Onramp Bitcoin Media

The Last Trade: Jackson, Michael, and Brian break down the US military operation in the Middle East, $120 oil, bitcoin's resilience as a wartime asset, the 20M BTC supply milestone, Kraken's Fed master account, private credit cracking, and the IRS's new crypto audit form.

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🔸 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
Oil spiked to $120, gold is trapped in the desert, private credit gates are closing, and the IRS just rolled out a new form designed to catalog every bitcoin holder's exchange history. Meanwhile, Bitcoin is up 7% since the conflict started and 20 million BTC have now been mined with only 1 million left to go.

The crew goes deep on how drone warfare is reshaping geopolitical power dynamics, why Bitcoin's portability advantage over gold has never been more obvious, the Kraken-NASDAQ tokenized equity partnership and Kraken's historic Fed master account, the private credit unraveling from Cliffwater to Blue Owl to BlackRock, and why sellers may finally be exhausted around these levels. Plus a new segment — Signal or Noise — and a reminder from Daniel Batten on why thinking from first principles has never been more important.

🧠 Chapters
00:00 — Intro & New Format
01:30 — The Middle East Conflict
04:07 — Drone Warfare & $120 Oil
07:36 — Bitcoin Up 7% During a War
12:01 — Gold Trapped, Bitcoin Isn't
16:40 — Privacy, Chamath & the Open Ledger
19:46 — 20 Million BTC Mined
25:03 — Signal or Noise: Kraken & Tokenized Trading
29:58 — Private Credit Is Cracking
37:35 — The IRS Crypto Audit Form
53:50 — The Last Takes
1:03:24 — 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 - Introduction to Ledn and Bitcoin Lending
03:56 - Discussing the State of Bitcoin Leverage
06:42 - Understanding Risks in Bitcoin Lending
09:46 - The Impact of Market Dynamics on Bitcoin Lending
12:48 - The Importance of Transparency in Lending
15:47 - The Role of Institutional Investors in Bitcoin Lending
18:45 - Lessons from Venezuela: Mauricio's Journey to Bitcoin
21:59 - The Future of Bitcoin Lending and Ledn’s Vision
33:20 - The Birth of Ledn: A Solution to a Common Problem
35:35 - Understanding ABS: Transforming Bitcoin Lending
44:13 - Investment Grade Ratings: A Game Changer for Bitcoin Loans
52:20 - The Future of Bitcoin Loans: Bridging Traditional and Crypto Finance
59:16 - Navigating Competition: Banks Entering the Bitcoin Space

If you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly.

Links discussed:
https://www.galaxy.com/insights/research/state-of-crypto-leverage-q4-2025
https://finance.yahoo.com/news/blockfills-ceo-exits-75-million-205445687.html
https://www.theblock.co/post/392732/crypto-lender-blockfills-restructuring-after-halting-withdrawals-lawsuit-ft
https://www.ledn.io/post/ledn-abs
https://www.ledn.io/post/tether-invests-in-ledn
https://www.ledn.io/post/ledn-posts-record-q3

Keep up with Mauricio:
https://x.com/cryptonomista
https://www.linkedin.com/in/mauricio-di-bartolomeo-780284101/

Keep up with Liam:
https://x.com/Lnelson_21
https://www.linkedin.com/in/liam-nelson1/

Keep up with Brian:
https://x.com/BackslashBTC
https://www.linkedin.com/in/brian-cubellis-00b1a660/

In Episode 25 of The ₿roadcast, Bram Kanstein, Michael Tanguma, and special guest Matt Odell break down the most important Bitcoin and macro developments from the past few weeks.

00:00 — Intro & Welcome Matt Odell
02:55 — Assassination Markets & the Polymarket Phenomenon
09:16 — AI Is Eating White Collar Jobs & Nobody's Ready
24:26 — The Dot Plot Has Never Been Wider
36:48 — What Dalio & Chamath Get Wrong About Bitcoin
45:41 — Gold Has Counterparty Risk Too
49:43 — ETFs Stripped Bitcoin of Its Safe Haven Properties
01:01:39 — TradFi Is in Its 2017 Crypto Moment
01:07:32 — Bitwise Showed Up, Saylor Tried to Stop It
01:17:13 — DATs Are Puking & Saylor's Hoarding Cash

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: James Camp, co-founder of APFX, joins the crew to break down the multi-trillion dollar AI agent economy, why Bitcoin and stablecoins aren't in competition, and why the next bull market has nothing to do with retail investors.

---
🔸 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

James Camp on X: https://x.com/JamesonCamp
Website: https://james.camp/

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
A multi-trillion dollar economy is being built beneath the one you know. James Camp — pragmatist, Bitcoiner, and AI implementation consultant — joins the crew to map out the agent economy taking shape right now, why AI agents will likely settle on Bitcoin as a long-term store of value even as stablecoins handle day-to-day transactions, and what the Jack Dorsey/Block layoffs actually signal about where corporate America is headed.
The conversation covers quantum FUD, the order of operations for hyperbitcoinization, why the average American doesn't need to care about Bitcoin for it to win, and what it means to be a pragmatist before you're a Bitcoiner.

🧠 Chapters
00:00 — Intro & James's Bitcoin Origin Story
08:30 — How AI Agents Prefer to Transact
16:45 — Bitcoin vs. Stablecoins: Why Both Win
24:00 — BPI's AI Agent Monetary Study
31:15 — Jack Dorsey, Layoffs & Financial Engineering
42:00 — Quantum FUD & Why It's Mostly Noise
49:30 — The Invisible Hand & Where Capital Flows Next
57:00 — Intermediaries, Self-Custody & the Middle Ground
1:04:00 — Cyborgs, Brain Chips & the Amish Option
1:10:00 — The Poorest of the Rich: James's 5-Year Bet
1:14:00 — 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 - Introduction and Context Setting
02:52 - Layoffs and Market Reactions
06:09 - AI's Impact on Workforce and Economy
08:55 - The Role of Technology in Business
11:48 - Long-term Economic Perspectives
14:48 - The Future of AI and Consumer Spending
17:49 - Stablecoins and Financial Innovations
25:36 - The Rise of Stablecoins and Payment Companies
29:48 - Banking Innovations and Digital Asset Custody
34:43 - Consumer Behavior and Bitcoin Adoption
39:38 - The Future of AI Agents and Marketplaces
45:38 - Bitcoin Adoption Trends and Institutional Interest

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/balajis/status/2027146933136150867?s=46
https://www.coindesk.com/business/2026/02/24/mark-zuckerberg-s-meta-is-planning-stablecoin-comeback-in-the-second-half-of-this-year
https://x.com/segall_max/status/2026313469960896538?s=20
https://www.theblock.co/post/391123/fintech-giant-stripe-circles-possible-paypal-acquisition-bloomberg?utm_source=telegram1&utm_medium=social
https://www.theblock.co/post/391244/stripe-co-founder-predicts-torrent-of-ai-agent-commerce-powered-by-stablecoins
https://x.com/zoomerfied/status/2027504105753649318?s=20
https://x.com/bank_reg/status/2027408867093836017?s=20
https://x.com/TFTC21/status/2027383251522773238?s=20
https://decrypt.co/359312/morgan-stanley-offer-bitcoin-custody-trading-yield-lending-exec
https://x.com/bank_reg/status/2027408867093836017?s=20
https://x.com/cultured/status/2026677118701289897
https://www.theblock.co/post/391275/circle-shares-25-earnings-beat-allaire-usdc-transactions-50-share?utm_source=telegram1&utm_medium=social
https://river.com/content/bitcoin-adoption-2026

Keep up with Michael:
https://x.com/MTanguma

https://www.linkedin.com/in/mtanguma/

Keep up with Liam:
https://x.com/Lnelson_21

https://www.linkedin.com/in/liam-nelson1/

Keep up with Jackson:
https://x.com/macrojack21
https://www.linkedin.com/in/jacksonmikalic/