The Last Trade: Jackson, Michael, and Brian break down AI job displacement, the Strait of Hormuz oil shock, hot PPI data, Wyoming hoarding gold, ETF inflows resuming, the Bitrefill hack, and why the Fed is trapped like a rat.

---

🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership.

👉 Inheritance Planning: https://onrampbitcoin.com/products/inheritance

👉 Dynasty Trusts: https://onrampbitcoin.com/products/dynasty-trusts

👉 Institutional: https://onrampbitcoin.com/products/institutional

📩 Schedule a consultation: https://onrampbitcoin.com/consult

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

AI is coming for 42% of U.S. jobs, the Strait of Hormuz is putting 20M barrels a day at risk — 7x the scale of the Russia-Ukraine oil shock — and PPI just came in hot before oil prices are even reflected. The Fed can't raise, can't cut, and stagflation is setting in. Meanwhile, Wyoming is stashing physical gold in state reserves, the SEC just declared most digital assets aren't securities, and North Korea hit Bitrefill while physical attacks on Bitcoiners are running at 2x last year's pace.

The crew goes deep on why this Middle East crisis is structurally worse than 2022, how the U.S. strategic petroleum reserve is already depleted, the case for states accumulating sovereign hard money reserves, why ETF inflows resuming after a five-session streak matters for market structure, the counterparty risk embedded in Strategy's growing BTC stockpile, and why the SEC/CFTC guidance is both bullish for Bitcoin's price and bearish for humanity. Plus — Signal or Noise returns, and Jackson makes the case that you should stop banking on Bitcoin to save you.

🧠 Chapters

00:00 — Intro & Karpathy's AI Disruption Study

08:40 — Strait of Hormuz & Oil Shock

17:59 — Gold, Oil & the Multipolar Shift

22:27 — Wyoming Is Stacking Gold

31:49 — Strategy, ETFs & Market Structure

40:02 — SEC/CFTC Crypto Guidance

46:01 — Bitrefill Hack & Physical Attacks

52:43 — The Last Takes

59:03 — 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