Episode Details

Bitcoin just posted its highest weekly close since January, up 43% on the quarter and roughly 50% off the bottom. Jackson, Michael and Brian make the bull case, then take on Ari Paul's Coinbase allegations and what they mean for custody concentration.

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ABOUT THIS EPISODE

Bitcoin closed its best week since January near $84,400, capping a quarter up about 43% and a move of roughly 50% off the bottom near $58,000. Brian argues there is no fake out: the last time Bitcoin bounced 50% off a bottom, in 2022, it went on to rally about six times. Michael points to rising bond yields, AI capex, private credit and inflation as the backdrop that makes Bitcoin the obvious safe haven, and the hosts debut Ask Onramp with its first listener question. They then walk through BlockTower founder Ari Paul's allegations that Coinbase concealed repeated hacks, which remain unproven and tied up in legal proceedings, and why custody concentration matters when one firm custodies most of the ETF supply. The back half covers Citigroup and Coinbase on stablecoin payments, Morgan Stanley's digital asset lab, AI agents and bank runs, the Blockstream lawsuits, and the White House AI accord.

CHAPTERS

00:00 - Welcome from Philly week

03:19 - Bitcoin's best weekly close since January, up 43% in Q3

04:30 - No fake out: 50% off the bottom and the 2022 6X

07:40 - October seasonality and rising bond yields

13:18 - The super bullish setup: bonds, capex, private credit

14:51 - Howard Marks, the rate hike and 21 million

16:23 - Sizing for your whole net worth

17:44 - Ask Onramp: can one company move my Bitcoin?

23:04 - Ari Paul's Coinbase hack allegations

27:58 - Why serious holders avoid single custodians

31:22 - Coinbase, the ETFs and custody concentration

34:50 - Too big to fail and a new way to custody Bitcoin

38:22 - Citigroup, Coinbase and Morgan Stanley's digital asset lab

44:39 - AI bank runs and this year's bank failures

48:04 - Adam Back, Blockstream and the Liquid fallout

52:12 - Muse, Apple layoffs and AI agents managing money

58:58 - The end of 60/40, the White House AI accord and open weights

ABOUT THE SHOW

The Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, and finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, and Brian Cubellis. Join us for the biggest stories shaping bitcoin and digital asset adoption, and what they mean for investors protecting their wealth for the long term.

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Onramp does not provide financial, tax, or legal advice. Nothing here is a recommendation to buy or sell any asset. This episode is for entertainment purposes only.