Podcast
Onramp Bitcoin Media
Hosted by Onramp Bitcoin · EN
Onramp Bitcoin Media
Bitcoin-native insights on markets, investing, and the future of finance.
https://onrampbitcoin.com/
The Last Trade
Bitcoin meets macro.
Onramp Media’s flagship show covering markets, monetary policy, tech, and the shifting tides of global finance.
Final Settlement
Building on Bitcoin.
A biweekly dive into Bitcoin applications, protocol development, and early-stage venture—brought to you by Early Riders.
Scarce Assets
Bitcoin for professionals.
Conversations with allocators and finance pros on portfolio strategy, hard money, and the rise of digital scarcity.
55episodes
Episodes
Newest firstAll episodes
Why The Banks Changed Their Tune On Bitcoin
Today01:17:19Summary readyConnect with Early Riders — https://www.earlyriders.com/contactConnect with Onramp — https://onrampbitcoin.com/contact-us/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.This week Michael, Liam, and Brian break down the banks' accelerating tokenization push: BlackRock, Goldman Sachs, and JPMorgan joining a 54-firm UK tokenization task force, Swift's blockchain ledger pilot with 17 banks, and what it means for Bitcoin's role in the emerging plumbing. They dig into Satya Nadella's AI sovereignty thesis, Microsoft's Frontier Company data play, Apple's lawsuit against OpenAI, and the Fed's new AI task force under Kevin Warsh. The guys run through a stack of deals: TerraWolf's $19 billion Anthropic infrastructure agreement, OLAMA's $65 million raise, Paradigm's $1.2 billion fourth fund expanding into AI and robotics, and Tether's $20 million investment in Mercado Bitcoin. They close on TradFi's crypto expansion via SBI Holdings and Russia's Alpha Bank, Kraken's $22 million lawsuit win, where the Clarity Act stands ahead of the midterms, and Spiral's new open source push to merge Bitcoin and AI.Chapters00:00 - Introduction and Show Overview00:18 - Market Sentiment and Show Focus01:15 - Banks and Traditional Enterprises in Digital Asset Space02:40 - UK Tokenization Task Force and Use Cases03:40 - Swift Blockchain Ledger Pilot with 17 Banks04:34 - Global Sprint in Tokenized Securities and Deposits07:23 - Bitcoin's Role in the Future of Digital Infrastructure09:39 - The Bullish Case for Bitcoin Amidst Tokenization12:28 - AI Tools and Sovereignty in Data Ownership15:37 - Microsoft's Investment in AI and Data Sovereignty22:16 - Microsoft Frontier Company and Proprietary Data Platforms25:07 - The Importance of Human Agency in AI Adoption28:40 - AI and the Disruption of Traditional Business Models29:08 - Apple Suing OpenAI Over Trade Secrets32:36 - The Long-Term Impact of AI and Open Source Models36:50 - DoorDash's AI Code Reviewer and Internal AI Adoption38:19 - Fed's AI Task Force and Economic Policy43:32 - Russia's Strategic Use of Bitcoin and Digital Assets50:07 - Paradigm's New Fund and Broader Tech Investment55:13 - Traditional Finance's Entry into Crypto and Digital Assets01:02:41 - Regulatory Developments and the Future of Crypto Legislation01:09:18 - Bitcoin's Role in the Future of Digital Infrastructure01:11:21 - Open Source AI and Bitcoin IntegrationIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly: https://www.earlyriders.com/researchKeep up with Michael:https://x.com/MTangumaKeep up with Liam:https://x.com/Lnelson_21Keep up with Brian:https://x.com/BackslashBTC
Summary
Signal vs. Noise - A Sneak Peak
4d ago00:13:39Summary readySignal vs Noise: Jackson Mikalic, Michael Tanguma, Liam Nelson, and Brian Cubellis launch a new twice weekly show built around a five minute shot clock. This first episode takes on a single story: the Wall Street Journal's claim that moving back in with your parents is now a sign of financial savvy. Nearly half of American adults under 30 are doing it. The panel's verdict is that it isn't savvy, it's survival.---🎙️ About The ShowSignal vs Noise: a twice weekly show unpacking the five biggest stories across capital markets, technology, and people, with five minutes on the clock for each.🧠 Chapters00:00 - Welcome to Signal vs Noise01:03 - Why this show, and why now02:33 - Building in public, and escaping the permanent underclass03:37 - Practitioners, not pontificators04:36 - Topic 1: "Moving Back Home Used to Be a Sign of Failure"06:53 - Financial survival, not financial savvy07:07 - The road to serfdom08:04 - The $20 lunch, and what the headline misdirects09:14 - 1971, 17x homes, 36x money supply11:59 - Where to watch, and how to submit topics13:50 - Good test, good first run💡 Subscribe & Watch Live:▶️ https://www.youtube.com/@SignalvsNoiseLIVE✖️ https://x.com/OnrampMedia📰 Your 1-Stop News & Data Source:https://onramp.media/🔸 Onramp Finance: Buy, hold, and secure your bitcoin in one place. Open a free Onramp Finance account.👉 https://go.onrampbitcoin.com/finance-svn🎧 More from Onramp Media: The Last Trade | Final Settlement
Summary
Vanguard Just Flipped On Bitcoin
5d ago01:11:30Summary readyThe Last Trade: Jackson, Michael, and Brian break down Vanguard's surprise listing for a head of digital assets and what TradFi's reluctant capitulation really signals. They dig into Bitcoin's 50% retrace into the $60Ks, why momentum (not Saylor) is driving price, and Bill Miller's case for intrinsic value. They close on the culture downstream of debasement: the socialist moment, a gambling epidemic, and Apple's overnight price hikes.---🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership.👉 Onramp Finance: https://onrampbitcoin.com/finance👉 Sign up for Genesis: https://onrampbitcoin.com/finance#gen..📩 Schedule a consultation: https://onrampbitcoin.com/consultThe 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 EpisodeThe crew opens on Vanguard's listing for a head of digital assets in its personal wealth division, weighing whether it's a career-maker or a bureaucratic trap inside a $10T passive giant that only recently allowed Bitcoin ETFs on its platform. They compare the inertia across TradFi, from Fidelity Digital Assets and Charles Schwab's live brokerage to Franklin Templeton's more aggressive push, and note the new Vanguard CEO ran iShares during the iBit launch. Brian unpacks Bill Miller's piece on Bitcoin's intrinsic value, arguing a 17-year discount to terminal value persists because so few understand money itself. Michael ties the monetization path to education, micropayments (Spark, Cash App), and the Bitcoin and AI convergence, while Jackson points to Scott Bessent's speech on America writing the rules of the next economy alongside stablecoins, the Genius Act, and OpenUSD. The back half turns social: the Mises Institute on the socialist moment and Mamdani, the Cantillon effect and wealth concentration since 1971, skyrocketing gambling-disorder diagnoses in legal sports-betting states, and Apple raising hardware prices 10 to 50% overnight. They wrap on a running tally of crypto and KYC data breaches, 29 incidents and 31M+ records over seven years, and why self-custody and sovereignty matter more than ever.🧠 Chapters00:00 - Introduction and Excitement for the Episode01:30 - Discussion on Vanguard's New Role in Digital Assets04:57 - Challenges of Traditional Financial Institutions09:30 - Market Dynamics and Bitcoin's Momentum13:52 - Bitcoin's Intrinsic Value and Market Perception18:05 - The Role of Education in Bitcoin Adoption24:19 - The Future of Digital Assets and Inflation30:44 - Convergence of Bitcoin and AI in the Future36:17 - The Future of Money and Tokenization41:43 - Understanding Bitcoin's Value and Scarcity42:01 - The Rise of Socialism in America49:11 - Wealth Concentration and Economic Inequality52:59 - Gambling Disorders and Economic Desperation58:21 - Consumer Product Price Increases and Class Divides01:03:57 - Data Breaches and the Permanent Underclass💡 Subscribe & Stay AheadGet Onramp's weekly Research & Analysis:High-signal insights in bitcoin, macro, and custody.📩 https://onrampbitcoin.com/researchSubscribe to Onramp Media for more:🎧 The Last Trade | Final Settlement | Scarce Assets
Summary
The Strategic Bitcoin Reserve Is Back & Trump's Crypto Empire?
1w ago01:25:56Summary readyConnect with Early Riders — https://www.earlyriders.com/contactConnect with Onramp — https://onrampbitcoin.com/contact-us/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.This week Michael, Liam, and Brian cover the Trump crypto roundup: over $1B in disclosed crypto earnings, American Bitcoin's 500 BTC add, the launch of Trump Accounts, and the Bitcoin Strategic Reserve back on the table. They break down Open Standard, the 140-company OpenUSD stablecoin consortium taking on Tether, and Cloudflare's x402 integration for internet micropayments. They run through record Bitcoin ETF outflows, Sberbank and German banks turning on crypto trading, MiCA going live, and Robinhood Chain's mainnet launch. They close on Crusoe's $30B valuation talks and OpenAI's proposed 5% stake to the Trump administration.Chapters00:00 - Celebrating Freedom and Independence02:50 - Trump's Crypto Ventures and Controversies05:57 - The Trump Family's Financial Moves09:08 - The Launch of Trump Accounts12:03 - The Bitcoin Strategic Reserve Discussion14:50 - Open Standard and the Future of Stablecoins40:34 - The Future of Internet Monetization42:25 - AI's Impact on Information Value45:24 - Navigating the Avalanche of Information48:04 - Market Dynamics of Bitcoin ETFs50:20 - Global Trends in Crypto Regulation53:38 - Institutional Adoption of Digital Assets55:18 - The Rise of Traditional Finance in Crypto58:32 - The Regulatory Landscape for Crypto in Europe01:01:47 - Robinhood's New Financial Ecosystem01:06:01 - Emerging Trends in AI and Crypto Investments01:12:41 - The Intersection of Energy and AI01:16:04 - OpenAI's Strategic Moves in WashingtonIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly: https://www.earlyriders.com/researchKeep up with Michael:https://x.com/MTangumaKeep up with Liam:https://x.com/Lnelson_21Keep up with Brian:https://x.com/BackslashBTC
Summary
Bitcoin Is the No Kings Trade
2w ago01:00:19Summary readyThe Last Trade: Jackson, Michael, and Brian go signal versus noise with Bitcoin back near $58K and roughly 50% off its all-time high. They make the deep value case against the largest Bitcoin ETF outflows in over two years, arguing the selling is retail capitulation and an AI rotation trade rather than a true institutional exit. They explain why the 200-week moving average is historically the time to accumulate and why DCA beats chasing performance. They break down Saylor's stretch (STRC) rescue plan, X Money's 6% yield launch, gold's quiet underallocation, and Gavin Newsom's billionaire tax. They close on America 250 and Bitcoin as the real No Kings protest.---🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership.👉 Onramp Finance: https://onrampbitcoin.com/finance👉 Sign up for Genesis: https://onrampbitcoin.com/finance#gen..📩 Schedule a consultation: https://meetings.hubspot.com/onrampbitcoin/tltThe 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 EpisodeThe guys open on the Bloomberg "crypto's institutional buyers retreat" headline and a record month of roughly $4 billion in Bitcoin ETF outflows, the largest since the funds went live over two years ago, and argue it is mostly retail capitulation plus an AI rotation into names like Nvidia and Broadcom rather than a true institutional exit. They make the deep value case: Bitcoin near $58K and about 50% off the 2025 peak of $126K, the 200-week moving average as a historic accumulation zone, and a viral River retrace chart that some read as bearish but they frame as a reason to DCA and leg in. The signal-versus-noise segment digs into Strategy's stretch (STRC) confidence crisis, covering Saylor's five-point plan, a dividend bumped from 11.5% to 12%, a Bitcoin monetization program willing to sell up to $1.25 billion of BTC, and Parker Lewis's note on a $1.15 billion equity raise subordinated behind $22 billion in liabilities. They unpack X Money's launch (6% yield, up to $10 million in FDIC coverage, 3% cash back, a Visa metal card), the censorship and yield-source questions it raises, and Ford rehiring 300 engineers after AI failed its quality checks. They close on gold's underallocation from the In Gold We Trust report (over 80% call gold sensible, yet allocations sit near 1%), Gavin Newsom's national billionaire's tax and the Mamdani socialist wave, and an America 250 round-the-horn that ties Thomas Jefferson's warning on banking establishments to Bitcoin as the ultimate No Kings protest.🧠 Chapters00:00 - Market Sentiment and ETF Flows02:55 - Retail vs Institutional Investors05:54 - DCA Strategies and Long-Term Conviction08:46 - The Impact of AI on Investment Dynamics12:08 - Financial Advisors and Emotional Investing15:07 - Stretch and Market Confidence17:50 - X Money and the Future of Financial Products32:39 - Exploring X Money and Financial Integration36:00 - The Role of AI in Financial Services40:01 - Gold's Place in Modern Investment Strategies45:01 - Gavin Newsom and the Call for an Economic Reset52:03 - Independence Day Reflections and Bitcoin's Role💡 Subscribe & Stay AheadGet Onramp's weekly Research & Analysis:High-signal insights in bitcoin, macro, and custody.📩 https://onrampbitcoin.com/researchSubscribe to Onramp Media for more:🎧 The Last Trade | Final Settlement | Scarce Assets
Summary
Saylor Abandons Bitcoin Strategy
2w ago01:09:37Summary readyConnect with Early Riders — https://www.earlyriders.com/contactConnect with Onramp — https://onrampbitcoin.com/contact-us/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.This week Brian, Michael, and Liam break down Saylor's five-point plan and Strategy's new BTC monetization program. On AI, they cover Sam Altman's government-restricted model launch (Soul, Luna, and Terra in limited preview) and Chinese resellers offering Claude tokens 70-90% below Anthropic's prices. They run through a wave of digital-asset deals: SpaceX's post-IPO slide, Franklin Templeton's new Franklin Crypto arm, the ICE and OKX joint venture and the broader tokenized-deposit wave, Kraken's 15% stake in Aave, SBI's acquisition of Bitbank, and Binance exiting the EU over its MiCA license. They close on Tether passing Ethereum as the second-largest crypto, Facebook's move into prediction markets, and Bitcoin sitting in deep value near $59K.Chapters00:00 - MicroStrategy's Strategic Shift19:55 - AI Developments and Government Regulations35:04 - Navigating Market Fundamentals36:34 - Innovations in Digital Assets38:10 - Tokenization Trends and Institutional Adoption40:58 - The Future of Financial Services43:51 - Education and Institutional Understanding of Bitcoin47:31 - Kraken's Strategic Moves in DeFi51:15 - SBI Holdings and the Japanese Crypto Market54:14 - MetaPlanet's Bitcoin Products and Market Dynamics57:21 - Regulatory Challenges in the EU01:00:19 - Prediction Markets and Future TrendsIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly: https://www.earlyriders.com/researchKeep up with Michael:https://x.com/MTangumaKeep up with Liam:https://x.com/Lnelson_21Keep up with Brian:https://x.com/BackslashBTC
Summary
Saylor’s 800K Bitcoin Problem
3w ago01:15:56Summary readyThe Last Trade: Jackson, Michael, and Brian go signal versus noise on the most confusing Bitcoin tape in years, with Bitcoin in the 50s and roughly 50% off its all-time high. They make the deep value case (a 5-year DCA into Bitcoin now nearly matches the S&P 500 while sitting 50% below its highs, the 200-week moving average flashing, and a gold analog that ran 750% off a similar drawdown), break down the Strategy / stretch (STRC) confidence crisis and why the whole DAT experiment increasingly looks like an objective failure, and riff on Warsh's Fed, the hyperscaler free cash flow cliff, Trump's quantum order, and Meta moving into prediction markets.---🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership.👉 Onramp Finance: https://onrampbitcoin.com/finance👉 Sign up for Genesis: https://onrampbitcoin.com/finance#gen..📩 Schedule a consultation: https://onrampbitcoin.com/consultThe 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 EpisodeThe guys open on Philippe Laffont of Coatue admitting he no longer knows what to think about Bitcoin, and use it to frame why so many TradFi allocators get shaken out: they treat Bitcoin as just another speculative bet rather than a better money whose debasement thesis is unchanged and strengthening. They lay out the deep value case with a five-year DCA into Bitcoin roughly matching the S&P 500 even with Bitcoin 50% below its highs, Frank A. Fetter's 200-week moving average signal, and Macroscope's gold analog (down about 50% from 1974 to 1976, then up 750% from 1976 to 1980). On macro, they read Kevin Warsh's first FOMC (no dot plot, walking back forward guidance) and the Bloomberg "debasement trade is unraveling" piece as posturing and a counter-signal to accumulate. The bulk of the signal-versus-noise segment is the Strategy / stretch confidence crisis, with STRC trading near $80 (down about 20% from par), Saylor raising cash over the weekend that failed to hold the peg, shifting MNAV and Sharpe ratio math, and an estimated 80% of MSTR holders and roughly 99% of other DAT holders underwater. They close on the hyperscaler free cash flow cliff across Amazon, Microsoft, Google, Meta, and Oracle, Trump's executive order targeting a 2028 quantum computer, and Meta building a points-based prediction market to rival Polymarket and Kalshi, and the data and financial nihilism that powers it.🧠 Chapters00:00 - Introduction and Technical Difficulties02:24 - Current Sentiment on Bitcoin13:28 - Understanding Market Dynamics and Investor Sentiment21:30 - The Role of the Federal Reserve and Economic Policy28:43 - Signal vs. Noise: Analyzing Current Market Events42:52 - The Role of Microchips in AI and Economic Strategy46:42 - Corporate Debt and Bitcoin: A Financial Conundrum49:40 - Historical Analogies: Bitcoin and Gold's Volatility52:43 - Hyperscalers and the Future of Free Cash Flow58:50 - The Interplay of Government and Corporate Economies1:01:21 - Quantum Computing and Its Implications for Bitcoin1:04:52 - Prediction Markets: The Future of Speculation and Data💡 Subscribe & Stay AheadGet Onramp's weekly Research & Analysis:High-signal insights in bitcoin, macro, and custody.📩 https://onrampbitcoin.com/researchSubscribe to Onramp Media for more:🎧 The Last Trade | Final Settlement | Scarce Assets
Summary
Franklin Templeton's New Bitcoin Product & The Truth Behind AI
3w ago01:04:21Summary readyConnect with Early Riders — https://www.earlyriders.com/contactConnect with Onramp — https://onrampbitcoin.com/contact-us/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.This week Brian, Michael, and Liam cover Anthropic's Mythos and Fable controversy and the orchestrated open-source-vs-frontier AI dynamic (Microsoft eyeing DeepSeek for enterprise, Japan's Sakana Fugu launch, Goldman's 24x token forecast by 2030), Franklin Templeton's new ETFs that auto-invest stock dividends into Bitcoin, Fidelity and State Street's entry into stablecoin reserve management, Illinois Governor Pritzker's 0.2% crypto wealth tax, the Fed's 130-page stablecoin KYC rulemaking, Binance's MiCA expulsion, Coinbase's tokenized-stocks rollout, SpaceX's IPO run and $60B Cursor acquisition, and the latest on Strategy's stretch product.Chapters00:00 - Introduction and Current Events03:04 - Anthropic's Mythos and Fable Controversy05:58 - The Role of Open Source in AI08:54 - AI Models and National Security Concerns11:54 - Microsoft's Strategic Moves in AI14:57 - The Future of AI Infrastructure17:55 - The Dynamics of AI Token Consumption21:06 - Emerging AI Technologies and Market Trends24:10 - Japan's Entry into AI with Sakana Fugu27:11 - Open Source Challenges and GitHub Controversy30:31 - Merging Money and AI for Market Success32:08 - Stablecoin Management: Fidelity and State Street's Moves33:59 - Innovative ETF: Dividends into Bitcoin38:48 - Regulatory Challenges: Illinois Crypto Tax42:52 - Stablecoin Issuer Regulations and KYC48:54 - Tokenized Stocks: Coinbase's New Offering50:53 - SpaceX's Rapid Growth and Market DynamicsIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly: https://www.earlyriders.com/researchKeep up with Michael:https://x.com/MTangumaKeep up with Liam:https://x.com/Lnelson_21Keep up with Brian:https://x.com/BackslashBTC
SummaryEmergency Pod: The STRC Confidence Crises
4w ago01:06:38Summary readyStrategy's recent sale of 32 Bitcoin came with unusual framing: Michael Saylor said the purpose was to "inoculate the markets." Glenn Cameron, Global Head of Institutional at Onramp Bitcoin, reads that word as preparation for larger Bitcoin sales ahead, walks through the STRC prospectus and the pressure points (Strategy now trading at 84% of NAV, the cash reserve cut to roughly seven months after redeeming a 0% convertible note, the board-suspendable dividend), and lands on the sharpest argument: 83% of STRC holders are retail investors sold a product marketed as "a high yield bank account" that's structurally junior equity on a volatile Bitcoin company.---🎙️ About This EpisodeGlenn Cameron, CFA, Global Head of Institutional at Onramp Bitcoin, joins Laura Shin to break down the STRC prospectus and argue that Saylor's "inoculate the markets" framing of Strategy's 32 BTC sale signals larger sales ahead. Glenn walks through the pressure points: Strategy trading at 84% of its Bitcoin value (so new equity issuance dilutes Bitcoin-per-share for existing holders), the cash reserve sitting at roughly seven months after redeeming a 0% convertible note, and STRC's board-suspendable dividend. He returns to the heart of the case: 83% of STRC holders are retail investors sold a product marketed as "a high yield bank account" that's structurally junior equity with no maturity, no FDIC protection, and no redemption right. Plus the 2028 cliff where $3.5B in convertibles become putable, the SATA-vs-STRC comparison, the "digital credits" naming critique, and why Bitmine's upcoming BMNP staking yield won't cover its cost of capital.🧠 Chapters00:00 - Welcome, sponsors, and Glenn's introduction01:04 - Risk vs uncertainty: Glenn's framework for analyzing Strategy04:07 - What 'inoculate' really means: Saylor preparing the market for bigger Bitcoin sales06:38 - Strategy below NAV: why issuing new stock now dilutes Bitcoin per share12:13 - The dilution spiral: Glenn's response to people calling Strategy criticism FUD19:37 - Strategy's last option: suspend the dividend (and what that does to retail)23:42 - The 2028 cliff: $3.5B in convertibles become putable27:30 - Why sell only 32 Bitcoin: changing the narrative for future sales30:42 - The 'digital credit' name and the Moody's analysis: how STRC is classified 100% equity35:53 - Saylor's own words: three claims that STRC is a high-yield bank account40:34 - STRC vs money markets and FDIC: what the actual product looks like44:30 - The confidence game: why MSTR needs premium-to-NAV to keep the flywheel turning48:02 - SATA vs STRC: same instrument, different coat of paint55:22 - Bitmine's BMNP: Tom Lee's ETH-backed preferred and why the wrapper is doubly flawed01:01:00 - What Glenn would advise: don't drain the cash reserve💡 Subscribe & Stay AheadConnect with Laura Shin:https://x.com/laurashinConnect with Glenn Cameron:https://x.com/GlennOnrampBTC🎧 Subscribe to Unchained for more high-signal interviews on crypto, finance, and macro:https://open.spotify.com/show/1cJrrfGY1SKBIRn5noKSAf?si=ec9517a508a34436
Summary
The AI Trade Is Repeating the Dot-Com Cycle | Mark Yusko
4w ago01:20:12Summary readyThe Last Trade: Mark Yusko, CIO of Morgan Creek Capital Management, joins to call the SpaceX IPO and the broader AI capex wave the greatest bubble in the history of markets, why Elon's $1 trillion XAI revenue promise by 2030 is securities fraud, how DeepSeek is poised to break the AI bubble by doing what OpenAI and Anthropic do for 5 cents on the dollar, why Bitcoin's Metcalf's Law fair value already sits around $125,000 even as price trades closer to $60K, his specific October 5 cycle-bottom call for the next crypto spring, and the brutal truth that the 1986 Tax Act and the rise of the 401k were a heist on the American middle class.---🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership.👉 Onramp Finance: https://onrampbitcoin.com/finance👉 Sign up for Genesis: https://onrampbitcoin.com/finance#gen..📩 Schedule a consultation: https://onrampbitcoin.com/consultThe 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 EpisodeMark Yusko, CIO of Morgan Creek Capital Management, joins Jackson and Michael to reframe the current setup as a classic late-cycle bubble forming around AI and SpaceX while Bitcoin sits hated and on sale. He calls Elon's $1 trillion XAI revenue tweet a textbook securities fraud, shows how the Intel pattern from 1990 to 2000 (up 20x, then down 87%) is repeating in semiconductors today, and explains why a SpaceX moon data center is physically impossible. On the bullish side: DeepSeek doing what OpenAI and Anthropic do at 5 cents on the dollar, Metcalf's Law fair value for Bitcoin sitting around $125,000 (per Tim Peterson at N Squared Value), and Mark's specific October 5, 2026 cycle-bottom call with crypto spring to follow. Plus the three-bucket savings framework, why 99.5% of prediction-market accounts lose money, and why the 1986 Tax Act was a quiet heist on corporate pension funds.🧠 Chapters00:00 - Introduction and Consistency in Podcasting02:56 - The Challenges of Building and Execution08:37 - The Intersection of Sports and Market Trends09:02 - Market Sentiment: AI, SpaceX, and Digital Assets19:21 - The Bubble of Innovation and SpaceX's Promises28:10 - Liquidity Cycles and Capital Allocation in Markets40:55 - The Evolution of Networks and Value51:46 - Understanding Market Dynamics: Investors vs. Traders vs. Gamblers01:01:51 - The Importance of Long-Term Investment Strategies01:09:30 - The Role of Innovation in Wealth Creation01:17:52 - Final Thoughts on Investing and Gambling💡 Subscribe & Stay AheadGet Onramp's weekly Research & Analysis:High-signal insights in bitcoin, macro, and custody.📩 https://onrampbitcoin.com/researchSubscribe to Onramp Media for more:🎧 The Last Trade | Final Settlement | Scarce Assets
Summary