Episode Details

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

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