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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 to Jesse Kobernick

05:10 - Bitcoin Treasury Companies: Promises vs Reality

23:55 - Retail Flows and Reflexivity

32:35 - Outlook and Risks for Bitcoin Equity Proxies

38:38 - Gold vs Bitcoin: A Century in One Chart

43:17 - Long Bonds, Fiscal Dominance, and the Risk-Free Myth

49:00 - Global Reserves Shift: Central Banks Buy Gold

51:57 - Self-Custody at Scale: Real Risks

01:22:11 - Multi-Institution Custody Explained

01:24:46 - ETFs and Single-Custodian Risk

01:28:44 - Market Structure and Cycle Paths

01:34:19 - Supercycle on the Table?

01:37:53 - Guardian Controls for Real-World Threats

01:49:40 - Outro and Disclaimer

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