Episode Details

The Last Trade: Joe Consorti joins to break down the bond market forcing Trump's hand on Iran, Morgan Stanley' launches spot trading, Coinbase's 14% layoffs, Saylor's signal on potentially selling BTC, Polymarket's casino dynamics, and why the math doesn't math anymore.

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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.

🎙️ About This Episode

Joe Consorti, Head of Growth at Horizon, joins to discuss why every time the 10-year approaches 4.5%, peace talk rhetoric magically appears from the administration. The bond market is calling the shots, not the Fed. With WTI near $100, 70% of US farmers unable to afford fertilizer, and Warsh teeing up trimmed-mean PCE to justify cuts into inflation, the math doesn't math anymore. Plus Morgan Stanley's 50bps spot Bitcoin trade undercutting Schwab, Coinbase's 14% layoffs and the custody concentration problem nobody's pricing, Saylor's earnings-call signal on potentially selling Bitcoin to fund the STRC dividend, and why Polymarket's 67%-to-the-0.1% dynamic is a casino dressed as a market.

🧠 Chapters

00:00 — Welcoming Joe Consorti

03:37 — The Bond Market Is Calling The Shots

06:49 — Oil, Fertilizer & The Limits Of Jawboning

12:04 — Warsh, Trimmed Mean & The Coming Cut

14:14 — Why Bitcoin Doesn't Need A Catalyst

20:11 — Morgan Stanley Spot BTC Trading

22:27 — Custody As The Real Differentiator

33:37 — Coinbase Layoffs & The 10% Problem

36:13 — Everything To Everyone Is Nothing

45:45 — Polymarket, Kalshi & The Casino Era

55:33 — Saylor's Signal On Selling Bitcoin

59:00 — Last Takes & Where To Find Joe

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