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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.

00:00:00 – 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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