Why Wall Street is Quietly Fueling Bitcoin's Most Hated Rally

The Last Trade: Jackson, Michael, and Brian break down PTJ's bitcoin conviction, equities at 252% of GDP, TradFi's gold underweight, Sztorc's "eCash" fork, the Strategic Bitcoin Reserve tease, & why custody governance rights matter.

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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

Record onboardings for Onramp Finance, with Genesis spots still open (code TLT for additional sats). PTJ reaffirms his bitcoin thesis on Invest Like the Best while the macro setup for hard assets sharpens: equities at 252% of GDP, all-time-high equity allocations, and B of A private clients at just 0.4% gold. Plus Witt's reserve announcement tease, Sztorc's proposal to fork bitcoin and redistribute Satoshi's coins, and why governance rights at ETFs, DATs, and centralized custodians may prove decisive.

🧠 Chapters

00:00 — Genesis & Onboarding Momentum

04:01 — PTJ on Bitcoin: Finite Scarcity

11:22 — Equities at 252% of GDP

16:30 — Gold's Merit & Severe Underweight

22:50 — Citi's Balanced Bitcoin Thesis

26:40 — Lepard, Trimmed Mean Inflation & Warsh

30:25 — Strategic Bitcoin Reserve Tease

38:30 — Bitcoin Conference Signal & Noise

42:30 — Sztorc's "eCash" Fork

46:20 — Governance Rights at ETFs & DATs

49:30 — Deutsche Bank's "Return of History"

57:30 — Last Takes & Disclaimers

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