Morgan Stanley Just Ended the Bitcoin Bear Market

The Last Trade: Jackson, Michael, and Brian break down Morgan Stanley's Bitcoin ETF launch, the FDIC greenlighting the Genius Act, a Tennessee wrench attack ring hunting bitcoiners through DoorDash, Anthropic's Project Glasswing, and why bitcoin's 175% run during QT kills any bear argument.

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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

Morgan Stanley just launched its bitcoin ETF at 14bps, undercutting BlackRock and coming for a $10 trillion wealth platform — the most bullish signal of the cycle hiding in plain sight. The FDIC finally blessed Genius Act implementation, Jamie Dimon is warning JPM has to move faster on tokenization or get Blockbustered, and a Blockware chart shows bitcoin ran 175% during the most aggressive tightening cycle on record. A Tennessee crime ring got busted running wrench attacks through hacked DoorDash accounts, physical attacks on holders are up 75%, and Anthropic's Project Glasswing is exposing a new AI attack surface while the crypto world front-runs its own quantum existential crisis. Security that scales with the stakes has never mattered more.

🧠 Chapters

00:00 — Monitoring the Situation: Theater vs Substance

04:19 — Energy Shortages & COVID Parallels

07:09 — Cash, Gold, Bitcoin & the Optionality Portfolio

13:20 — Capital Flows East: Oil, Stablecoins & the Yuan Toll

23:25 — The Wall Street Wave: MSBT Goes Live

28:18 — Schwab, Cycles & Why Individuals Are Smart Money

37:30 — FDIC Blesses the Genius Act & Tokenization

42:45 — The Chart That Destroys the ZIRP Bitcoin Thesis

47:51 — The $40M DoorDash Wrench Attack Ring

55:12 — Project Glasswing, Mythos & the AI Attack Surface

1:01:15 — The Bridge From ETFs to Real Ownership

1:05:00 — Last Takes: Broken Money, Inflation & Security That Scales

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