The Last Trade: Jackson, Michael, and Brian zoom out to the real asset supercycle, using the In Gold We Trust report's century of data to argue almost nobody is positioned for what comes next. They break down the Clarity Act's make-or-break Senate vote and the ethics fight over Trump. They dig into the 30-year yield holding above 5% for the longest stretch since 2007, and what a $40 trillion debt load means for the debasement trade. They close on the US-China AI race and the model distillation war. --- 🔸 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 crew opens on the Clarity Act heading for a Senate vote as soon as next week, where Republicans need seven Democrats and a Trump-focused ethics package (a token ban, blind trusts, DOJ enforcement) has become the sticking point. Michael still leans toward passage while Brian admits he has flip-flopped a thousand times. They walk through the macro backdrop: the Strait of Hormuz still constrained, refinery sites hit, OPEC fracturing after the UAE's exit, and a 30-year Treasury yield above 5% for 27 sessions, the most since 2007, against roughly $40 trillion of federal debt. Jackson anchors the discussion on Incrementum's In Gold We Trust chart, where 1938, 1971, 1995, and 2020 each marked a real-asset low, with the US now 4% of population but 65% of global market cap. Brian and Michael argue Bitcoin near $66K is a fraction of gold's $30 trillion and equities' $75 trillion, so the repricing has barely started. They close on the US-China AI race, model distillation and export controls, wrench attacks now averaging over $100M, and another treasury company selling its Bitcoin at the bottom. 🧠 Chapters 00:00 - Intro: Market and geopolitical overview 00:08 - Market opening and initial comments 00:25 - Discussion on Iran, OPEC, and global oil markets 00:52 - Geopolitical implications for macroeconomics and Bitcoin 01:18 - US crypto legislation and Senate vote update 02:34 - Details of the ethics package and regulatory hurdles 03:36 - Political dynamics around Trump and crypto legislation 05:12 - Market sentiment and political influences on crypto 06:48 - Market structure, global adoption, and geopolitical risks 08:20 - Global regulatory landscape and US competitiveness 09:58 - Long-term macro trends and real asset cycles 12:17 - US Treasury yields, bond market signals, and interest rates 15:37 - Impact of Middle East conflict on energy and inflation 17:59 - Market reactions to geopolitical tensions 20:03 - US debt, fiscal policy, and bond yields 22:38 - Geopolitical shifts and oil market dynamics 25:17 - Real assets vs. financial assets long-term trends 28:33 - Market cycles, gold, Bitcoin, and inflation 32:58 - Long-term asset revaluation and market signals 37:36 - AI race: US vs. China and technological dominance 44:17 - AI advancements, model distillation, and geopolitical implications 50:33 - Market breakdowns, private credit, and consumer trends 53:29 - Closing thoughts and market outlook 💡 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
