Episode Details

Trump told Time that certain levels of inflation will pay off the debt very rapidly. Jackson, Michael and Brian explain why that makes Bitcoin's bull case, then take on a lopsided S&P 500, the AI funding frenzy, FinCEN's retreat and BitGo's custody bet.

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ABOUT THIS EPISODE

In an interview with Time, President Trump said certain levels of inflation will pay off the national debt very rapidly, a sharp break from the tough talk on inflation from the Fed and the Treasury. Brian argues there is no political room for spending cuts or higher taxes, which leaves debasement as the only way out and makes the case for hard assets like Bitcoin. Michael explains why most people still miss that the money is broken. The hosts then look at an S&P 500 where 52% of stocks sit at least 20% below their highs, AI capex draining hyperscaler free cash flow, the White House AI Accord, and OpenAI's reported $30 billion raise with UAE funds. They debate whether institutional smart money is really smart, answer an Ask Onramp question on multi-institution custody, unpack FinCEN withdrawing its unhosted wallet and mixer proposals, and close on BitGo's push into prime brokerage and why custody is not a race to zero.

CHAPTERS

00:00 - Bee stings, rattlesnakes and the Minneapolis meetup

05:19 - Trump says inflation will pay off the debt

06:22 - Why debasement is the only way out

12:35 - Digital price tags and inflation amnesia

14:09 - Half the S&P 500 is in a bear market

17:40 - AI capex, Anthropic's S-1 and the burn rate

19:57 - The White House AI Accord

24:56 - OpenAI, DeepSeek and the AI funding frenzy

30:54 - Is smart money actually smart?

36:21 - Institutions are still underweight Bitcoin

37:06 - Gold, sovereigns and Bitcoin on the balance sheet

39:03 - Single point of failure of the week

42:10 - Ask Onramp: do I hold a key?

44:34 - FinCEN drops the unhosted wallet and mixer rules

50:54 - BitGo bets on prime brokerage

57:27 - Why custody is not a race to zero

1:00:08 - Custody that lets you hold more Bitcoin

1:04:38 - Robinhood's Bitcoin buy

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.