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The Last Trade: Eric Balchunas of Bloomberg breaks down bitcoin's brutal drawdown, why 94% of ETF investors aren't selling, the "silent IPO" of OG holders, and the macro case for what comes next. --- 🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership. ⁠UPCOMING WEBINAR⁠ 👉 Inheritance & Trust Planning: https://onrampbitcoin.com/products/inheritance 👉 Institutional: https://onrampbitcoin.com/products/institutional 👉 Business: https://onrampbitcoin.com/products/business 📩 Schedule a briefing: https://onrampbitcoin.com/contact Eric Balchunas on X: https://x.com/EricBalchunas 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 Eric Balchunas returns to The Last Trade to put bitcoin's 45% drawdown in perspective. Drawing on his deep expertise in ETF flows and investor behavior, Eric makes the case that this correction — while painful — is completely normal. With 94% of bitcoin ETF assets still intact and the fundamental debasement thesis unchanged, the real story may be less about what's going wrong and more about the price investors pay for outsized long-term returns. The conversation covers the "silent IPO" of OG holders taking profits, why ETF investors are the smart money in this cycle, the Kevin Warsh Fed chair implications, and why short-term narratives drawn from a year of data are "so dumb." Eric also shares what's exciting him in the broader ETF space — including the race to get SpaceX and other private companies into exchange-traded wrappers. 🧠 Chapters 02:07 — Intro & Welcome Back Eric Balchunas 04:16 — "Bitcoin Is Rocky Balboa" & Contextualizing Drawdowns 10:18 — Volatility Is the Cost of Admission 13:30 — The Silent IPO: OGs Selling & Why That's OK 23:41 — Kevin Warsh, the Fed & the Trump Put 34:58 — Understanding the Problem to Understand Bitcoin 38:59 — Why 94% of ETF Investors Aren't Selling 45:41 — Value Investing Wisdom & Human Psychology 49:51 — Crypto Contagion, Tokenization & Bitcoin's Separate Lane 55:35 — Vanguard vs. BlackRock & the Race for Private Markets 1:06:00 — Closing Thoughts, Outro & Disclaimer 💡 Subscribe & Stay Ahead Get Onramp’s weekly Research & Analysis: High-signal insights in bitcoin, macro, and custody. 📩 https://onrampbitcoin.com/research Subscribe to Onramp Media for more: 🎧 The Last Trade | Final Settlement | Scarce Assets

Connect with Early Riders // Connect with Onramp Presented collaboratively by Early Riders & Onramp Media… Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development. 02:10 - The Bitcoin Paradox: Everything We Wanted Except Price 11:32 - The Stablecoin Legislation Battle 21:05 - Elon Musk & The Singularity Prediction 27:16 - Why Washington Only Wants to Talk Stablecoins 36:42 - "SaaS Is Dead" - The AI Disruption of Software 44:43 - The Purpose Economy: Finding Fulfillment Beyond Work 52:49 - Compressing Innovation Cycles 57:48 - The Ticking Clock on Monetizing Ones and Zeros 1:09:12 - Bitcoin as the "Leash" on AI: The Yin and Yang Thesis 1:12:29 - SpatialGen & The Future of Virtual Experiences If you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly. Keep up with Cam Doody: https://x.com/camdoody https://www.linkedin.com/in/cam-doody-b489a124/ https://www.justlaybrick.com/ Keep up with Michael: https://x.com/MTanguma https://www.linkedin.com/in/mtanguma/ Keep up with Brian: https://x.com/BackslashBTC https://www.linkedin.com/in/brian-cubellis-00b1a660/ Keep up with Liam: https://x.com/Lnelson_21 https://www.linkedin.com/in/liam-nelson1/

The Last Trade: Gold and silver surge while bitcoin stalls — Mel Mattison unpacks the macro divergence, the Clarity Act's failure, and why the fundamental case for non-USD assets is only getting stronger. --- 🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership. 👉 Inheritance & Trust Planning: https://onrampbitcoin.com/products/inheritance 👉 Institutional: https://onrampbitcoin.com/products/institutional 👉 Business: https://onrampbitcoin.com/products/business 📩 Schedule a briefing: https://onrampbitcoin.com/contact UPCOMING WEBINAR: https://us06web.zoom.us/webinar/register/1517685004120/WN_yC29RjYoQsq6KyjyYH4ouA 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 Mel Mattison returns to explain why bitcoin hasn't participated in the broader rally in non-USD assets — even as gold hits all-time highs and emerging markets outperform. Rather than abandoning his thesis, Mel frames bitcoin as being in its "puberty stage," with uneven growth before reaching adult stability. The conversation unpacks the real reason the Clarity Act failed: stablecoins with yield threaten the banking system's core business model. We explore the sovereign debt picture, why Europe may be the real powder keg, and how the Fed will eventually be forced to expand its balance sheet as traditional treasury buyers exit. We close on potential upside surprises — including Trump's possible use of Defense Department vehicles to buy bitcoin — and why deflationary forces from AI and demographics may thread the needle between debasement and collapse. 🧠 Chapters 00:00 — 2026 Market Recap & Why Bitcoin Is Stalling 09:29 — Bitcoin's "Puberty Stage" & Investor Base Turnover 24:55 — Emerging Markets, Gold & Non-USD Assets Winning 35:00 — The Clarity Act, Banks & the Inflation Tax 50:23 — Europe as the Powder Keg & Sovereign Debt Risks 58:06 — AI, Demographics & the Permanent Underclass 💡 Subscribe & Stay Ahead Get Onramp’s weekly Research & Analysis: High-signal insights in bitcoin, macro, and custody. 📩 https://onrampbitcoin.com/research Subscribe to Onramp Media for more: 🎧 The Last Trade | Final Settlement | Scarce Assets

Scarce Assets: Jeroen Blokland explains why bonds have destroyed wealth for 20 years, how $124 trillion in generational wealth will reshape portfolios, & why gold at $5,000 is just the beginning. --- 🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership. 👉 Inheritance & Trust Planning: https://onrampbitcoin.com/products/inheritance 👉 Institutional: https://onrampbitcoin.com/products/institutional 👉 Business: https://onrampbitcoin.com/products/business 📩 Schedule a briefing: https://onrampbitcoin.com/contact Jackson Mikalic on X // Jeroen Blokland on X // Jeroen Blokland on LinkedIn // Jeroen's new book 🎙️ About This Episode Jeroen Blokland, founder of the Blokland Smart Multi-Asset Fund and author of The Great Rebalancing, joins Scarce Assets to explain why the traditional 60/40 portfolio is broken—and what replaces it. With 20+ years building multi-asset portfolios, Jeroen left traditional finance to launch a fund focused on scarce assets: quality stocks, physical gold, and directly-held Bitcoin. We discuss why bonds have delivered negative real returns for two decades, how gold at $5,000 still isn't enough to rebalance the system, the mechanics of financial repression, why owning assets outside the system matters more than ever, and how $124 trillion in generational wealth transfer will reshape portfolios. The conversation also covers Bitcoin's coming catalyst and the AI investment bubble Jeroen sees forming. Scarce Assets: a biweekly podcast presented by Onramp which delves into the emergent role of bitcoin in finance professionals' strategies and outlooks. Hosted by Jackson Mikalic, Scarce Assets provides invaluable insights for wealth managers aiming to outperform their peers in the decades ahead. Finance professionals everywhere know about stocks and bonds, but the macroeconomic outlook requires that serious investors pay close attention to another category: Scarce Assets. 🧠 Chapters 00:00 — Gold's Historic Rally to $5,000 03:08 — What's Driving the Gold Breakout 08:43 — How Long Will the Rally Last? 16:20 — The Myth of Central Bank Independence 21:54 — Trussonomics: When Bond Markets Strike Back 29:58 — The Great Rebalancing Defined 38:40 — Financial Repression & Forced Bond Buying 47:44 — Owning Assets Outside the System 53:23 — The $124 Trillion Wealth Transfer 59:16 — AI Productivity Gains vs. Investment Bubble 1:06:58 — Bitcoin's Catalyst & 2026 Outlook 1:10:41 — Where to Find Jeroen's Book, Outro & Disclaimer 💡 Subscribe & Stay Ahead Get Onramp’s weekly Research & Analysis: High-signal insights in bitcoin, macro, and custody. 📩 https://onrampbitcoin.com/research Subscribe to Onramp Media for more: 🎧 The Last Trade | Final Settlement | Scarce Assets

Connect with Early Riders // Connect with Onramp Presented collaboratively by Early Riders & Onramp Media… Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development. 00:00 - Market Dynamics of Precious Metals and Bitcoin 06:02 - Infrastructure Developments in Digital Assets 12:01 - IPO Trends in the Digital Assets Space 17:44 - The Future of Digital Assets and Banking 23:47 - AI's Impact on Financial Services 29:44 - The Evolution of Bitcoin and Silver 35:39 - The Centralization of Bitcoin Ownership 41:43 - Navigating the Challenges of Physical Precious Metals If you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly. Links discussed: https://finance.yahoo.com/news/bitgo-debuts-york-stock-exchange-132125936.html https://x.com/pitdesi/status/2014466502016061456 https://x.com/jasonlk/status/2014745189794144420 https://www.theblock.co/post/386066/steak-n-shake-adds-10-million-to-btc-treasury-eight-months-after-lightning-network-rollout https://www.theblock.co/post/386810/ledger-mulls-new-york-ipo https://archive.ph/RpgdO https://x.com/lopp/status/2015411078214340763?s=20 https://x.com/StoicTA/status/2014701409682555064?s=20 https://www.reuters.com/world/fdic-clears-way-ford-general-motors-set-up-industrial-banks-2026-01-22/ https://crypto-fundraising.info/blog/2025-crypto-fundraising-report/ https://www.techinasia.com/news/sg-crypto-startup-veera-raises-10m https://x.com/MTanguma/status/2015857475606429922?s=20 https://www.wsj.com/finance/banking/jpmorgan-cuts-all-ties-with-proxy-advisers-in-industry-first-78c43d5f Keep up with Michael: https://x.com/MTanguma https://www.linkedin.com/in/mtanguma/ Keep up with Brian: https://x.com/BackslashBTC https://www.linkedin.com/in/brian-cubellis-00b1a660/ Keep up with Liam: https://x.com/Lnelson_21 https://www.linkedin.com/in/liam-nelson1/

In Episode 22 of The ₿roadcast, Bram Kanstein, Brian Cubellis, and SPECIAL GUEST Jackson Mikalic break down the most important Bitcoin and macro developments from the past few weeks. 00:00 - Coinbase CEO vs. French Central Banker 06:28 - The Elites Have No Clue 10:22 - Davos 2025: Something Shifted 16:39 - Crypto Is Dead, Bitcoin Wins 37:09 - Gold Added $20 Trillion — Bitcoin Is Next 44:46 - The Most Unfalsifiable Ledger Ever Created 54:01 - Why This Takes Longer Than You Think 1:08:10 - Why Hasn't Michael Burry Figured Out Bitcoin? The ₿roadcast: Bitcoin culture meets Business & Finance. We catch up LIVE on news, tweets, videos, charts, trends, and other Bitcoin related content that stood out to us in the past two weeks ⚡️ Published on Saturday at 9AM EST / 3PM CET.

The Last Trade: Davos signals a shift in the monetary order as sovereign debt cracks, gold leads, and bitcoin emerges as a neutral alternative. --- 🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership. 👉 Inheritance & Trust Planning: https://onrampbitcoin.com/products/inheritance 👉 Institutional: https://onrampbitcoin.com/products/institutional 👉 Business: https://onrampbitcoin.com/products/business 📩 Schedule a briefing: https://onrampbitcoin.com/contact UPCOMING WEBINAR: https://us06web.zoom.us/webinar/register/1517685004120/WN_yC29RjYoQsq6KyjyYH4ouA 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 At the World Economic Forum, bitcoin, sovereign debt, and the durability of the fiat system were debated more directly than ever before. We break down Brian Armstrong’s exchange with the Bank of France, Ken Griffin’s warning on fiscal fragility following Japan’s bond shock, and Ray Dalio’s blunt assessment that “the monetary order is breaking down.” Rather than focusing on short-term price action, the conversation centers on order of operations: why gold absorbs the first wave of sovereign stress, why central banks are quietly repricing reserves, and why bitcoin increasingly earns the bid as a neutral, issuer-less alternative in a world of rising political and monetary risk. We also explore Trump’s push for U.S. leadership in digital assets, the state of market structure legislation, and why regulatory clarity matters more for plumbing than price. From there, we connect the dots between stablecoin proliferation, reserve credibility, and why paper claims versus true ownership will matter more in the next phase of this cycle. The episode closes on AI, fiscal “Hail Mary” thinking, and why technology-driven deflation colliding with policy-driven debasement only raises the premium on sound savings. 🧠 Chapters 00:00 — Bitcoin Price Noise vs Monetary Signal 02:17 — Gold’s Breakout & the Order of Operations 09:12 — Davos Confronts Issuer-Less Money 21:09 — Sovereign Debt & the AI Escape Fantasy 29:55 — Trust Erosion, Taxes, & Counterparty Risk 36:06 — Why This Isn’t a Reflexive Bitcoin Cycle 41:32 — Market Structure, Policy Signals, & Access 45:52 — Quantum Risk Narratives & Allocation Behavior 47:58 — Stablecoins as Rails, Bitcoin as Reserve 51:18 — Practical Frameworks & Closing Thoughts 💡 Subscribe & Stay Ahead Get Onramp’s weekly Research & Analysis: High-signal insights in bitcoin, macro, and custody. 📩 https://onrampbitcoin.com/research Subscribe to Onramp Media for more: 🎧 The Last Trade | Final Settlement | Scarce Assets

Connect with Early Riders // Connect with Onramp Presented collaboratively by Early Riders & Onramp Media… Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development. 02:22 - The Clarity Act Markup + Stablecoin Yield Fight 16:48 - State Street Joins the Crypto Rush 22:01 - Goldman: Tokenization + Prediction Markets 24:04 - Distributions Versus Niches in Bitcoin Infrastructure 32:06 - TradFi Floodgates into Digital Assets 33:21 - Consumer Versus Enterprise Stablecoin Adoption 42:18 - Latest In Digital Asset Infrastructure Fundraises 55:56 - AI Tools Impact on Entrepreneurship If you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly: https://www.earlyriders.com/research Links discussed: https://fortune.com/2026/01/14/alpaca-fundraise-series-d-brokerage-infrastructure/ https://www.bloomberg.com/news/articles/2026-01-15/state-street-is-joining-crypto-rush-with-digital-asset-rollout https://www.theblock.co/post/385924/belarus-authorizes-cryptobanks https://x.com/TheOneandOmsy/status/2011673735065939979?s=20 https://www.coindesk.com/business/2026/01/14/germany-s-second-largest-lender-dz-bank-secures-retail-crypto-trading-mica-license https://coinpedia.org/crypto-live-news/standard-chartered-to-launch-crypto-prime-brokerage https://bitcoinmagazine.com/news/21shares-launches-bitcoin-and-gold-etp https://decrypt.co/354542/visa-partners-with-bvnk-to-enable-stablecoin-payouts-on-visa-direct https://x.com/BitcoinMagazine/status/2013205830288499021?s=20 https://x.com/Houlgrave/status/2012208491578950089?s=20 https://www.theblock.co/post/386048/anchorage-digital-could-raise-up-to-400-million-as-ipo-rumors-swirl-bloomberg https://www.rain.xyz/resources/rain-raises-250m-series-c-to-scale-stablecoin-powered-payments-infrastructure-for-global-enterprises Keep up with Michael: https://x.com/MTanguma https://www.linkedin.com/in/mtanguma/ Keep up with Brian: https://x.com/BackslashBTC https://www.linkedin.com/in/brian-cubellis-00b1a660/ Keep up with Liam: https://x.com/Lnelson_21 https://www.linkedin.com/in/liam-nelson1/

The Last Trade: Marty Bent breaks down bitcoin’s 2026 setup, Fed vs Treasury tension, and why the denominator is breaking. --- 🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership. 👉 Inheritance & Trust Planning: https://onrampbitcoin.com/products/inheritance 👉 Institutional: https://onrampbitcoin.com/products/institutional 👉 Business: https://onrampbitcoin.com/products/business 📩 Schedule a briefing: https://onrampbitcoin.com/contact 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 Marty Bent (TFTC) joins the show to explain why 2025 looked like a year of consolidation, how tax-loss harvesting and year-end positioning may have created artificial pressure, and why the next leg could be driven by something deeper than a typical cycle narrative. We discuss the “Last Trade” order of operations, where gold and silver absorb the first wave of sovereign and institutional stress, and Bitcoin increasingly earns the bid as the superior digital reserve asset. We also dig into the growing public tension between the Fed and Treasury, why “independence” is starting to look like theater, and how trust erosion is becoming a primary macro driver. From there, we debate the role of stablecoins as rails versus money, the risks of CBDC/digital ID creep, and why sovereignty still has a high bar. Finally, we close on AI: the productivity unlock for high-agency builders, the coming barbell economy, and why sound savings matter more in a world where technology accelerates deflation while policy accelerates debasement. 🧠 Chapters 00:00 — Marty Bent Returns & Bitcoin Starts 2026 Strong 05:52 — Sovereign Stress & Bitcoin as a Neutral Reserve 12:14 — Fed vs Treasury, Monetary Authority, Trust Erosion 17:13 — Fraud, Waste, & the Hard Asset Rotation 27:24 — Stablecoins, CBDCs, Digital ID Risk 34:28 — AI, Privacy, Productivity, Agency Divide 52:07 — Gold & Silver Dislocations, Physical vs Paper 58:03 — Broken Denominator, Supercycle Framing 01:08:53 — Guest Requests & Onramp Update 01:11:27 — Outro & Disclaimer 💡 Subscribe & Stay Ahead Get Onramp’s weekly Research & Analysis: High-signal insights in bitcoin, macro, and custody. 📩 https://onrampbitcoin.com/research Subscribe to Onramp Media for more: 🎧 The Last Trade | Final Settlement | Scarce Assets

Scarce Assets: Alex Pron explains why wealth managers are finally embracing Bitcoin, how Wall Street distribution changes the market, & why long-term conviction matters more than cycles. --- 🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership. 👉 Inheritance & Trust Planning: https://onrampbitcoin.com/products/inheritance 👉 Institutional: https://onrampbitcoin.com/products/institutional 👉 Business: https://onrampbitcoin.com/products/business 📩 Schedule a briefing: https://onrampbitcoin.com/contact Jackson Mikalic on X --- https://x.com/macrojack21 Alex Pron on X --- https://x.com/Crossover_Alex 🎙️ About This Episode Alex Pron, Founder and Wealth Strategist at CrossOver Capital Advisors, joins Scarce Assets for a deep conversation on Bitcoin’s maturation inside traditional wealth management, the slow capitulation of Wall Street, and why Bitcoin’s fundamentals are strengthening even when price action lags. Alex shares his journey from EY and Merrill Lynch to launching an independent RIA so he could fully educate clients on Bitcoin as part of a fiduciary portfolio framework. Today, nearly 90% of his clients hold Bitcoin exposure. We discuss why most investors still misunderstand Bitcoin’s supply dynamics, how ETFs created Bitcoin’s “IPO moment,” why 2025 price action frustrated expectations, and how institutional distribution may permanently change market structure. The conversation also explores Bitcoin’s role in divorce settlements, long-term portfolio construction, AI-driven deflation, and why the four-year cycle may be fading. Topics covered include: - Why Alex left Merrill to build a Bitcoin-forward RIA - The simple portfolio math that helps clients understand Bitcoin risk - How ETF liquidity enabled whale distribution without collapsing price - Bitcoin vs crypto: strategic allocation vs speculative exposure - Vanguard, Merrill, Bank of America & Morgan Stanley’s quiet pivot - Why 2025 fundamentals improved while price disappointed - The “Bitcoin IPO moment” and what comes after it - AI, scarcity, and why Bitcoin differs from gold and commodities - Why time horizon matters more than timing the market - How advisors help clients stay committed through volatility Scarce Assets: a biweekly podcast presented by Onramp which delves into the emergent role of bitcoin in finance professionals' strategies and outlooks. Hosted by Jackson Mikalic, Scarce Assets provides invaluable insights for wealth managers aiming to outperform their peers in the decades ahead. Finance professionals everywhere know about stocks and bonds, but the macroeconomic outlook requires that serious investors pay close attention to another category: Scarce Assets. 🧠 Chapters 00:00 — Wealth Management Meets Bitcoin 07:33 — How Bitcoin Changed an RIA’s Market Lens 13:39 — The Supply Story: Scarcity, Issuance, and 21M 19:27 — Bitcoin vs Crypto: Portfolio Roles and Risk 25:23 — Where Bitcoin Demand Comes From Next 30:32 — 2025: Price Action vs Fundamentals (What Happened) 41:31 — AI, Deflation, and Why Bitcoin Differs From Metals 54:46 — Sentiment, Cycles, and the Long-Term Setup 58:42 — Outro and Disclaimer 💡 Subscribe & Stay Ahead Get Onramp’s weekly Research & Analysis: High-signal insights in bitcoin, macro, and custody. 📩 https://onrampbitcoin.com/research Subscribe to Onramp Media for more: 🎧 The Last Trade | Final Settlement | Scarce Assets

Connect with Early Riders // Connect with Onramp Presented collaboratively by Early Riders & Onramp Media… Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development. 00:30 - Morgan Stanley's Bitcoin ETF Filing 12:30 - Rumble and Tether's Crypto Wallet Launch 18:07 - Walmart's One Pay Bitcoin Integration 29:49 - Early Riders Team Updates 31:58 - The White Paper: A Manifesto For All Future Capital Allocation 34:26 - Building Bridges: Traditional Finance Meets Bitcoin 36:47 - The Bitcoin Standard: A New Era of Capital Formation 38:46 - Debasement and the Search for Sound Money 43:30 - The Future of Venture Capital: Aligning Incentives 47:03 - AI and the New Age of Entrepreneurship 55:24 - Onramp for Everyone: Expanding Access to Bitcoin If you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly. Links discussed: https://bitcoin.docsend.com/view/aan9dw6fkd2z746e https://www.bloomberg.com/news/articles/2026-01-09/walmart-backed-super-app-onepay-hits-4-billion-valuation?embedded-checkout=true https://www.msn.com/en-us/money/savingandinvesting/morgan-stanley-is-betting-big-on-digital-assets-workplace-services-and-private-markets-how-they-tie-together/ar-AA1TP8N5 https://x.com/sytaylor/status/2009236033603244517?s=20https://www.bloomberg.com/news/articles/2026-01-12/stanchart-said-to-prepare-crypto-expansion-with-prime-brokerage?embedded-checkout=true https://x.com/faryarshirzad/status/2008898606317687058?s=20 https://x.com/aakashgupta/status/2007666720656511233 https://decrypt.co/353693/morgan-stanley-registers-bitcoin-solana-funds-sec https://corp.rumble.com/blog/rumble-and-tether-launch-crypto-wallet-for-creator-economy/ Keep up with Michael: https://x.com/MTanguma https://www.linkedin.com/in/mtanguma/ Keep up with Brian: https://x.com/BackslashBTC https://www.linkedin.com/in/brian-cubellis-00b1a660/ Keep up with Liam: https://x.com/Lnelson_21 https://www.linkedin.com/in/liam-nelson1/

In Episode 21 of The ₿roadcast, Bram Kanstein, Michael Tanguma, and Brian Cubellis break down the most important Bitcoin and macro developments from the past few weeks. The conversation centers on Morgan Stanley’s Bitcoin ETF filing, what it really signals about institutional demand, and why the shift from “allowed” to “recommended” marks a new phase of adoption. From AI-driven abundance and information slop to Bitcoin’s role as a verifiable truth anchor, the episode connects Wall Street, custody, regulation, energy, and game theory into a single framework. 00:00 — Bullish on Bitcoin (We’re Back) 03:40 — AI, Vibe Coding, and the Return of the Builder Era 08:10 — Morgan Stanley Files a Bitcoin ETF 12:45 — From Access to Recommendation 17:30 — Financialization, Collateral, and Bitcoin’s Wall Street Endgame 22:20 — “Bear Market” Psychology vs Structural Reality 27:40 — The Supply Problem No One Is Positioned For 32:10 — Gold, Bonds, and the Real Rotation Trade 36:50 — Regulation Signals: The Clarity Act & Political BTC Buys 41:20 — Venezuela, Sovereign Bitcoin, and Strategic Reserves 46:30 — AI, Consciousness, and the Coming Slop Era 52:10 — Bitcoin as a Truth Anchor 57:40 — Prediction Markets, Degeneracy, and Growing Pains 1:01:30 — Hashrate: The Signal That Never Lies 1:06:10 — The Real Adoption Bottleneck: Custody & Physical Risk 1:12:30 — CNBC Panic, Monetary Debasement, and the Inevitable Trend 1:15:40 — Final Thoughts + Where Should We Meet in 2026? The ₿roadcast: Bitcoin culture meets Business & Finance. We catch up LIVE on news, tweets, videos, charts, trends, and other Bitcoin related content that stood out to us in the past two weeks ⚡️ Published on Saturday at 9AM EST / 3PM CET.

The Last Trade: Morgan Stanley’s ETF filing and Bank of America’s allocation guidance mark a shift in Bitcoin’s market structure. We discuss institutional flows, the limits of cycle models, and why custody risk is becoming central to adoption. --- 🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership. 👉 Inheritance & Trust Planning: https://onrampbitcoin.com/products/inheritance 👉 Institutional: https://onrampbitcoin.com/products/institutional 👉 Business: https://onrampbitcoin.com/products/business 📩 Schedule a briefing: https://onrampbitcoin.com/contact 🎙️ About This Episode In the first Last Trade of 2026, we unpack why Morgan Stanley’s ETF filing and Bank of America’s advisor rollout are major signals of Bitcoin’s institutional maturation. We discuss how shifting access and solicitation may reshape the cycle debate, why fundamentals can strengthen even when price chops, and what it means that Bitcoin settled roughly $25T in value in 2025. We also explore the rise of “long degeneracy” as a symptom of broken incentives, then close on the part of adoption most people avoid: custody risk. As Bitcoin’s value grows, so does the incentive for attacks and concentration failures, which is why market structure and resilient custody models matter more than ever. 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. 🧠 Chapters 00:00 — Why This Year Feels Different for Bitcoin 02:05 — Morgan Stanley’s ETF Filing & Institutional Demand 11:30 — Sentiment vs. Fundamentals: 2026 Bitcoin Setup 21:34 — Degeneracy, Nihilism, Work, & Money 34:12 — Agency, AI, & the Future of Wealth Creation 37:14 — Dead Internet, Slop, & the Return to Analog Signal 39:22 — Running It Hot: AI, Growth Narratives, & Asset Inflation 43:09 — Fraud, GDP, & the Trust Breakdown 49:43 — Institutional Trust Erosion & Market Consequences 53:17 — Mimetic Momentum: What Ignites the Next Reflexive Move 01:04:10 — Gold vs. Bitcoin: Wealth Effects & the Broken Denominator 01:07:56 — Custody Risk Comes Into Focus 01:22:16 — Market Structure, Custody, & Bitcoin’s Path Forward 01:27:08 — Outro & Disclaimer 💡 Subscribe & Stay Ahead Get Onramp’s weekly Research & Analysis: High-signal insights in bitcoin, macro, and custody. 📩 https://onrampbitcoin.com/research Subscribe to Onramp Media for more: 🎧 The Last Trade | Final Settlement | Scarce Assets

Connect with Early Riders // Connect with Onramp Presented collaboratively by Early Riders & Onramp Media… Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development. 00:00 - Welcome Back and Market Overview 02:47 - Inflation and Asset Trends 05:44 - Regulatory Changes and Institutional Adoption 08:53 - Security Risks and Custody Solutions 11:52 - Market Sentiment and Long-Term Thinking 14:57 - The Role of AI and Future Predictions 33:15 - Navigating the Content Proliferation Challenge 35:59 - The Future of Value in Digital Content 40:19 - Stablecoins vs. Bitcoin: The Future of Transactions 42:10 - Tether's Strategic Positioning in Global Markets 48:43 - The Shift of Talent and Capital to Favorable Jurisdictions 56:17 - Understanding the Economic Landscape and Future Opportunities If you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly. Links discussed:https://x.com/exec_sum/status/2005751198725640395?s=20https://x.com/bearlyai/status/2006474217206985085?s=20https://x.com/paoloardoino/status/2002414704753586398?s=20 Keep up with Michael: https://x.com/MTangumahttps://www.linkedin.com/in/mtanguma/ Keep up with Brian: https://x.com/BackslashBTChttps://www.linkedin.com/in/brian-cubellis-00b1a660/ Keep up with Liam: https://x.com/Lnelson_21https://www.linkedin.com/in/liam-nelson1/

The Last Trade: Matt Odell on the 2025 postmortem: why BTC lagged gold, how DATs wrecked sentiment, what the quantum debate gets wrong, and what changes when institutions take the wheel. --- 🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership. 👉 Inheritance & Trust Planning: https://onrampbitcoin.com/products/inheritance 👉 Institutional: https://onrampbitcoin.com/products/institutional 👉 Business: https://onrampbitcoin.com/products/business 📩 Schedule a briefing: https://onrampbitcoin.com/contact Matt Odell: https://odell.xyz 🎙️ About This Episode With Matt Odell in the studio, we run a proper 2025 postmortem: why the “OGs are dumping” narrative never dies, what actually changes when Bitcoin’s liquidity deepens, and why it’s healthy (not bearish) for long-term supply to distribute over time. From there, we tackle the elephant in the room: gold and equities ripped while BTC chopped. Matt’s take is simple and brutal, retail is broke, capital is hiding in perceived safe havens, and Bitcoin still gets treated like a high-risk tech trade if you don’t understand self-custody. We also dig into the October break in the crypto casino and how forced sellers can pin price even when long-term fundamentals look strong. Then we get honest about the cultural and structural fallout from “Bitcoin treasury companies” & DATs: how leverage-on-leverage turned into a negative feedback loop, why board seats and influencer incentives distorted the narrative, and why the only benchmark that matters is whether these wrappers can actually beat spot bitcoin over time. Finally, we hit the quantum panic. Matt lays out a sober framework: upgrade carefully, opt-in where possible, don’t rush into untested cryptography, and don’t even flirt with protocol-level seizures or “freezing” coins. If Bitcoin compromises neutral property rights to “save” the market, it’s no longer Bitcoin. We close with what this all implies for 2026: whether cycles are fading, where the next reflexive move could come from, and why the most bearish sentiment is often the best tell. 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. 🧠 Chapters 00:00 - Christmas Greetings + Why 2025 Felt So Weird 01:42 - “OGs Dumping” Bitcoin: Meme Narrative vs. Reality 03:35 - Liquidity, Distribution, & Engagement Bait 06:24 - Sentiment, Macro, & the “Quiet Depression” View 09:42 - Institutions, ETFs, & How Market Structure Changes the Cycle 12:35 - DATs / Treasury-Co Mania: Why It Took Over 2025 16:27 - Cultural Fragmentation + Incentives 22:36 - Quantum FUD Deep Dive 45:25 - Why the Next Move Will Catch People Offside 48:25 - Centralization Risk, Custodians, & How a Fork Would Play Out 55:28 - Why Quantum Became the “Last Remaining FUD” 59:11 - Stablecoins, Tether, & the Institutional Rails Story 01:02:20 - SBR: Expectations vs. Reality + 2026 Scenarios 01:06:20 - Gold’s Run, the Debasement Trade, & the Bitcoin Setup 01:10:27 - 2026 Outlook: Cycle Theories & What Could Flip the Switch 01:29:21 - Outro & Disclaimer 💡 Subscribe & Stay Ahead Get Onramp’s weekly Research & Analysis: High-signal insights in bitcoin, macro, and custody. 📩 https://onrampbitcoin.com/research Subscribe to Onramp Media for more: 🎧 The Last Trade | Final Settlement | Scarce Assets