The Last Trade: Matt Odell on the 2025 postmortem: why BTC lagged gold, how DATs wrecked sentiment, what the quantum debate gets wrong, and what changes when institutions take the wheel.
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Matt Odell: https://odell.xyz
🎙️ About This Episode
With Matt Odell in the studio, we run a proper 2025 postmortem: why the “OGs are dumping” narrative never dies, what actually changes when Bitcoin’s liquidity deepens, and why it’s healthy (not bearish) for long-term supply to distribute over time.
From there, we tackle the elephant in the room: gold and equities ripped while BTC chopped. Matt’s take is simple and brutal, retail is broke, capital is hiding in perceived safe havens, and Bitcoin still gets treated like a high-risk tech trade if you don’t understand self-custody. We also dig into the October break in the crypto casino and how forced sellers can pin price even when long-term fundamentals look strong.
Then we get honest about the cultural and structural fallout from “Bitcoin treasury companies” & DATs: how leverage-on-leverage turned into a negative feedback loop, why board seats and influencer incentives distorted the narrative, and why the only benchmark that matters is whether these wrappers can actually beat spot bitcoin over time.
Finally, we hit the quantum panic. Matt lays out a sober framework: upgrade carefully, opt-in where possible, don’t rush into untested cryptography, and don’t even flirt with protocol-level seizures or “freezing” coins. If Bitcoin compromises neutral property rights to “save” the market, it’s no longer Bitcoin. We close with what this all implies for 2026: whether cycles are fading, where the next reflexive move could come from, and why the most bearish sentiment is often the best tell.
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 - Christmas Greetings + Why 2025 Felt So Weird
01:42 - “OGs Dumping” Bitcoin: Meme Narrative vs. Reality
03:35 - Liquidity, Distribution, & Engagement Bait
06:24 - Sentiment, Macro, & the “Quiet Depression” View
09:42 - Institutions, ETFs, & How Market Structure Changes the Cycle
12:35 - DATs / Treasury-Co Mania: Why It Took Over 2025
16:27 - Cultural Fragmentation + Incentives
22:36 - Quantum FUD Deep Dive
45:25 - Why the Next Move Will Catch People Offside
48:25 - Centralization Risk, Custodians, & How a Fork Would Play Out
55:28 - Why Quantum Became the “Last Remaining FUD”
59:11 - Stablecoins, Tether, & the Institutional Rails Story
01:02:20 - SBR: Expectations vs. Reality + 2026 Scenarios
01:06:20 - Gold’s Run, the Debasement Trade, & the Bitcoin Setup
01:10:27 - 2026 Outlook: Cycle Theories & What Could Flip the Switch
01:29:21 - Outro & Disclaimer
💡 Subscribe & Stay Ahead
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High-signal insights in bitcoin, macro, and custody.
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🎧 The Last Trade | Final Settlement | Scarce Assets
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 - Year-End Reflections and Top Deals
12:45 - Market Signals and ETF Flows
25:13 - Stablecoins and Digital Asset Integration
28:19 - Noise in the Market: DATs and Cycle Theory
35:26 - Reevaluating Bitcoin Cycles
36:01 - The Quantum Debate
37:09 - Predictions for Bitcoin's Future
41:39 - Market Dynamics and Predictions
53:45 - Innovative Banking Solutions for 2026
59:55 - The Future of Multi-Institution Custody
If you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly.
Keep up with Michael:
https://x.com/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/
The Last Trade: Jeff Deist explains why “saving” died in the fiat era, how markets morphed into a casino, why gold is quietly re-monetizing, and what Bitcoin’s financialization gets dangerously wrong as younger generations face a broken denominator, housing despair, and a culture of Hail Mary bets.
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🔸 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
Jeff Deist on X: https://x.com/jeffdeist
🎙️ About This Episode
With Jeff Deist (General Counsel at Monetary Metals, former President of the Mises Institute, former Chief of Staff to Ron Paul), we go back to first principles: what Austrian economics actually is, why “macro” often becomes storytelling, and how sound money frames human cooperation, scarcity, and long-term civilization building.
From there, we diagnose the modern U.S. economy through Deist’s lens: the post-1982 debt era, collapsing savings as a virtue, and the way suppressed rates turned equities and housing into de facto “savings accounts.” Jeff argues this is why under-40s feel trapped, why wealth inequality becomes socially corrosive, and why a culture that can’t save drifts toward speculation, despair, and even prediction markets as financialized entertainment.
We then zoom in on gold’s breakout year and what it signals. Jeff makes the case that gold’s premium still reflects “moneyness,” especially outside the West, and explains Monetary Metals’ model for earning yield in ounces through gold leases and bonds. Finally, we close on Bitcoin’s institutional path and the risks of financialization: why Deist dislikes BTC treasury companies, how distorted incentives pull talent into financial engineering over real production, and what it means for capital markets when “numbers go up” becomes the organizing principle.
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 – Welcome + Jeff Deist’s Background
02:17 – Discovering Austrian Economics
04:38 – Libertarianism vs. Economics
08:43 – Bitcoin as a Sound Money On-Ramp
14:13 – Inequality, Housing, & the Under-40 Squeeze
19:17 – Distorted Capital Markets & Malinvestment
23:30 – What Money Is: Rates, Inflation, & Savings
28:11 – Why Savings Died
39:12 – Speculation Culture & “Betting on Everything”
42:03 – Gold’s Breakout & “Moneyness”
46:23 – Gold vs. Bitcoin
51:33 – Preserving Wealth in Uncertainty
56:43 – Government, Fiscal Dominance, & Tech Deflation
01:04:15 – Learning as the Real Edge
01:12:42 – Bitcoin Financialization & Treasury Companies
01:21:38 – Outro & Disclaimer
💡 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
Scarce Assets: Vance Crowe explains why BTC is becoming the superior store of value, how it could reshape farmland economics, & why family legacy may be the most important asset you pass on.
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🔸 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
Jackson Mikalic on X --- https://x.com/macrojack21
Vance Crowe on X --- https://x.com/VanceCrowe
🎙️ About This Episode
Vance Crowe joins Scarce Assets for a wide-ranging conversation on family legacy, farmland economics, inflation, and why Bitcoin is becoming the superior store of value. From his early career at the World Bank and Monsanto to founding Legacy Interviews, Vance brings a unique, real-world perspective on how sound money reshapes behavior across generations, industries, and economies.
We explore his thesis that Bitcoin will eventually demonetize farmland, how inflation quietly destabilizes societies, why cycles matter far less than conviction, and why running a node changed his understanding of Bitcoin forever.
- The origin story of Legacy Interviews and why family storytelling is an irreplaceable asset
- How a World Bank economist accidentally pushed Vance toward Bitcoin
- The farmland store-of-value problem and why Bitcoin alters the economics
- Inflation, The Mandibles, and the politics of a weakening currency
- Hyperbitcoinization vs. stability: why Vance prefers a slow transition
- Government adoption, commodities priced in BTC, and the role of hash rate
- Stablecoins, dollar geopolitics, and the risk of “financial conflict”
- Why most people won’t adopt Bitcoin without guided onboarding
- How running a full node changed Vance’s mental model of Bitcoin
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.
🧠 Chapters
00:00 – Introduction to Vance Crowe & Legacy Interviews
07:05 – How Legacy Interviews Began
13:19 – The Value of Capturing Family Stories
20:13 – Vance Discovers Bitcoin
26:08 – Bitcoin’s Impact on Farmland & Land Values
31:46 – Inflation, Mandibles & Monetary Reality
36:50 – Wealth Bifurcation & Inflation Misunderstandings
42:54 – Bitcoin as a Savings Technology
49:52 – Adoption, Onboarding & Government Dynamics
55:59 – Stablecoins, Geopolitics & Dollar Power
01:00:44 – Closing Thoughts, Outro, & Disclaimer
💡 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
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 - The Arrival of Banks in Digital Assets
02:49 - Institutional Adoption and Regulatory Changes
05:46 - The Role of Traditional Banks in Digital Assets
08:43 - Partnerships and Trust in the Digital Asset Space
11:49 - The Impact of PNC's Bitcoin Trading
14:54 - User Behavior and Market Dynamics
17:56 - The Future of Banking and Digital Asset Integration
20:51 - The Centralization Debate in Digital Assets
23:46 - The Evolution of Financial Products
29:26 - Navigating Market Challenges
31:50 - The Rise of Stablecoins in Tech
34:27 - Cultural Shifts in Digital Payments
36:16 - Blurring Lines in Financialization
40:45 - Innovations in Banking and Fintech
44:55 - Around the Horn: Insights and Predictions
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.occ.gov/news-issuances/news-releases/2025/nr-occ-2025-125.html
https://x.com/BitGo/status/1999514929314038040
https://www.investing.com/news/company-news/paribu-acquires-majority-stake-in-coinmena-in-turkeys-largest-fintech-deal-93CH-4392748
https://www.theblock.co/post/382111/stripe-acquires-valora-wallet-team-builds-stablecoin-services
https://www.globenewswire.com/news-release/2025/12/08/3201287/0/en/AllScale-Raises-5M-Seed-Led-by-YZi-Labs-to-Build-World-s-First-Self-Custody-Stablecoin-Neobank.html
https://www.loopcrypto.xyz/blog/loop-crypto-is-joining-lead
https://www.theblock.co/post/381903/pnc-bitcoin-trading-high-net-worth-clients-coinbase-tie-up
https://archive.ph/tqGv6#selection-1037.11-1037.97
https://bitcoinmagazine.com/news/coinbase-prediction-tokenized-stocks
https://x.com/TheBlock__/status/1998886176447488055?s=20
https://www.theblock.co/post/382209/binance-api-update-hints-at-stock-perpetual-contracts-as-exchanges-eye-tradfi-markets
https://x.com/gondorfi/status/1998800082070884751?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/
The Last Trade: Tad Smith unpacks why Bitcoin’s “disappointing” 2025 might be the perfect setup, how gold and sovereign flows are quietly rewriting the sound money playbook, and what AI, labor shocks, and Fed policy mean for younger generations staring at a broken system and a massive opportunity.
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🔸 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
With returning guest Tad Smith (former public-company CEO and NYU Stern professor), we zoom out on Bitcoin’s “underwhelming” 2025: why sentiment feels terrible at ~91K, how expectations got ahead of reality, and why he likes the current setup precisely because narrative and positioning look so weak. Tad contrasts gold’s structural central-bank bid with Bitcoin’s emerging endowment and sovereign bid, digs into Harvard vs Abu Dhabi’s BTC motives, and explains what it means when elite institutions are willing to take reputational risk just to get exposure.
From there, we walk through the Fed’s recent cuts, balance sheet “relief,” and the slow-motion regime shift heading into 2026—arguing that liquidity and policy, not a mystical four-year cycle, drive BTC. Then Tad delivers a blunt generational autopsy on debt, housing, and student loans, lays out how AI really threatens white-collar labor, and sketches the likely path to “soft UBI” through more generous existing programs. We close on optimism: why this is still the best time in history to be young and high-agency, how CEOs are actually using AI to reshape labor and productivity, and how Tad rebuilt his NYU Stern course so AI is a required superpower instead of a banned shortcut.
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 – Introduction, Tad’s Return & Market Overview
02:42 – Bitcoin’s 2025 Performance and “Disappointing” Sentiment
06:53 – Narratives in Non-Yielding Assets: Bitcoin vs. Gold
08:50 – Harvard, Abu Dhabi & Quiet Institutional Bitcoin Allocations
12:18 – Central Banks Buying Gold and the Emerging Sovereign/Endowment BTC Bid
21:39 – Federal Reserve Rate Cuts, Balance Sheet “Relief,” and Liquidity Shift
32:02 – The Treasury–Fed Relationship and the Myth of Full Independence
37:10 – AI’s Impact on the Labor Market and Career Paths for the Young
38:39 – Generational Accountability: Debt, Housing, and a Rigged Starting Line
42:26 – AI, Job Displacement, and the Road to “Soft UBI”
44:47 – Agency, Entrepreneurship, and Opportunity in a Changing Economy
49:56 – Education in the AI Era: Bans, Blue Books, and Missed Opportunities
01:05:25 – Inside Tad’s NYU Course: Requiring AI and Redesigning the Classroom
01:11:55 – Optimism for the Future: Bitcoin, AI, and Personal Responsibility
01:13:14 – Outro and Disclaimer
💡 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
Connect with Early Riders // Connect with Onramp // Register for Early Riders & Onramp State of the Bitcoin Industry Roundtable
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 Market Sentiment
02:00 - Risk Management and Investment Philosophy
04:40 - Bitcoin vs. Traditional Assets
07:31 - Larry Fink's Insights on Bitcoin
10:09 - Sovereign Wealth and Bitcoin Accumulation
13:03 - Global Trends in Crypto Adoption
16:03 - Middle East's Strategic Moves in Crypto
18:52 - Game Theory and Global Crypto Dynamics
22:08 - Emerging Markets and Crypto Services
24:49 - Infrastructure Development in Digital Assets
26:17 - The Importance of Domain Expertise in Cryptocurrency
27:16 - Future of Cryptocurrency and Market Dynamics
29:21 - The Rise of Cybercrime in the Crypto Space
30:20 - Centralization Risks in Cryptocurrency Custody
31:56 - The Gold Standard and Bitcoin's Centralization Problem
34:25 - Navigating Trust and Custody in Bitcoin
37:11 - The Adoption Challenge: From Zero to Bitcoin
40:01 - The Stakes of Digital Asset Custody
44:18 - Emerging Trends in Bitcoin Infrastructure
46:06 - Recent Developments in Crypto Regulation
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/MTanguma/status/1996209093858501012?s=20
https://www.cftc.gov/PressRoom/PressReleases/9145-25
https://www.theblock.co/post/381644/coinbase-resumes-user-onboarding-india
https://www.theblock.co/post/381655/robinhood-indonesia-acquisitions
https://www.theblock.co/post/381662/argentina-domestic-bank-crypto
https://x.com/thisisorlando/status/1996284429455822993?s=20
https://bloomingbit.io/en/feed/news/101972
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:
The Last Trade: Mark Yusko breaks down why the bitcoin cycle isn’t dead, how futures and index flows “tame” BTC, why gold and oil remain the real benchmarks, and what this year’s post-peak reset signals about an adversarial, institutional future.
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🔸 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
With recurring guest Mark W. Yusko, we zoom out on Bitcoin’s 2025 run: why he still sees a 3 years 11 months, block-based cycle, how fair value models frame the recent peak around $126K, and why a smaller overshoot can mean a healthier foundation for the next phase. We unpack how CME futures and “paper BTC” reshaped market structure, what it really means to judge Bitcoin in gold and oil terms, and how prediction markets and casino-ified finance fit into a world of engineered liquidity and index-driven equities.
From there, we get into the quiet endowment and institutional bid (via Paradigm, Andreessen, and now ETFs), the structural “rigging” of 401(k) and index flows, and the political/regulatory edge of the Genius Act, Clarity Act, and CBDC ambitions. Mark lays out why Bitcoin and gold remain core stores of purchasing power in a heavily financialized system—and how allocators can navigate an increasingly adversarial environment while keeping the message human, savings-focused, and long-term.
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 – Welcoming Mark Yusko back & Thanksgiving sentiment
02:15 – No blow-off top: did the 2025 cycle peak quietly at $126K?
05:36 – “Taming” Bitcoin: CME futures, paper BTC, and market structure
10:54 – Bitcoin in gold and oil terms: has the real bull market started?
17:46 – Prediction markets, gambling, and separating signal from opinion
25:54 – Post-2020 money printing, MMT, and gold/BTC as liquidity sponges
30:31 – Tech cycles, venture vintages, and where this crypto buildout fits
35:54 – Rigged equities: 401(k)s, index flows, and boomer entitlements
48:42 – Vanguard, JPM, IBIT flows & why “coincidences” cluster on Wall Street
55:22 – Endowments, Paradigm/Andreessen, and quiet institutional BTC adoption
1:08:17 – Genius Act, Clarity Act, CBDCs & the “then they fight you” phase
1:20:15 – Internet vs bitcoin, censorship, and an adversarial next decade
💡 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
Peter Grosskopf — former CEO of Sprott and co-founder of Argo — joins Scarce Assets to unpack why gold has been the runaway winner of 2025 and what that says about debt, inflation, and the end of “risk-free” bonds.
Connect with Onramp // Onramp Institutional // Jackson Mikalic on X
WHAT WE COVER:
- How gold became 2025’s top-performing major asset while “nothing was really wrong”
- Central bank de-dollarization: SWIFT sanctions, exploding US deficits, and reserve rebalancing
- Why gold is quietly replacing Treasuries as the global “safe asset”
- The debasement trade: protecting purchasing power when CPI underreports reality
- Peter’s personal allocation: ~50% in gold, silver, Argo balances, and miners
- Liquidity, QT’s end, and why the Fed’s balance sheet likely has to grow again
- Inside Argo: 24/7 direct-to-vault gold, outside the financial system, at ETF-beating costs
- Tokenized gold (Tether, Pax) and why custody, vaults, and bankruptcy remoteness matter
KEY INSIGHTS:
- Gold’s 2025 move isn’t about a single crisis — it’s decades of debasement risk finally being priced in
- Central banks aren’t just “adding diversification”; they’re hedging both sanctions and US fiscal decay
- For Peter, gold is no longer a hedge against dollars — it’s the base unit of savings
- Official inflation at 2–3% doesn’t match lived experience; the real erosion feels closer to 5–7% with violent spikes
- Treasuries are losing their status as the default safe haven; gold is stepping into that role
- Bitcoin is still digesting leverage and maturing from a speculative tech trade into a long-horizon macro asset
- Direct-to-vault and tokenized gold will sit at the core of the next monetary plumbing stack
PETER’S THESIS: “Gold isn’t just a crisis hedge anymore. It’s the base case. The real experiment is trying to run this level of debt on fiat and calling it ‘risk-free.’”
WHO IS PETER GROSSKOPF?
- Co-Founder — Argo, a digital platform for direct-to-vault physical gold
- Former CEO — Sprott (2010–2022), leading one of the world’s premier precious metals firms
- Managing Partner — SCP Resource Finance, focused on mining and real asset finance
- 35+ Years in Financial Services — spanning trading, asset management, and capital markets
- Lifelong precious metals investor now bridging vaulted gold with modern digital rails
CHAPTERS:
00:00 - Gold’s Shock 2025 Rally & Peter’s Background
07:25 - Why Central Banks Are Rebuilding Gold Reserves
14:20 - From 60/40 to Gold: Institutional Reallocation
20:06 - Gold as the New “Safe Asset” Replacing Treasuries
29:45 - Bitcoin vs Gold in 2025: Cycles, Leverage & Liquidity
41:48 - Inside Argo: Direct-to-Vault Gold in the Digital Era
50:04 - Tokenized Gold vs Direct Vault Ownership & Custody Risks
54:40 - Key Takeaways, Where to Learn More & Outro
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.
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 - Thanksgiving Reflections and Bitcoin Sentiment
02:41 - Tether's Stability Concerns and S&P Rating
10:49 - The Systemic Nature of Tether and Market Dynamics
21:42 - JPMorgan and Klarna: The Future of Stablecoins
28:39 - The Future of Bitcoin and Stablecoins
29:40 - The State of Stablecoin Technology
31:45 - Understanding Multi-Party Computation vs. Multi-Sig
37:02 - The Importance of Bitcoin in Custody Solutions
40:50 - The ETF Landscape and Market Competition
48:53 - Structured Products and Bitcoin's Market Position
If you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly.
Links discussed:
https://finance.yahoo.com/news/nasdaq-ise-seeks-quadruple-trading-042125019.html
https://www.klarna.com/international/press/klarna-launches-klarnausd-as-stablecoin-transactions-hit-usd27-trillion/
https://unchainedcrypto.com/jpmorgans-deposit-token-puts-stablecoins-on-notice/
https://www.theblock.co/post/380764/upbit-says-emergency-audit-of-30m-hack-uncovered-flaw-that-could-expose-private-keys?utm_campaign=website&utm_medium=referral&utm_source=newsletter
https://www.theblock.co/post/380375/stablecoin-issuer-paxos-acquires-fordefi-crypto-custody-wallet
https://bitcoinnews.com/p/jpmorgan-structured-bitcoin-note
https://x.com/paoloardoino/status/1995154943808839704?s=20
https://finance.yahoo.com/news/p-downgrades-tether-stability-rating-210430953.html
https://x.com/CryptoHayes/status/1994915256150495652
https://www.reuters.com/business/coinshares-pulls-plug-select-crypto-etfs-ahead-us-listing-2025-11-28/
https://www.theblock.co/post/380818/coinshares-withdraws-us-spot-etf-filings-for-xrp-solana-and-litecoin-ahead-of-nasdaq-listing
https://decrypt.co/350376/openai-confirms-data-breach-heres-whos-impacted
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/
The Last Trade: Former Blackstone partner David Thayer explains why liquidity—not cycles—drives BTC, how AI and fiscal dominance are steering policy, why gold is leading, what Texas’ ETF buy signals, and how JPM’s new BTC note underscores spot over wrappers.
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🔸 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
With David Thayer (ex-Blackstone), we reset after the pullback: the 5-year lens over daily noise; fiscal dominance and valuations in a broken fiat denominator; AI as a national-security project (energy, chips, compute) that backstops spending; and gold + BTC as “liquidity sponges.” We hit SLR tweaks and stablecoin rails as engineered demand for Treasuries, realistic quantum timelines, Texas’ first ETF allocation, JPM’s new IBIT-linked structured note (what it signals), and why “treasury companies” can’t outrun spot. We close on politicization risk—and how to keep bitcoin’s message human, bipartisan, and savings-focused.
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 to David Thayer, price check, 5-year lens
04:12 – Volatility as opportunity: Thanksgiving playbook
06:07 – AI “bubble” or policy mandate?
11:15 – National security, AI, and quantum risk
17:01 – Fiscal dominance: engineered Treasury demand
26:33 – Gold, China, and the U.S. Bitcoin edge
28:16 – Texas ETF buy & the sound money revival
38:27 – Bitcoin and politics: partisan risk
54:20 – JPM’s BTC note: structure and signal
1:02:28 – Treasury companies vs spot BTC
1:09:29 – Gratitude and the monetary revolution
💡 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
Stu Bradley, CFA, CFP — Wealth Advisor at Hightower St. Louis — joins Scarce Assets to explore how bitcoin fits into modern portfolio design, the illusion of market “cycles,” and why peace of mind matters more than price charts.
With decades of experience across HSBC, UBS, Vision Capital, and now Hightower, Stu brings a global investor’s perspective on inflation, fiscal dominance, and the future of wealth management in a K-shaped economy.
This episode cuts through the hype to reveal how advisors are quietly rethinking sound money, digital assets, and intergenerational planning — all while clients question the meaning of risk, time, and value in a rapidly changing financial system.
Stu Bradley on LinkedIn // Hightower Wealth Advisors // Stu's Presentation, Understanding Bitcoin // Connect with Onramp // Onramp Institutional // Jackson Mikalic on X
WHAT WE COVER:
- From HSBC and UBS to Hightower: a career across global markets
- How a $20 smoothie became the “wake-up call” on inflation
- Why Bitcoin represents optionality, not speculation
- Fiscal dominance, QT’s end, and the K-shaped economy
- The psychological side of wealth: why “peace of mind” beats alpha
- How advisors are integrating BTC exposure through ETFs & custodial platforms
- The coming wealth transfer and how next-gen clients will reshape the advisory model
KEY INSIGHTS DISCUSSED:
- Expectations = suffering — and 2025 proved it
- Bitcoin is entering its “IPO moment” as long-term holders distribute
- Fiscal dominance and policy inertia make inflation a structural feature, not a bug
- The top 10 mega-cap stocks now represent 75% of U.S. GDP — a concentration risk hiding in plain sight
- Owning a small allocation of the most tamper-resistant asset in history may be the best form of risk management
- The future of advice: meeting clients where they are, not where the market says they should be
STU’S THESIS: “Bitcoin isn’t about getting rich — it’s about staying solvent. When money itself is changing, optionality becomes the ultimate form of wealth.”
WHO IS STU BRADLEY?
- Wealth Advisor — Hightower St. Louis (managing $1.6B for 400+ families)
- Former Institutional Investor — HSBC, UBS, Vision Capital Advisors
- CFA & CFP Charterholder — Bridging traditional finance with digital assets
- Career Coach & Educator — Founder, J. Stuart Bradley Consulting
- Advocate for sound money, long-term stewardship, and client-first financial planning
CHAPTERS:
00:00 - Intro & Stu’s Background
03:00 - From Wall Street to Hightower
06:00 - The $20 Smoothie & the Inflation Epiphany
10:30 - Bitcoin as Stewardship, Not Speculation
15:00 - Longevity Risk & Portfolio Construction
21:00 - Peace of Mind Over Price Action
27:00 - How Advisors Discuss Bitcoin with Clients
33:00 - 2025: No Blow-Off Top, No Problem
38:00 - Fiscal Dominance & QT’s End
44:00 - The K-Shaped Economy Explained
50:00 - Inflation, Inequality, and the Role of Scarce Assets
56:00 - The Great Wealth Transfer
01:00:00 - Preparing for the Future of Advice
01:03:00 - Outro & Resources
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.
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 - Latest in Bitcoin price action
01:46 - Kraken’s $20B IPO & Citadel’s investment
10:17 - Tether’s strategic investment in Ledn & Bitcoin-only lending
17:53 - VC money chases perp DEX infrastructure
21:52 - Maker/Sky’s OBEX incubator & the stablecoin yield gray zone
24:46 - Slash: stablecoin-first banking and demand for better money movement
26:01 - Human risk management, AI scams & Doppel’s $70M raise
32:48 - Cardano chain split exploit & “decentralization theater”
42:13 - Rethinking the poverty line, broken stats & the debasement trade
50:12 - Square/Block’s SMB Bitcoin tools & the future of merchant adoption
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/378358/lighter-raises-68-million-1-5-billion-valuation-vc-bets-flood-perp-dex-infrastructure-report
https://www.ledn.io/post/tether-invests-in-ledn
https://www.theblock.co/post/380056/hoskinson-involves-fbi-after-developers-careless-experiment-splits-cardano-blockchain
https://decrypt.co/349147/crypto-exchange-kraken-raises-800-million-20-billion-valuation
https://www.doppel.com/blog/doppel-series-c
https://x.com/LayerZero_Core/status/1990822714416963636
https://www.yesigiveafig.com/p/part-1-my-life-is-a-lie
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/
The Last Trade: Bitcoin sentiment has cratered after a 30% drawdown, but the thesis hasn’t changed. Cycles are dead, liquidity is turning, and gold’s strength signals what’s next for BTC. Fundamentals are stronger than ever as custody, rails, and institutional demand quietly build beneath the noise.
---
🔸 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
Sentiment ≠ fundamentals. The team dissects the drawdown (short-term holder capitulation, cycle anchoring), the macro pivot (QT end, rate-cut path, fiscal dominance), gold’s 2025 lead, BTC in gold terms, and why better rails/custody unlock new cohorts. They also cover AI bubble optics, prediction-market mania, muni BTC pilots, IMF data on fiat depreciation since 1971, and fresh institutional signals (M&A, endowment flows).
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 – Price check and sentiment reset
02:54 – Liquidity over cycles: the real driver
05:18 – Capitulation data and new buyer cohorts
12:36 – Gold leads; BTC in XAU terms
16:52 – Market structure: not a bull yet
24:44 – AI risk: concentration and circular ROI
31:47 – Portfolio mix: gold hedge, improving rails
34:35 – Block rails: pay dollars, settle in bitcoin
39:50 – Levered “treasury companies” vs real adoption
49:35 – Bitcoin muni pilots; IMF on fiat decay
52:56 – Institutional signals: flows and M&A
54:52 – Prediction markets and casino-ified risk
01:05:09 – Outlook: liquidity setup and path forward
💡 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
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.