Onramp Bitcoin Media

By Onramp Bitcoin

Bitcoin-native insights on markets, investing, and the future of finance.

https://onrampbitcoin.com/

The Last Trade

Bitcoin meets macro.

Onramp Media’s flagship show covering mar... more

4.7

4747 ratings

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How many episodes does Onramp Bitcoin Media have?

The podcast currently has 381 episodes available.

Best of Onramp Bitcoin Media

The most played episodes among Podcast App listeners.

Number 1: Bitcoin Just Got What It Waited 5 Years For
The Last Trade: the US Treasury just doubled its long-dated debt buybacks, turning a $2B daily cap into a $4B daily floor, and long yields fell, gold jumped $100 an ounce, and Bitcoin ripped a five thousand dollar candle. Jackson, Michael, and Brian make the case that this is the opening move of yield curve control and the Bitcoin thesis playing out in real time. They also cover Citi confirming Bitcoin custody, the Trezor shipping breach, and why the flight into ETFs is the wrong lesson. --- 🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership. 👉 Get Back to Basics: 50% off trading fees + no-fee recurring buys — open your free account: https://go.onrampbitcoin.com/back-to-basics-tlt 📩 Schedule a consultation: https://meetings.hubspot.com/onrampbitcoin/tlt The Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset… in the digital age, it's The Last Trade that investors will ever need to make. 🎙️ About This Episode Jackson opens on the Bloomberg headline that Bessent deployed the buyback in a sign of concern over rising yields, then walks the mechanics: a $2B cap is now a $4B floor, the Treasury's own release claims strong sponsorship from market participants while doing the opposite, and Fred Hickey reads it as desperation after a poor 20-year auction. Brian frames it as inevitable, arguing that euphoric tops become resistance bottoms, that a 70K top five years ago is now a floor, and that this drawdown ran about 54% against past drawdowns of 70 to 80%. Michael points at Japan, where the yen lost roughly half its purchasing power in twelve months, and at Paul Tudor Jones adding back to a position he had shaved down. The back half turns to custody: Citi confirming its Custody Plus platform, the SEC proposing its own rules while the Clarity Act stalls, the Trezor shipping breach weeks after Coldcard, and why an ETF you cannot exit in kind is the wrong answer. 🧠 Chapters 04:06 - The Treasury doubles its debt buybacks: $2B cap becomes a $4B floor 07:35 - Euphoric tops become resistance bottoms: this is why Bitcoin exists 08:59 - Japan, the yen, and Paul Tudor Jones adding back 11:35 - The Treasury's press release says the opposite of what it is doing 12:40 - The 1940s precedent: a decade of yield curve control at 120% debt to GDP 16:00 - Fred Hickey on a poor 20-year auction and gold jumping $100 17:37 - Citi confirms Bitcoin custody under its Custody Plus platform 20:17 - Why the Clarity Act may not matter anymore 25:54 - Travis Kling on apathy, and why the price did not move on the SEC news 31:46 - Single point of failure of the week: the Trezor shipping breach 34:21 - Changing the logic of violence: how not to be the easiest target 39:40 - In-kind subscriptions: you can get into the ETF, not out of it 45:04 - The third way: neither trusting yourself nor trusting Coinbase 52:02 - Bloomberg on beating inflation, with no mention of gold or Bitcoin 1:01:19 - Robinhood's super cycle and the grand super cycle of rugged 1:06:14 - Young Americans turn on AI, and what that means for Bitcoin 1:13:00 - The New York happy hour, and what is next 💡 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
August 20, 20261h 21min
Number 2: Nobody Was Ready for What Bitcoin Just Did
The Last Trade: Bitcoin just posted its second best week since February 2021, up about 24% from roughly 62,000 to a high near 80,000, and Brian calls it the biggest dollar magnitude move ever inside a three to five day span. Gold and Bitcoin ETFs pulled a combined $7 billion in a single week, a record for any five day period. Jackson, Michael, and Brian trace it back to the Treasury's bond buybacks and Stanley Druckenmiller's op-ed calling out his own former protege. --- 🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership. 👉 Get Back to Basics: 50% off trading fees + no-fee recurring buys — open your free account: https://go.onrampbitcoin.com/back-to-basics-tlt 📩 Schedule a consultation: https://meetings.hubspot.com/onrampbitcoin/tlt The Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset… in the digital age, it's The Last Trade that investors will ever need to make. 🎙️ About This Episode The show opens on Stanley Druckenmiller's Wall Street Journal op-ed, Let the Bond Market Speak, calling out his former protege Scott Bessent a week after Treasury doubled its long dated buybacks from $2B to at least $4B per operation. Brian reads it as the early stage of a controlled demolition, arguing yield curve control is QE by another name and that the plan is to debase the dollar and monetize gold, with Bitcoin as the second order effect. Michael pushes on the idea that debasement was never a trade at all but a structural shift, and the guys work through why allocators still believe there is a way out. Then the price: 24% on the week, the biggest dollar move ever in a three to five day span, and a record $7 billion week for gold and Bitcoin ETFs per Eric Balchunas. The back half covers Jamie Dimon entering stablecoins, the rush to charter new banks, dying Ledger screens as the single point of failure of the week, a white hat who spent two years inside North Korea's Lazarus Group, and Bill Gates warning that there is no plan for AI. 🧠 Chapters 00:00 - Live from a WeWork pod and a hotel room 03:18 - Druckenmiller's op-ed: Let the Bond Market Speak 06:41 - Nearing the end game: why these interventions are blunt tools 08:00 - Controlled demolition, debasing the dollar, monetizing gold 10:46 - Debasement was never a trade, it is a structural shift 16:12 - Recency bias, real versus nominal, and the coming repricing 19:19 - The most interventionist Treasury Secretary in decades 22:20 - Is the Iran conflict a blunder or air cover for more liquidity 26:29 - Bitcoin as the loaded gun at the table 29:06 - Second best week since February 2021: 62K to 80K 30:21 - The biggest dollar move ever in a three to five day span 36:50 - Balchunas: a record $7B week for gold and Bitcoin ETFs 37:51 - Central banks buy a record 289 tons, Jamie Dimon enters stablecoins 42:37 - The rush to charter new banks, and stablecoins as a captive T-bill buyer 46:13 - Single point of failure of the week: Ledger screens are dying 51:24 - The third way: you do not have to do it all yourself 54:09 - Two years inside North Korea's Lazarus Group 56:07 - Bill Gates says there is no plan for AI 1:00:00 - Jordi Visser on machine time versus human time 💡 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
August 27, 20261h 9min
Number 3: The Treasury Just Lost Control of the Bond Market
The Last Trade: government bond yields are blowing out across the developed world, Japan's 10-year hit 3% for the first time since 1996, and the Treasury's buyback program has already been overrun. Jackson, Michael, and Brian trace what a global bond rout means for hard assets, why $3.5 billion went into Bitcoin ETFs in August, and what it says that 21 of the largest banks just announced a joint dollar stablecoin. --- 🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership. 👉 Get Back to Basics: 50% off trading fees + no-fee recurring buys — open your free account: https://go.onrampbitcoin.com/back-to-basics-tlt 📩 Schedule a consultation: https://meetings.hubspot.com/onrampbitcoin/tlt The Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset… in the digital age, it's The Last Trade that investors will ever need to make. 🎙️ About This Episode The show opens on the worst stretch for government bonds in decades, with Japan's 10-year yield at 3% for the first time since 1996 and long-end yields retracing past where they sat before the Treasury announced its buyback program two weeks ago. Jackson makes the case that bond investors are finally calling the bluff, and Brian argues the interventions to date are nowhere near enough and that another balance-sheet expansion event is the only exit. Michael brings the chart that frames the week: since 2014, inflation-adjusted, gold is up 145% while bonds are down 20%, and he pushes on why the 60/40 doctrine survives at all when the risk-free asset is guaranteed to lose money in real terms. Then the counterweight: $3.5 billion flowed into US spot Bitcoin ETFs in August, the biggest month in over a year, Bitcoin closed up 25% for its best month since November 2024, and iBit is now outperforming Vanguard's S&P 500 fund since inception. The back half covers 21 banks including Goldman, Bank of America and Deutsche launching a joint dollar stablecoin in 2027, a data breach exposing 153 million driver's licenses, and data-center developers cutting $10,000 checks to residents. 🧠 Chapters 00:00 - Housekeeping, live events, and the fantasy draft 05:50 - The worst stretch for global bonds in decades 07:53 - Brian: the interventions are not going to be enough 10:01 - Gold up 145%, bonds down 20%, inflation adjusted 11:29 - Hooray for the bond market: what the mainstream is told 14:29 - Why 60/40 survives when the ballast loses money 18:28 - The hard asset renaissance and the next allocation shift 20:06 - Bitcoin as the fire alarm on the print that is coming 22:30 - $3.5 billion into Bitcoin ETFs, the best month since 2024 28:02 - Brian: the backdrop has changed, this is a new regime 28:24 - What is already breaking: housing, auctions, layoffs 32:38 - iBit is beating the S&P 500 fund since inception 34:55 - 21 banks announce a joint dollar stablecoin for 2027 44:00 - Why the system repurposes the wheel around Bitcoin 49:57 - Single point of failure: 153 million licenses exposed 56:22 - Uber cuts 10%, and data centers pay residents $10,000 1:04:57 - Why companies may start holding gold on the balance sheet 💡 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 | The Last Trade Interview Series | Final Settlement | First Principles
September 03, 20261h 13min
Number 4: Bessent Just Dealt Bitcoin a Winning Hand
The Last Trade: Scott Bessent told yen traders "I am the house now," and one day later the Treasury lifted its buyback program to $6 billion a day while the ten year yield hit fresh highs anyway. Jackson, Michael, and Brian break down what it means when intervention stops moving the tape, why a yen carry trade unwind is the tail risk nobody is pricing, and how Norway's $2.3 trillion fund cutting government bonds fits the same story. --- 🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership. 📩 Schedule a consultation: https://meetings.hubspot.com/onrampbitcoin/tlt The Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset… in the digital age, it's The Last Trade that investors will ever need to make. 🎙️ About This Episode The show opens on the Treasury lifting its buyback program from a $2 billion daily maximum to $6 billion starting Thursday, and on the fact that ten year and thirty year yields blew out anyway, one day after Scott Bessent told markets he is the house now on the dollar yen. Jackson walks through the yen carry trade, estimated anywhere from $4 trillion to $20 trillion, and what a 2024 style unwind did to equities and Bitcoin in a single session. Brian argues the whole exercise is the case for owning a monetary unit no committee can steer, while Michael reads the announcement itself as the tell: you do not say you are in control if you are. From there the conversation follows the capital that is actually moving, with Norway's $2.3 trillion sovereign wealth fund trimming government bonds, the world's largest managers rebuilding gold positions, and the bank capital rules that price allocated gold at zero and paper gold at 85%. The back half runs through Iran using Bitcoin and stablecoins to move trade, the MetaPlanet compensation structure and what the treasury company unwind cost retail, Liquid losing 4,000 BTC to a known vulnerability, the Malone Lam $245 million case, and the Anthropic resignation thread that put a ten percent extinction estimate in front of 100 million people. 🧠 Chapters 00:00 - Housekeeping, Philly happy hour, and tokenizing iBit 05:00 - Treasury raises buybacks to $6 billion a day 07:25 - Brian: the bond market does not care about intervention 10:03 - Michael: reading what they are not saying 15:31 - Bessent is the house, and the yen carry trade 18:28 - You do not announce that you are in control 21:03 - Norway's $2.3 trillion fund cuts government bonds 23:44 - Why banks hold allocated gold but not paper gold 29:26 - Iran turns to Bitcoin and stablecoins to move trade 36:19 - The coming split between clean and dirty Bitcoin 40:06 - MetaPlanet, the comp package, and the DAT unwind 46:42 - Retail got fleeced, not institutions 49:35 - Physical attacks and the market structure gap 54:51 - The third path: distribute trust, not one key 57:23 - Liquid loses 4,000 BTC to a known vulnerability 1:03:29 - Malone Lam, $245 million, and fake Google calls 1:09:58 - Anthropic resignation and the 10% extinction claim 💡 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 | The Last Trade Interview Series | Final Settlement | First Principles
September 10, 20261h 29min
Number 5: This Warning Sign Hasn't Been Seen Since 1996
Global bond yields just climbed to their highest level since 2008, with Japan's 10-year notes touching 3% for the first time since 1996, as traders price in a near seventy percent chance of a Fed rate hike this month. Jackson Mikalic, Michael Tanguma, Liam Nelson, and Brian Cubellis put four stories on the clock: the global bond selloff and a central banking system with no good options left, European Commission President Ursula von der Leyen's push to redirect ten trillion euros of household savings into EU companies, a Wall Street Journal piece on Americans melting down family heirlooms for cash, and South Korea giving its entire population free, unlimited access to AI. Where's the signal, and where's the noise? --- 🎙️ About The Show Signal vs Noise: a twice weekly show unpacking the five biggest stories across capital markets, technology, and people, with five minutes on the clock for each. 🧠 Chapters 00:00 - Intro 00:31 - Topic 1 - The EU Wants Your Savings 08:05 - Topic 2 - Melting Down the Family Silver 18:11 - Topic 3 - Global Bond Yields Hit Their Highest Level Since 2008 26:10 - Topic 4 - South Korea Gives Its Whole Country Free AI 34:02 - Lightning Round and Parting Thoughts 💡 Subscribe & Watch Live: ▶️ https://www.youtube.com/@SignalvsNoiseLIVE ✖️ https://x.com/OnrampMedia 📰 Your 1-Stop News & Data Source: https://onramp.media/ 🔸 Buy, hold, and secure your bitcoin in one place. Open a free Onramp Finance account. 👉 https://go.onrampbitcoin.com/finance-svn 🎧 More from Onramp Media: The Last Trade | Final Settlement
September 02, 202639min