Episode Details

The Last Trade: the US Treasury just doubled its long-dated debt buybacks, turning a $2B daily cap into a $4B daily floor, and long yields fell, gold jumped $100 an ounce, and Bitcoin ripped a five thousand dollar candle. Jackson, Michael, and Brian make the case that this is the opening move of yield curve control and the Bitcoin thesis playing out in real time. They also cover Citi confirming Bitcoin custody, the Trezor shipping breach, and why the flight into ETFs is the wrong lesson.

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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

Jackson opens on the Bloomberg headline that Bessent deployed the buyback in a sign of concern over rising yields, then walks the mechanics: a $2B cap is now a $4B floor, the Treasury's own release claims strong sponsorship from market participants while doing the opposite, and Fred Hickey reads it as desperation after a poor 20-year auction. Brian frames it as inevitable, arguing that euphoric tops become resistance bottoms, that a 70K top five years ago is now a floor, and that this drawdown ran about 54% against past drawdowns of 70 to 80%. Michael points at Japan, where the yen lost roughly half its purchasing power in twelve months, and at Paul Tudor Jones adding back to a position he had shaved down. The back half turns to custody: Citi confirming its Custody Plus platform, the SEC proposing its own rules while the Clarity Act stalls, the Trezor shipping breach weeks after Coldcard, and why an ETF you cannot exit in kind is the wrong answer.

🧠 Chapters

04:06 - The Treasury doubles its debt buybacks: $2B cap becomes a $4B floor

07:35 - Euphoric tops become resistance bottoms: this is why Bitcoin exists

08:59 - Japan, the yen, and Paul Tudor Jones adding back

11:35 - The Treasury's press release says the opposite of what it is doing

12:40 - The 1940s precedent: a decade of yield curve control at 120% debt to GDP

16:00 - Fred Hickey on a poor 20-year auction and gold jumping $100

17:37 - Citi confirms Bitcoin custody under its Custody Plus platform

20:17 - Why the Clarity Act may not matter anymore

25:54 - Travis Kling on apathy, and why the price did not move on the SEC news

31:46 - Single point of failure of the week: the Trezor shipping breach

34:21 - Changing the logic of violence: how not to be the easiest target

39:40 - In-kind subscriptions: you can get into the ETF, not out of it

45:04 - The third way: neither trusting yourself nor trusting Coinbase

52:02 - Bloomberg on beating inflation, with no mention of gold or Bitcoin

1:01:19 - Robinhood's super cycle and the grand super cycle of rugged

1:06:14 - Young Americans turn on AI, and what that means for Bitcoin

1:13:00 - The New York happy hour, and what is next

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