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.Bitcoin is back where it was five years ago, and it sits beside gold as one of 2026's two worst major assets, a first in Charlie Bilello's data. Jackson, Michael and Brian explain why that makes inflation protection cheap before the big print.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 EPISODEBrian opens on the complaint everywhere this week, no gains in five years, and answers it with 2017: the top, the flat years, and what came next. Jackson and Michael cover the launch of Onramp's custody for businesses and why dollar-cost averaging holds up through a drawdown. Then the Jensen Huang scandal, why Nvidia is practically the market, and Anthropic's IPO as the AI trade's next test. Ledger CEO Pascal Gauthier's warning that everyone gets hacked eventually leads to the bigger question: how Bitcoin scales to a million dollars without one failure knocking holders out of the game. Macroscope's big print thesis says inflation protection gets sold cheap before the printing starts, and Brian points to COVID as the last time it happened. The quick hits close on Bilello's stat that Bitcoin and gold are down together, plus Coinbase's federal trust charter and BlackRock's record in-kind conversions.CHAPTERS00:00 - Bitcoin in the $70,000s and the five-year complaint03:53 - Onramp launches custody for businesses07:20 - Why dollar-cost averaging still holds up08:53 - The Jensen Huang scandal and Nvidia's hit14:49 - Binance, Nvidia and the machine18:05 - Anthropic's IPO and the AI trade20:00 - The big print: not if, but when22:21 - Ledger's CEO: everyone gets hacked eventually28:16 - KYC data and the next attack surface29:52 - Can Bitcoin scale to a million dollars?34:29 - Macroscope: buy protection before the print38:10 - GPUs, fiat and when money dies41:43 - Lawrence Lepard and the pain of holding46:17 - Why the five-year number is cherry picked49:18 - Ask Onramp and Binance's iOS warning55:26 - Quick hits: Coinbase's charter and BlackRock in-kind56:20 - Bitcoin and gold: 2026's two worst assetsABOUT 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• 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.

Michael argues AI agents won't want dollars that can be seized, and that every model lands on Bitcoin as their native currency by about 2032. Plus Nvidia's key man risk after a $3 trillion AI selloff, the CFTC's stock perps fight, Coinbase's full trust charter, and miners leaving for AI.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 that once AI agents are smart enough to build their own plumbing, they will not want to barter in dollars that can be seized, and that any model you run lands on Bitcoin as the native internet currency for agents by roughly 2032. The backdrop is a post-midterm AI selloff that erased roughly $3 trillion in a day, with Nvidia now about 8% of the S&P 500 and Jensen Huang at the center of a national security story, which Liam calls a key man risk for the whole economy. Brian frames Bitcoin as savings versus speculation, and Liam notes that Core Scientific and IREN are leaving Bitcoin mining for AI, removing one of the cycle's biggest forced sellers. Also: the CFTC's single-stock perpetual futures and the Capital Markets Alliance lawsuit, Coinbase's full national trust charter, NYSE choosing Avalanche, Visa's $25 billion stablecoin run rate, Moscow Exchange listing Bitcoin on December 1, and where the moats are now.CHAPTERS00:00 - Welcome and Austin events03:19 - Nvidia's key man risk and the $3 trillion AI selloff09:34 - Can China copy Nvidia? Export controls and Chip War14:46 - Why Bitcoin is the best AI trade17:41 - The CFTC approves single-stock perps, and Wall Street sues26:10 - Sherrod Brown, Elizabeth Warren and crypto after the midterms30:48 - Coinbase gets a full national trust charter35:13 - The tokenization race: DTCC, NYSE on Avalanche and OKX42:54 - Tokenized Bitcoin and Saylor's Bitcoin bank47:01 - Stablecoins: Visa's $25B run rate, Samsung Wallet and Nigeria51:12 - Why AI agents will pick Bitcoin over dollars by 203252:37 - Core Scientific and IREN exit mining for AI, and the forced sellers57:58 - Moscow Exchange lists Bitcoin, FinCEN targets MEXC01:01:12 - Single point of failure of the week: ueno bank, Crédit Mutuel Arkéa and Japan's ATMs01:03:47 - Claude's finance agent and where the moats are nowABOUT 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.

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.