Episode Details

Through Dec 31: $100/month (or $1,000/year) for your first year of Multi-Institution Custody, normally $2,400. Open a vault, set up a recurring buy, and use code TLT at onrampbitcoin.com. Discounted pricing covers vaults holding up to 25 BTC.

Everyone wants Bitcoin to fix money, but nobody has shown how most people should actually hold it. Jackson, Michael and Brian dig into Ledger's roughly $90 million reseller attack, banks moving into custody, gold's interest-bill problem, a hot CPI print and the AI spending boom.

JOIN US IN MINNEAPOLIS

Onramp After Hours: a happy hour with Cam Stromme at Pryes Brewing in Minneapolis on October 28. Save your spot:

📍 https://luma.com/7o9q1hta

BOOK A CONSULTATION

Holding Bitcoin for decades raises two questions: who protects it, and how it reaches your family. Onramp answers both. Three institutions protect it, and no single one can lose it, move it, or use it. Inheritance built in. Insured through Lloyd's of London. Speak with our team to see if it fits.

👉 https://go.onrampbitcoin.com/consult-tlt-pod

GET ON THE LIST

Our research, event invites, and the week's Bitcoin news in one free email.

📩 https://go.onrampbitcoin.com/research-tlt-pod

ABOUT THIS EPISODE

Ledger asked resellers in Southeast Asia and Hong Kong to pause sales after devices sold through distributor CryptoBilis were tied to roughly $90 million in drained wallets, and Trezor is pulling back from resellers too. In the same stretch, JPMorgan estimated $50 billion has flowed into crypto this year and Standard Chartered opened Bitcoin trading and custody to clients in the UAE. Michael argues that neither doing it all yourself nor trusting a single custodian can carry Bitcoin to global money, so a third way has to win. The hosts then weigh federal interest that now tops the value of US gold reserves, a 3.7% CPI print, gold revaluation versus a Bitcoin reserve, and why tokenization is bullish. They close on Alphabet's $205 billion AI spending plan and a market where ten stocks make up 39.5% of the S&P 500.

CHAPTERS

00:00 - Welcome and the Minneapolis meetup

03:02 - JPMorgan's $50B estimate and Standard Chartered's UAE launch

04:20 - The Ledger reseller attack and Trezor's pullback

05:50 - Banks move in as self-custody takes hits

09:47 - Why Bitcoin needs a third way

13:18 - Self-custody tradeoffs: time, risk and inheritance

15:52 - Why the wealthy still see Bitcoin as risky

20:50 - Galaxy: over half of all Bitcoin has no known owner

25:40 - Federal interest now tops US gold reserves

27:14 - Long bonds, global yields and a 3.7% CPI print

29:50 - Gold revaluation vs a Bitcoin reserve

33:33 - Why tokenization is bullish for Bitcoin

37:54 - Qualified custody, ETFs and owning nothing

42:08 - France, Blackstone and the US printing press

49:41 - Alphabet's $205B AI spending plan

56:10 - Is inflation really AI driven?

59:14 - Ten stocks, 39.5% of the S&P 500

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.

MORE FROM ONRAMP MEDIA

• Signal vs Noise, live twice a week: https://www.youtube.com/@SignalvsNoiseLIVE

• Final Settlement and First Principles: https://www.youtube.com/@OnrampMedia

• Audio, every show: https://podcasts.apple.com/us/podcast/id1690709152 or search Onramp Bitcoin Media on Spotify

• News and data: https://onramp.media

Onramp does not provide financial, tax, or legal advice. Nothing here is a recommend