Onramp Bitcoin Media

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.The AI trade cracked, stocks shed trillions and Bitcoin slid back near $75,000, but Michael thinks this could be one of its last legs down before it takes off. Jackson, Michael and Brian, with Matt Ball at Presidio Bitcoin, cover the AI selloff, the Binance hack and Citi's crypto ETF guide.BOOK A CONSULTATIONHolding 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-podGET ON THE LISTOur research, event invites, and the week's Bitcoin news in one free email.📩 https://go.onrampbitcoin.com/research-tlt-podABOUT THIS EPISODERecorded live from Presidio Bitcoin in San Francisco with Matt Ball, this special edition opens on the market wipeout after the midterms. Brian explains why the AI capex trade was already fragile before data centers lost at the ballot box, and why Bitcoin has recovered faster than stocks after selloffs like 2020. Michael reads the capitulation as one of the last legs down. The single point of failure of the week is Binance's $6.3 billion hot wallet hack, and the hosts explain why custody, not price, is what an investment committee cannot get wrong. Paraguay's seizure of Ueno Bank, used by about 60% of its adults, shows why money in the bank is not really yours. Then the bullish turn: Citi Wealth's new guide to crypto ETFs, advisors finally allowed to talk about Bitcoin, and Citrini Research's call that AI capex has peaked.CHAPTERS00:00 - Live from Presidio Bitcoin in San Francisco05:50 - The midterms and the AI selloff10:00 - Why the AI trade was already fragile15:34 - Bitcoin near $75,000 and the last leg down20:33 - Single point of failure of the week: Binance's $6.3 billion hack22:55 - Why custody decides institutional allocation26:52 - Hot wallets, cold storage and the architecture problem30:24 - Hope is not a custody strategy35:10 - Paraguay seizes Ueno Bank38:01 - Why Bitcoin is the last trade42:42 - Property rights, and why gold beat the S&P 50048:20 - Citi Wealth puts Bitcoin ETFs in front of advisors51:29 - Wall Street's coming custody problem57:34 - Citrini Research: has AI capex peaked?01:01:38 - Leverage, concentration and the scarcity trade01:04:17 - Test your recovery before you need itABOUT THE SHOWThe 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 once 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.mediaOnramp 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.

Banks and fintechs are about to treat Bitcoin like money, and Michael argues that means keys offline and no single point of failure. Plus Binance's $6.3 billion hack, which Bitcoin barely noticed, Google's MPC custody for banks, and ICE and Hyperliquid.BOOK A CONSULTATIONHolding 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-fs-podGET ON THE LIST• Onramp: our research, event invites, and the week's Bitcoin news in one free email. https://go.onrampbitcoin.com/research-fs-pod• Early Riders Insights: the best content in the ecosystem, weekly. https://www.earlyriders.com/researchABOUT THIS EPISODEMichael argues the real catalyst is banks and fintechs realizing Bitcoin is money: once their clients demand it be treated that way, keys for significant balances go offline and multi-institution custody becomes the logical choice. Google Cloud's new MPC custody service for banks is the first sign, and the hosts weigh it against Bitcoin native multisig. The backdrop is Binance's $6.3 billion hot wallet hack on October 29, the largest theft on record, after which Bitcoin only slipped from about $81K to $77K, a sign of seller exhaustion. The hosts dig into what "made whole" really means, why the biggest honeypots keep drawing North Korea's attention, and why institutions will not take real positions until custody has no single point of failure. Also: ICE and Stanley Druckenmiller backing Trade[XYZ] to bring Hyperliquid perps to the US, SoFi's first crypto numbers, breaches from Chainalysis to BTCPay Server, and Y Combinator's crypto request for startups.CHAPTERS00:00 - Welcome: grid fears and a week of hacks04:25 - Binance loses $6.3B in the largest theft on record07:32 - Why Bitcoin barely moved08:26 - What "made whole" means, and the human attack surface14:15 - The CFTC's onshore pitch and North Korea's IBIT shortlist19:50 - Why custody caps institutional adoption24:09 - Why banks partner with Coinbase, and the honeypot problem27:18 - Chainalysis, Polymarket, Datavault AI and the privacy squeeze32:10 - Google Cloud's MPC custody for banks, and why keys belong offline41:49 - ICE and Druckenmiller bring Hyperliquid perps onshore46:08 - SoFi's first crypto numbers48:29 - Single point of failure of the week: Bitcoin Core, BTCPay Server and more51:09 - Bitcoin at $177K, AI bugs and a $1M Bitcoin world55:09 - Y Combinator's crypto request for startups58:15 - An AI agent in the Pentagon, Grok limits and Altman on DRAMABOUT THE SHOWFinal Settlement is a weekly show on capital markets, dealmaking, early-stage venture, Bitcoin applications, and protocol development, presented by Early Riders and Onramp Media with Michael Tanguma, Liam Nelson, and Brian Cubellis.• Connect with Early Riders: https://www.earlyriders.com/contact• Michael: https://x.com/MTanguma · Liam: https://x.com/Lnelson_21 · Brian: https://x.com/BackslashBTCMORE FROM ONRAMP MEDIA• The Last Trade and First Principles: https://www.youtube.com/@OnrampMedia• Signal vs Noise, live once a week: https://www.youtube.com/@SignalvsNoiseLIVE• Audio, every show: https://podcasts.apple.com/us/podcast/id1690709152 or search Onramp Bitcoin Media on Spotify• News and data: https://onramp.mediaOnramp 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.

Wealthy families have always borrowed against their assets instead of selling them, and Bitcoin holders spent years without a safe way to do the same. Cam Stromme sits down with Himanshu Sahay, co-founder of Arch, on how a Bitcoin-backed loan should work and what to demand from any lender.Guest: Himanshu Sahay, co-founder of Arch, a Bitcoin-backed lender.X: https://x.com/hhsahayArch: https://archlending.com/Arch on X: https://x.com/ArchLendingBOOK A CONSULTATIONHolding 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-fp-podGET ON THE LISTOur research, event invites, and the week's Bitcoin news in one free email.📩 https://go.onrampbitcoin.com/research-fp-podABOUT THIS EPISODEHimanshu Sahay built consumer apps at Tinder, Bird and Snap before co-founding Arch with Dhruv Patel, and he launched it as the last generation of crypto lenders collapsed. He tells Cam why Bitcoin holders deserve the same buy, borrow, die playbook private banks offer their clients, and what Arch decided to do differently from day one: no rehypothecation, client collateral held at a qualified custodian in segregated addresses borrowers can check themselves, and state lending licenses. They get into who borrows against Bitcoin and why, how margin calls are handled when the price drops on a Friday night, where the dollars behind a loan come from, and what an interest rate that looks too good is telling you. Himanshu also walks through collars that remove margin call risk, a loan built to accumulate more Bitcoin, and why most banks are still years away from lending against it. Onramp has partnered with Arch for nearly two years.CHAPTERS00:00 - Himanshu Sahay and Arch01:12 - From Tinder, Bird and Snap to Bitcoin04:09 - Buy, borrow, die for Bitcoin holders06:27 - Starting a Bitcoin lender in the 2022 collapse08:08 - Why Arch never rehypothecates collateral12:20 - Segregated custody you can verify16:13 - State lending licenses and the BitLicense20:17 - Who borrows against Bitcoin, and why22:56 - Getting a Bitcoin-backed loan in minutes24:54 - Margin calls, price wicks and safeguards31:11 - Loan to value, APR and deferred interest33:09 - Where the lending dollars come from38:02 - Upsizing and rolling over a loan39:39 - Collars, no margin calls and the Bitcoin accumulator44:23 - When banks start lending against Bitcoin48:59 - Borrowing against spot Bitcoin vs ETFs52:12 - The financialization of Bitcoin54:53 - Be curious, and be conservativeABOUT THE SHOWFirst Principles is Onramp Media's show on building and protecting Bitcoin wealth for the long term, hosted by Cam Stromme, Head of Private Wealth at Onramp. Join Cam's conversations with the people building Bitcoin's financial services on how they manage their own Bitcoin, how they weigh risk and tradeoffs, and what they see coming next.MORE FROM ONRAMP MEDIA• The Last Trade and Final Settlement: https://www.youtube.com/@OnrampMedia• Signal vs Noise, live once a week: https://www.youtube.com/@SignalvsNoiseLIVE• Audio, every show: https://podcasts.apple.com/us/podcast/id1690709152 or search Onramp Bitcoin Media on Spotify• News and data: https://onramp.mediaOnramp 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.

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.Bitwise just raised its Bitcoin target to $1.6 million by 2036, and Galaxy says the bear market ended in June, even as Jason Calacanis calls Bitcoin done. Jackson, Michael and Brian explain why Wall Street is turning bullish at $80,000, then cover Google's custody push and the Fed's hold.BOOK A CONSULTATIONHolding 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-podGET ON THE LISTOur research, event invites, and the week's Bitcoin news in one free email.📩 https://go.onrampbitcoin.com/research-tlt-podABOUT THIS EPISODEBitwise's new long-term capital market assumptions put Bitcoin at $1.6 million by 2036, about 34% a year and more than three times JPMorgan's 10%. Galaxy Research argues the bear market ended in June and that Bitcoin has entered the accumulation phase that preceded every prior advance. Against that, Jason Calacanis says Bitcoin will never set a new high, and the hosts explain why loud bear calls tend to show up near bottoms. Franklin Templeton filed for ETFs that reinvest stock dividends into Bitcoin, and VanEck launched a Wealth Builder fund with a Bitcoin sleeve. The single point of failure of the week is Datavault AI, which says it cannot withdraw its Bitcoin from the Biconomy exchange. The hosts also cover Keystone's store breach, Google's MPC custody plans, ICE's 24/7 perpetual futures on Hyperliquid, the Fed's hold, Alphabet's capex and Anthropic's IPO filing.CHAPTERS00:00 - Welcome and the Onramp roadshow03:24 - The third way: Brian's custody report06:23 - JPMorgan's 10% Bitcoin call, revisited09:51 - Bitwise goes to 34% a year10:40 - Jason Calacanis says Bitcoin is done17:54 - Bitwise's $1.6 million target for 203619:21 - Franklin Templeton and VanEck put Bitcoin in the portfolio22:59 - Galaxy: the bear market ended in June25:57 - Coiled at $80,00028:24 - Single point of failure of the week: Datavault AI31:39 - Keystone's breach and the physical attack problem37:42 - Google's MPC custody vs Bitcoin multisig45:34 - ICE, Hyperliquid and 24/7 perpetual futures48:35 - The Fed holds, and nobody has a plan54:33 - Alphabet's capex and Anthropic's IPO57:57 - Why the contrarian trade is gold and BitcoinABOUT THE SHOWThe 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 once 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.mediaOnramp 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.

Anthropic's IPO filing shows $16.3B of first-half revenue and an $80B paper loss, and Jason Calacanis says sell your Bitcoin and buy AI while Galaxy says the bottom is already in. Also on the clock: Microsoft offers buyouts to 60,000 employees, the Dutch government plans 25,000 job cuts, and Coinbase brings Bitcoin into bank apps. Where's the signal, and where's the noise?OPEN A FREE ONRAMP FINANCE ACCOUNTOne free account to buy Bitcoin, use the Onramp Terminal, and access the rest of Onramp: Bitcoin IRA, Bitcoin-backed loans, and Multi-Institution Custody. Recurring buys carry no Onramp trading fee. Active clients are eligible for Onramp-funded rewards up to 5%. Cash back on the Onramp Card converts to Bitcoin in one click. Takes a few minutes to open.👉 https://go.onrampbitcoin.com/finance-svn-podGET ON THE LISTOur research, event invites, and the week's Bitcoin news in one free email.📩 https://go.onrampbitcoin.com/research-svn-podCHAPTERS00:00 - Intro00:48 - Topic 1 - Anthropic's IPO Filing: $16.3B in Revenue and an $80B Paper Loss11:10 - Topic 2 - Jason Calacanis Says Sell Bitcoin, Galaxy Says the Bottom Is In20:35 - Topic 3 - Microsoft's 60,000 Buyouts and the Dutch Government's AI Job Cuts30:35 - Topic 4 - Coinbase, Bank Apps, and New VanEck and Franklin Templeton Bitcoin ETFs40:03 - Wrap-Up & Parting ThoughtsABOUT THE SHOWSignal vs Noise is a weekly livestream and show unpacking the biggest stories across capital, markets, technology, and people, six minutes on the clock for each, with Jackson Mikalic, Michael Tanguma, Liam Nelson, and Brian Cubellis.MORE FROM ONRAMP MEDIA• The Last Trade, 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.mediaOnramp 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.

Most people holding Bitcoin haven't worked out where it should live, and Michael argues that gap is now the biggest opportunity in Bitcoin. Plus Black October, the Pentagon's 90-day grid plan, Visa and Fireblocks, and Anthropic's S-1.BOOK A CONSULTATIONHolding 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-fs-podGET ON THE LIST• Onramp: our research, event invites, and the week's Bitcoin news in one free email. https://go.onrampbitcoin.com/research-fs-pod• Early Riders Insights: the best content in the ecosystem, weekly. https://www.earlyriders.com/researchABOUT THIS EPISODEMost people holding Bitcoin have not worked out where it should live, and Michael argues that gap is the opportunity: custody and financial services built for real balances, as exchanges and other single points of failure keep getting tested. Black October sharpened the point. AI found a long-known PHP flaw and a wave of critical vulnerabilities, and Michael argues the safest assets are the ones severed from the internet. The Pentagon's Fortress America plan wants every major base able to run 90 days without civilian power, and Brian notes what a grid failure would do to the money printer. Also: a thought experiment on lab-made and asteroid gold, a rumored Visa deal for Fireblocks at a steep discount to its 2022 valuation, the OCC's final GENIUS Act stablecoin rule, AI agents inside bank accounts, Standard Chartered buying Zodia Custody, Mastercard Agent Pay, OpenAI at $1.4 trillion, and Anthropic's S-1.CHAPTERS00:00 - Is the internet down? Critical infrastructure under strain05:31 - What if new tech rugs gold, and it flows into Bitcoin08:18 - Visa and Fireblocks: the rumored $2.5B deal12:20 - MPC vs multisig, and why custodians sell for billions22:27 - The OCC finalizes its GENIUS Act stablecoin rule28:10 - AI agents inside bank accounts29:02 - Standard Chartered signs to buy Zodia Custody30:47 - DekaBank, Mastercard Agent Pay and Bitcoin as internet money34:05 - Black October: PHP and a wave of critical vulnerabilities37:38 - There is no moat, and a flatter world43:23 - The Pentagon's Fortress America: 90 days off grid48:39 - OpenAI at $1.4T and Anthropic's S-154:26 - Elon on neocloud debt, Meta and Big Tech's AI spend59:22 - Single point of failure of the week, and the custody opportunity01:03:53 - a16z drops "crypto" from its new fund nameABOUT THE SHOWFinal Settlement is a weekly show on capital markets, dealmaking, early-stage venture, Bitcoin applications, and protocol development, presented by Early Riders and Onramp Media with Michael Tanguma, Liam Nelson, and Brian Cubellis.• Connect with Early Riders: https://www.earlyriders.com/contact• Michael: https://x.com/MTanguma · Liam: https://x.com/Lnelson_21 · Brian: https://x.com/BackslashBTCMORE FROM ONRAMP MEDIA• The Last Trade and First Principles: https://www.youtube.com/@OnrampMedia• Signal vs Noise, live once a week: https://www.youtube.com/@SignalvsNoiseLIVE• Audio, every show: https://podcasts.apple.com/us/podcast/id1690709152 or search Onramp Bitcoin Media on Spotify• News and data: https://onramp.mediaOnramp 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.

Mexicans watched their banks get nationalized, their deposits frozen and the peso lose half its value overnight, so they keep their wealth in bricks. Liam sits down with Gustavo Flores Echaiz, co-founder and CEO of Aureo, on why the country's wealthy are now turning to Bitcoin.Guest: Gustavo Flores Echaiz, co-founder and CEO of Aureo and writer for Bitcoin Optech:X: https://x.com/gustavojfeWebsite: https://www.aureobitcoin.com/esBOOK A CONSULTATIONHolding 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-fs-podGET ON THE LIST• Onramp: our research, event invites, and the week's Bitcoin news in one free email. https://go.onrampbitcoin.com/research-fs-pod• Early Riders Insights: the best content in the ecosystem, weekly. https://www.earlyriders.com/researchABOUT THIS EPISODEGustavo Flores Echaiz explains why about 90% of Mexican household wealth sits in physical assets: bank nationalization in 1982, a 1,000 to 1 currency reset, and the 1994 peso collapse that froze deposits taught a generation to trust real estate over banks. He argues that a concentration of political power, including a judicial overhaul that put every judge up for election, is now pushing wealthier Mexicans toward an asset no government controls. He covers why Banxico bars banks from offering crypto, how stablecoins may force a change, and what Aureo has built since its March 2026 launch, from Bitcoin to bank transfers in seconds to business accounts with multi-user access. Liam and Gustavo also discuss why AI has Bitcoin developers fixing bugs instead of building features, and La Casa de Satoshi in Mexico City.CHAPTERS00:00 - Intro: Gustavo Flores Echaiz returns03:17 - Bitcoin Optech: security fixes replace new features07:33 - Lightning bugs and the end of security by obscurity11:34 - Gustavo's path: Montreal, Bull Bitcoin, Wasabi and Aureo14:12 - Why 90% of Mexican household wealth sits in physical assets16:59 - Bank nationalization, the 1994 peso crisis and a fintech boom21:43 - Mexico's wealthy, concentrated power and Bitcoin as a hedge25:22 - LatAm regulation: Brazil leads, Banxico blocks the banks29:43 - Why stablecoins will force Mexico's hand32:28 - Aureo one year on: buying, selling and OTC36:21 - Direct to Bank: Bitcoin to any Mexican bank in seconds39:28 - Mexican wealth, business accounts and multi-user access46:06 - Education, banks and what Mexican investors ask now48:51 - La Casa de Satoshi: Mexico City's Bitcoin hub52:48 - Aureo research and toolsABOUT THE SHOWFinal Settlement Interview Series: a one on one interview series hosted by Liam Nelson, Partner at Early Riders. One guest, and a deep conversation on the deals, the capital and the technology moving through bitcoin, so you can hear how the people actually doing the work think about where the future is going. Presented by Early Riders and Onramp Media.• Connect with Early Riders: https://www.earlyriders.com/contact• Liam: https://x.com/Lnelson_21• Gustavo: https://x.com/gustavojfe• Aureo: https://x.com/AureoBitcoinMORE FROM ONRAMP MEDIA• The Last Trade and First Principles: https://www.youtube.com/@OnrampMedia• Signal vs Noise, live twice a week: https://www.youtube.com/@SignalvsNoiseLIVE• Audio, every show: https://podcasts.apple.com/us/podcast/id1690709152 or search Onramp Bitcoin Media on Spotify• News and data: https://onramp.mediaOnramp 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.

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.JPMorgan just put a number on Bitcoin for the first time: 10% a year for the next decade, the highest of any asset in its long-term outlook. Jackson, Michael and Brian explain why that number is too low and why Bitcoin's real bull run hasn't started yet, then cover Schwab's Bitcoin rollout and CoreWeave's bond slide.JOIN US IN MINNEAPOLISOnramp After Hours: a happy hour with Cam Stromme at Pryes Brewing in Minneapolis on October 28. Save your spot:📍 https://luma.com/7o9q1htaBOOK A CONSULTATIONHolding 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-podGET ON THE LISTOur research, event invites, and the week's Bitcoin news in one free email.📩 https://go.onrampbitcoin.com/research-tlt-podABOUT THIS EPISODEJPMorgan's 31st Long-Term Capital Market Assumptions gives Bitcoin about 10% a year over the next decade, ahead of US large caps at 7.5% and gold at 5.5%. Brian shows why that is conservative: Bitcoin has beaten 10% in every 10-year window of its history, and he argues its volatility skews up, not down. Schwab has finished rolling out Bitcoin trading to its clients, Germany's Sparkassen are opening Bitcoin to savers, and Switzerland approved its first spot Bitcoin ETF for retail. The hosts cover a USAA outage, the OCC's final GENIUS Act rule, France's 31% tax on crypto-to-stablecoin swaps and an IMF paper on financial repression. They close on CoreWeave bonds below 80 cents, $3.1 trillion of off-balance-sheet AI debt, and why paper gains need a harder money.CHAPTERS00:00 - Welcome and a new bull market04:32 - JPMorgan's first Bitcoin forecast: 10% a year06:16 - Every 10-year window beat 10%10:15 - Why Wall Street changed its tune on Bitcoin15:09 - Bitcoin's volatility is a feature, not a bug18:07 - Schwab completes its Bitcoin rollout21:17 - Every big firm wants a seat at the table25:04 - Sparkassen and Switzerland's first retail Bitcoin ETF26:31 - Single point of failure of the week: USAA goes dark29:38 - Ledger fallout, the GENIUS Act rule and France's 31% swap tax34:24 - Stablecoins near $1 trillion a quarter38:00 - The IMF on financial repression and Trump accounts42:11 - Importing Bitcoin, exporting dollars51:50 - CoreWeave bonds and $3.1T of hidden AI debt1:01:17 - What is breaking beneath the surface1:10:33 - Why Bitcoin's real bull run hasn't startedABOUT THE SHOWThe 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.mediaOnramp 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.

Elon Musk says he will give a SpaceX share to every kid in America next year, about $10B of stock, and the table splits on generosity versus strategy. Also on the clock: 5% Treasury yields and a $2 trillion deficit, CoreWeave default insurance spiking, JPMorgan ranking Bitcoin its top long-run asset, and Germany's Sparkassen opening Bitcoin trading. Where's the signal, and where's the noise?OPEN A FREE ONRAMP FINANCE ACCOUNTOne free account to buy Bitcoin, use the Onramp Terminal, and access the rest of Onramp: Bitcoin IRA, Bitcoin-backed loans, and Multi-Institution Custody. Recurring buys carry no Onramp trading fee. Active clients are eligible for Onramp-funded rewards up to 5%. Cash back on the Onramp Card converts to Bitcoin in one click. Takes a few minutes to open.👉 https://go.onrampbitcoin.com/finance-svn-podGET ON THE LISTOur research, event invites, and the week's Bitcoin news in one free email.📩 https://go.onrampbitcoin.com/research-svn-podCHAPTERS00:00 - Intro00:52 - Topic 1 - Musk Pledges a SpaceX Share to Every Kid in America06:03 - Topic 2 - 5% Treasury Yields, a $2 Trillion Deficit, and Who Buys the Debt11:52 - Topic 3 - CoreWeave Default Insurance Spikes as AI's Debt Bill Comes Due20:20 - Topic 4 - JPMorgan's Long-Term Forecast Ranks Bitcoin First for the First Time25:41 - Topic 5 - Germany's Sparkassen Open Bitcoin Trading to Millions of Customers29:40 - Wrap-Up & Parting ThoughtsABOUT THE SHOWSignal vs Noise is a twice-weekly livestream and show unpacking the biggest stories across capital, markets, technology, and people, six minutes on the clock for each, with Jackson Mikalic, Michael Tanguma, Liam Nelson, and Brian Cubellis.MORE FROM ONRAMP MEDIA• The Last Trade, 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.mediaOnramp 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.

AI agents won't barter, and Michael argues they will coalesce around Bitcoin faster than anyone expects. Plus Schwab turns on Bitcoin trading, Deutsche Bank and Stifel move in, and an OpenAI model spends testnet ETH it never owned.BOOK A CONSULTATIONHolding 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-fs-podGET ON THE LIST• Onramp: our research, event invites, and the week's Bitcoin news in one free email. https://go.onrampbitcoin.com/research-fs-pod• Early Riders Insights: the best content in the ecosystem, weekly. https://www.earlyriders.com/researchABOUT THIS EPISODEAn internal OpenAI model, told to deploy contracts with no funded wallet, derived keys from public seed phrases and spent testnet ETH it did not own. Michael and Liam take that to its conclusion: agents will not barter, and they will settle on native internet money, with Bitcoin the asset they coalesce around. They cover OpenAI's talks to buy Trail of Bits, World ID's new suite for banks and AI agents, Anthropic's public benefit fund, and Meta's Muse Spark Open. Then the digital asset side: Chainalysis finds the US importing Bitcoin again as institutions replace retail as the marginal buyer, Schwab turns on Bitcoin and Ether trading, JPMorgan brings JPM Coin to Ethereum, Deutsche Bank readies custody, and Stifel takes a stake in Meow. Brian argues every incumbent move is now defensive, and Michael sketches a Bitcoin savings layer that agents can spend from.CHAPTERS00:00 - Cold open: AI agents won't barter01:41 - An OpenAI model spent testnet ETH it didn't own03:12 - Why AI agents will coalesce around Bitcoin05:24 - AI labs are becoming digital asset companies07:39 - OpenAI in talks to buy Trail of Bits10:16 - World ID for banks, deepfakes and AI agents18:46 - Anthropic's public benefit fund and Elon's SpaceX pledge24:52 - Meta's Muse Spark Open and AI capex concentration28:53 - Ramp at $60B and the second-order AI winners29:56 - Chainalysis: the US is importing Bitcoin again31:55 - AI-to-AI commerce and agents with native wallets37:41 - Schwab turns on Bitcoin, JPM Coin goes to Ethereum43:06 - Deutsche Bank, Stifel and Meow: incumbents on defense51:10 - Stripe, Privy and a Bitcoin savings layer for agents54:36 - Ledger attack update and the chop in the 80sABOUT THE SHOWFinal Settlement is a weekly show on capital markets, dealmaking, early-stage venture, Bitcoin applications, and protocol development, presented by Early Riders and Onramp Media with Michael Tanguma, Liam Nelson, and Brian Cubellis.• Connect with Early Riders: https://www.earlyriders.com/contact• Michael: https://x.com/MTanguma · Liam: https://x.com/Lnelson_21 · Brian: https://x.com/BackslashBTCMORE FROM ONRAMP MEDIA• The Last Trade and First Principles: https://www.youtube.com/@OnrampMedia• Signal vs Noise, live twice a week: https://www.youtube.com/@SignalvsNoiseLIVE• Audio, every show: https://podcasts.apple.com/us/podcast/id1690709152 or search Onramp Bitcoin Media on Spotify• News and data: https://onramp.mediaOnramp 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.