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.