From the Onramp Media archives: Michael Saylor on bitcoin as digital capital, the $100 trillion idea reshaping markets, and why bitcoin sets the true hurdle rate for capital allocation. Originally recorded in October 2024.

00:00 – Viral Adoption & Exponential Growth

02:25 – Bitcoin as Digital Capital

04:30 – 24/7 Global Markets & Capital Efficiency

11:30 – Bitcoin as the True Hurdle Rate

16:15 – Institutional Yield & Counterparty Risk

25:25 – Strategic Leverage & Capital Allocation

29:55 – The Three Planks of Institutional Adoption

34:30 – Custody, Competition & Market Dynamics

43:50 – BTC Yield as a Corporate KPI

50:55 – Operating Companies vs. Trusts & ETFs

53:20 – There Is No Second Best

58:05 – Focus, Execution & the Bitcoin Era

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Connect with Onramp // Onramp Terminal // Bitcoin Policy Institute // Zack Shapiro on X // Zack Cohen on X // State-Level SBR Toolkit

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.

00:00:00 – Intro + Why This Episode Matters

00:02:42 – BPI’s Strategic Reserve Toolkit: Origin Story

00:05:05 – Toolkit Design Philosophy: Modular, Open Source, Comprehensive

00:07:05 – Why States (Not Just Feds) Should Lead

00:09:14 – Execution Challenges: Buying, Custody, and Governance

00:16:15 – The Case for Multi-Institution Custody

00:19:05 – Custody Standards, QCs, and Onramp’s Role

00:25:30 – How States Can Actually Buy Bitcoin

00:29:15 – Funding Sources: Taxes, Pensions, Bit Bonds

00:35:15 – Toolkit as an Educational Resource

00:54:15 – Bitcoin Opportunity Zones & Energy Development

00:57:45 – Property Rights & Custody Protections

01:01:45 – Why Self-Custody Is Non-Negotiable

01:05:45 – Toolkit Implementation & State-Level Game Theory

01:10:15 – Federal Landscape: Clarity Act, Bitcoin Act, Executive Path

01:14:15 – Macro Backdrop: Debt Spiral & Fiscal Dominance

01:21:37 – Outro + Where to Find the Toolkit

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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 - Elon Musk's America Party and Bitcoin

06:49 - The Future of AI and Capital Flow

11:35 - Disruption in Technology: Uber vs. Airbnb

16:18 - Stable Coins and International Remittance

22:29 - JP Morgan's Outlook on Bitcoin and Gold

29:51 - The Future of Hard Assets: Bitcoin and Gold

34:22 - Revolutionizing Company Building with AI

36:11 - AI Adoption in the Workforce: A Slow Transition

38:20 - The Cognitive Impact of AI on Human Thinking

41:32 - Balancing AI and Human Creativity

48:24 - California's Startup Landscape: Trends and Insights

50:26 - The Rise of Crypto-Focused Banking

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.ben-evans.com/presentations
https://techcrunch.com/2025/06/26/this-ai-powered-startup-studio-plans-to-launch-100000-companies-a-year-really/
https://www.craincurrency.com/family-office-management/family-offices-quietly-using-venture-studios-build-companies
https://news.crunchbase.com/venture/california-startup-funding-share-rising-unicorns-openai-spacex/?utm_source=Iterable&utm_medium=email&utm_campaign=newsletter-20250703
https://finance.yahoo.com/news/tech-billionaires-led-palmer-luckey-124008946.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAIGaZKOVKtrpqCRAE8epUWbgt2Y3NclOOU5no8ADjupJu2O2DFHH6pnOkv9Qz5BvSo_zqE3s3lfLBvX391N4y01VySicBK594A4CsjzSFUMZq3lpuOVHsbGlTAyHzRAVhEe_6Ova_Fw6AwwRfqPC404rPlpKHZLA_Og5PkpxJXc7
https://x.com/stable/status/1940048398595547289?s=46&t=PV2x02cG_nl7mRDNaKNUMA
https://x.com/BitcoinNewsCom/status/1939987595020140708
https://www.privatebank.citibank.com/insights/managing-risk-amid-geopolitical-tension
https://privatebank.jpmorgan.com/content/dam/jpm-pb-aem/global/en/documents/insights/outlook/2025-Mid-Year-Outlook-Comfortably-Uncomfortable.pdf?page=27
https://www.gallup.com/workplace/691643/work-nearly-doubled-two-years.aspx
https://seekingalpha.com/news/4464052-elon-musks-xai-raises-5b-each-in-new-debt-and-equity-morgan-stanley

Keep up with Michael: X and LinkedIn

Keep up with Brian:  X and LinkedIn

Keep up with Liam:  X and LinkedIn

Connect with Onramp // Onramp Terminal // David Thayer

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 - Welcoming Back David Thayer

09:30 - Bitcoin ETF and Institutional Adoption

17:15 - Portfolio Allocation and Wealth Transfer

24:14 - Market Dynamics and Economic Indicators

29:13 - Concentration in Equity Markets

34:30 - Liquidity and Monetary Policy Effects

42:12 - Taxation and Economic Implications

45:08 - Robinhood and Tokenization of Assets

49:56 - Bitcoin as a Store of Value

54:39 - The Future of Bitcoin Treasuries

01:13:48 - Independence Day Reflections and Bitcoin's Role

01:20:08 - 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 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 - Introduction to the Show and Guests

03:22 - Expanding the Conversation: Bitcoin and Capital Markets

05:38 - Robinhood's Crypto Push and Tokenization Trends

12:00 - Value Accrual in Crypto and Traditional Markets

19:57 - User Experience vs. Infrastructure in Crypto

24:22 - AI Disruption: Winners and Losers in Venture Capital

37:14 - The Rise of AI in Venture Capital

40:07 - Understanding Revenue Metrics in Startups

42:31 - The Shift in Founder Expectations

47:14 - The Unsustainable Venture Capital Game

51:43 - The Importance of Sound Money Principles

55:33 - The Future of Venture Capital and Bitcoin

01:01:30 - The Evolving Landscape of Crypto Custody

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/robpetrozzo/status/1939721226697494733
https://x.com/amitisinvesting/status/1939716899656679693
https://x.com/RobinhoodApp/status/1939709086645232006
https://techcrunch.com/2025/06/25/kalshi-closes-185m-round-as-rival-polymarket-reportedly-seeks-200m/
https://www.google.com/url?q=https://www.reuters.com/technology/polymarket-nears-200-million-raise-over-1-billion-valuation-source-says-2025-06-24
https://x.com/Bruce_Markets/status/1937583818430435410
https://x.com/matthew_sigel/status/1940007846680183026
https://confluencevcweekly.beehiiv.com/p/yc-ai-agents
https://newsletter.pragmaticengineer.com/p/state-of-eng-market-2024
https://levelvc.com/this-is-not-your-mothers-alpha/
https://x.com/bgurley/status/1932942519802777681
https://x.com/MTanguma/status/1940009119886533089
https://drive.google.com/file/d/1Srl8Y4pBoKtNVYZBxmfj2TEMYM5tp1mE/view

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 Clay:

https://www.linkedin.com/in/cbnorris/
https://x.com/ClayNorris10
https://confluencevcweekly.beehiiv.com/subscribe
https://www.outlaw.vc/

Connect with Onramp // Onramp Terminal // Richard Byworth on X // Syz Capital // Bram Kanstein 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 - Welcoming Back Richard Byworth

01:15 – Bitcoin as the Hurdle Rate

07:37 – Rise of Bitcoin Treasury Companies

09:34 – Strategy’s “21-21 Plan” & Market Reaction

16:25 – Retail Participation & Counterparty Risk

22:14 – Cultural Rift: Bitcoin Maxis vs TradFi Infiltration

27:46 – Custody, Governance, and Hidden Risks

30:10 – Geographic Arbitrage: Why the UK & Japan Are Hotbeds

39:54 – Bitcoin as Mortgage Collateral: FHFA Policy Shift

47:17 – Bitcoin’s Role in Recapitalizing Debt Markets

50:02 – Why Bitcoin Isn’t $250K (Yet)

54:31 – Patience, Conviction, and the Fiat Mind Virus

58:10 – Are BTC Treasury Companies Just ICOs in Disguise?

01:06:07 – ICO PTSD & the Need for Disciplined Diligence

01:10:43 – Final Thoughts & BPI Summit Recap

01:14:26 – 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 - Introduction and Overview of Recent Developments

02:48 - Stablecoins and Regulatory Changes

06:43 - Market Dynamics and Institutional Trust

10:56 - Texas Bitcoin Reserve Legislation

14:42 - Custody Solutions and Security Risks

20:57 - Technological Revolutions and Market Perception

32:14 - Navigating Competition in Crypto Markets

33:39 - The Zero-Sum Nature of Bitcoin Trading

36:33 - Counterparty Risks and Market Dynamics

38:34 - The Role of Institutional Adoption in Bitcoin's Future

41:59 - Understanding Bitcoin's Volatility and Market Behavior

45:29 - The Future of Money and Digital Assets

46:39 - The Impact of Capital Constraints on Business Growth

49:36 - Bitcoin as a Conservative Capital Strategy

52:06 - Building Sustainable Businesses in a Bitcoin Economy

56:43 - Counterparty Risk in Gold and Bitcoin Markets

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.earlyriders.com/open-range/open-range-reserves-rise-hackers-strike-and-futures-cool

https://www.cnbc.com/2025/06/18/pro-israel-hackers-iran-crypto.html

https://www.reuters.com/world/middle-east/suspected-israeli-hackers-claim-destroy-data-irans-bank-sepah-2025-06-17

https://cryptobriefing.com/texas-bitcoin-reserve-law

https://www.cnbc.com/2025/06/17/genius-stablecoin-bill-crypto.html

Keep up with Michael: X and LinkedIn

Keep up with Brian: X and LinkedIn

Keep up with Liam: X and LinkedIn

Connect with Onramp // Onramp Terminal // Bitcoin Policy Summit // Stephen Pollock 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 - Introduction to Stephen Pollock from BPI

01:09 - Market Resilience Amid Geopolitical Tensions

07:04 - The Genius Act and Its Implications for Stablecoins

14:57 - The Future of Stablecoins and Financial Services

20:52 - Digital Threat Landscape and Bitcoin Custody

28:11 - Bipartisan Support for Bitcoin Policy

33:51 - The Economic Weight of Bitcoin in Politics

37:35 - The Current State of Bitcoin Adoption

44:01 - Comparing Bitcoin to Historical Technological Shifts

50:43 - Bitcoin's Relationship with Government and Policy

57:34 - The Future of Bitcoin in America

01:03:44 - Bitcoin Policy Summit Sneak Preview

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 Volatility and Bitcoin's Resilience

03:52 - Geopolitical Events and Bitcoin's Reaction

06:40 - The Role of Stablecoins in the Crypto Ecosystem

09:46 - Innovations in Crypto Products and Market Strategies

12:47 - Corporate Adoption of Bitcoin Treasury Strategies

15:45 - The Shift Towards Stablecoins and Bitcoin Integration

18:44 - Cardano's Move Towards Bitcoin

22:02 - Bitcoin Dominance and Market Dynamics

29:23 - The Evolving Landscape of Crypto Firms

32:07 - Consolidation in Bitcoin Treasury Strategies

33:10 - The Value of Bitcoin as a Treasury Asset

34:36 - The Race for Bitcoin Accumulation

36:27 - Market Dynamics and Concentration Risks

38:30 - Public Market Trends in Crypto

40:29 - The Future of Bitcoin and Corporate Strategies

43:14 - Innovations in Crypto Custody Solutions

45:58 - Macro Trends and Employment Dynamics

48:57 - The Intersection of AI and Bitcoin

51:48 - Tether's Strategic Investments in Scarce Assets

55:22 - CPI Methodology and Inflation Insights

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.earlyriders.com/open-range/global-heavyweights-back-bitcoin-as-collateral-w6xa6
https://finance.yahoo.com/news/stripe-buy-crypto-wallet-provider-085421625.html
https://www.gemini.com/strategic-bitcoin-reserve
https://www.coinbase.com/blog/earn-up-to-4-percent-bitcoin-back-on-every-purchase-with-the-new-coinbase-one-card
https://coincentral.com/coinbase-to-roll-out-crypto-perpetual-futures-for-u-s-traders/
https://finance.yahoo.com/news/growing-number-fortune-500-companies-180249961.html
https://x.com/coinbureau/status/1934181586985013412?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet
https://finance.yahoo.com/news/financial-markets-giant-dtcc-explores-151007216.html
https://x.com/i3_invest/status/1932890582713840042?s=46&t=PV2x02cG_nl7mRDNaKNUMA
https://x.com/themaverickws/status/1932793962760445998?s=46&t=PV2x02cG_nl7mRDNaKNUMA
https://x.com/globalmktobserv/status/1932807578792177913?s=46&t=PV2x02cG_nl7mRDNaKNUMA

Keep up with Michael: X and LinkedIn 

Keep up with Brian: X and LinkedIn

Keep up with Liam: X and LinkedIn

Connect with Onramp // Onramp Terminal // Gerry O'Shea on X // Hashdex

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, & Tim Kotzman. 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 - Bitcoin's Bullish Momentum in 2025

04:35 - Market Sentiment and Price Analysis

07:24 - ETF Impact on Bitcoin's Market Structure

10:24 - Institutional Adoption and Investor Behavior

13:27 - State Policies and Bitcoin Investments

16:51 - The Role of Bitcoin in Fiscal Responsibility

19:39 - Political Dynamics and Bitcoin's Future

44:14 - The Debt Train: A Silver Lining

45:34 - Policy Shifts and Bitcoin's Role

50:46 - Legislative Landscape: Stablecoins and Market Structure

58:17 - Stablecoins: Integration into Traditional Finance

01:02:17 - Physical Security and Bitcoin Ownership

01:12:22 - The Future of Bitcoin and Market Dynamics

01:19:42 - 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.