger-bets/
https://x.com/exec_sum/status/1974120982614061197
https://bitcoinmagazine.com/markets/wall-street-takes-the-lead-in-bitcoin-options-as-blackrocks-ishares-overtakes-coinbases-deribit
https://ca.finance.yahoo.com/news/blackrocks-ibit-enters-top-20-102855648.html
https://www.theblock.co/post/372763/binance-offers-turn-key-crypto-as-a-service-solution-for-trad-institutions-looking-to-offer-trading-custody-compliance-services
https://www.cnbc.com/2025/10/06/who-is-sanae-takaichi-the-first-woman-set-to-helm-japanese-government.html
https://x.com/LukeGromen/status/1974184554782220583
https://x.com/TimmerFidelity/status/1974112204271296790
https://www.cnbc.com/2025/10/03/walmart-onepay-is-rolling-out-crypto-to-mobile-banking-app.html
https://x.com/calleymeans/status/1608618928561074177?lang=en

Keep up with Michael:

https://x.com/MTanguma
https://www.linkedin.com/in/mtanguma/

Keep up with Brian:

https://x.com/BackslashBTC
https://www.linkedin.com/in/brian-cubellis-00b1a660/

Keep up with Liam:

https://x.com/Lnelson_21
https://www.linkedin.com/in/liam-nelson1/

Connect with Onramp // Onramp Terminal // Tyler Neville on X // Forward Guidance

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 — Introduction to Tyler Neville

03:56 — Wartime Finance: Acronym Rescue Playbook

12:17 — 60/40’s Sunset: A Generational Shift

21:29 — Saving vs. Investing in a Debasing World

31:45 — Future of Money: Bitcoin vs. Fiat Rails

35:42 — Bitcoin as SoV; Treasury Cos—Bridge or Blowup?

42:35 — ETFs & Access: Gatekeepers, Flows, Plumbing

01:02:20 — Gold & Bitcoin Gain Share in Reserves

01:07:54 — Reserve Flip: Gold vs. U.S. Treasuries

01:13:56 — Sound Assets & Resilience

01:23:44 — Wrap-Up, Disclaimer, & Outro

Please subscribe to Onramp Media channels and sign up for weekly Research & Analysis to get access to the best content in the ecosystem weekly.

Connect with Early Riders // Connect with Onramp

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 - Market Sentiment and Predictions

02:32 - Tether's Valuation and Market Impact

11:00 - AI and Stablecoin Innovations

25:11 - Capital Discipline in AI Investments

27:32 - The Impact of AI on Capital and Energy

30:49 - Universal Basic Income and AI Tokens

33:01 - AI's Influence on Stock Market Dynamics

34:35 - The Future of Energy and Economic Growth

38:40 - Bitcoin as a Hedge Against Capital Destruction

41:41 - TradFi's Shift Towards Digital Assets

45:45 - Mainstream Adoption of Digital Assets

51:37 - The Future of Bitcoin Companies and Market Dynamics

If you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly.

Links discussed:
https://www.cnbc.com/2025/09/23/tether-reportedly-seeks-lofty-500-billion-valuation-in-capital-raise-.html
https://www.forbes.com/sites/digital-assets/2025/09/29/google-ai-stablecoin-payments-a-first-protocol-for-autonomous-agents/
https://decrypt.co/340910/morgan-stanley-bitcoin-ethereum-solana-trading-etrade
https://www.theblock.co/post/372531/vanguard-crypto-etf-access
https://x.com/EricBalchunas/status/1972615445950701672
https://x.com/ReneSellmann/status/1972243094063231458
https://x.com/business/status/1971354036524716082
https://x.com/JimPethokoukis/status/1970846329791234193
https://x.com/GSR_io/status/1971640456871399899
https://www.theblock.co/post/372706/swift-blockchain-ledger-consensys
https://www.theblock.co/post/372627/kraken-mulls-potential-investor-at-20-billion-valuation-ahead-of-planned-ipo-bloomberg
https://www.theblock.co/post/372230/upbit-merge-under-naver
https://cointelegraph.com/news/circle-examines-reversible-stablecoin-transactions
https://www.storyboard18.com/brand-marketing/accenture-layoffs-cross-11000-ceo-julie-sweet-warns-of-further-exits-81670.htm
https://www.youtube.com/watch?v=Pdne9xaRLUc

Keep up with Michael:

https://x.com/MTanguma
https://www.linkedin.com/in/mtanguma/

Keep up with Brian:

https://x.com/BackslashBTC
https://www.linkedin.com/in/brian-cubellis-00b1a660/

Keep up with Liam:

https://x.com/Lnelson_21
https://www.linkedin.com/in/liam-nelson1/

~ BITCOIN FOR BUSINESSES EP. 2~

Connect with Onramp⁠ // ⁠Connect with Acropolis⁠ // ⁠Connect with Early Riders

Presented by Onramp Media in collaboration with Acropolis & Early Riders...

Bitcoin for Businesses is a bi-weekly podcast for operators. We turn headlines into a playbook, covering custody architecture, board approvals, accounting, financing, and real-world implementation.

00:00 - Introduction to Bitcoin for Businesses

01:08 - Insights from Recent Bitcoin Events

06:09 - Understanding Custody Solutions

09:00 - Exploring Bitcoin Yield Strategies

18:19 - The State of Credit Risk in Business

23:07 - The Role of Bitcoin in Business Revenue

27:07 - AI and the Future of Value Transfer

32:08 - The Impact of Y Combinator on Startups

If you found this valuable, please subscribe to Onramp Media.

Connect with Onramp // Onramp Terminal // Blake Killian, Onramp CMO // New research from BPI

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 — Introduction & Blake Killian Joins Onramp as CMO

03:20 — Blake’s Background and the Marketing Gap in Bitcoin

06:05 — Clarity, Education, and Overcoming Industry Noise

12:30 — Nation-State Adoption and Political Implications

25:10 — Tether’s $500B Play and Branding Power

36:30 — Treasury Companies, ETFs, and the Custody Conundrum

42:30 — Multi-Institution Custody and Cutting Through the Noise

46:24 — Gold’s Resurgence and Bitcoin as Hard Money

56:50 — China, Global Monetary Shifts, and Sound Money Allies

01:16:20 — Closing Thoughts, Outro, and Disclaimer

Please subscribe to Onramp Media channels and sign up for weekly Research & Analysis to get access to the best content in the ecosystem weekly.

Connect with Onramp // Jackson Mikalic on X // Avik Roy on X // FREOPP

Scarce Assets: a biweekly podcast presented by Onramp which delves into the emergent role of bitcoin in finance professionals' strategies and outlooks. Hosted by Jackson Mikalic, Scarce Assets provides invaluable insights for wealth managers aiming to outperform their peers in the decades ahead. Finance professionals everywhere know about stocks and bonds, but the macroeconomic outlook requires that serious investors pay close attention to another category: Scarce Assets.

00:00 - Introduction & Avik Roy’s Background

03:20 - America’s Fiscal Reckoning

12:20 - Why the Crisis Takes Longer Than Expected

19:00 - The 10–20 Year Timeline Ahead

21:00 - Bitcoin Strategic Reserve & Government Signals

29:00 - Rails, Custody & 6102 Lessons

39:50 - The Future of Multi-Institution Custody

48:30 - Treasury Companies vs ETFs (Strive & Beyond)

54:20 - Personal Bitcoin Investment Perspectives

1:00:30 - Portfolio Construction & Real Hurdle Rates

1:06:50 - Wall Street Skepticism vs Macro Adoption

1:13:10 - Closing Thoughts, Outro, & Disclaimer

Please subscribe to Onramp Media channels and sign up for weekly Research & Analysis to get access to the best content in the ecosystem weekly.