The Last Trade: Marty Bent breaks down bitcoin’s 2026 setup, Fed vs Treasury tension, and why the denominator is breaking.

🎙️ About This Episode

Marty Bent (TFTC) joins the show to explain why 2025 looked like a year of consolidation, how tax-loss harvesting and year-end positioning may have created artificial pressure, and why the next leg could be driven by something deeper than a typical cycle narrative.

We discuss the “Last Trade” order of operations, where gold and silver absorb the first wave of sovereign and institutional stress, and Bitcoin increasingly earns the bid as the superior digital reserve asset. We also dig into the growing public tension between the Fed and Treasury, why “independence” is starting to look like theater, and how trust erosion is becoming a primary macro driver.

From there, we debate the role of stablecoins as rails versus money, the risks of CBDC/digital ID creep, and why sovereignty still has a high bar. Finally, we close on AI: the productivity unlock for high-agency builders, the coming barbell economy, and why sound savings matter more in a world where technology accelerates deflation while policy accelerates debasement.

🧠 Chapters

00:00 — Marty Bent Returns & Bitcoin Starts 2026 Strong 05:52 — Sovereign Stress & Bitcoin as a Neutral Reserve 12:14 — Fed vs Treasury, Monetary Authority, Trust Erosion 17:13 — Fraud, Waste, & the Hard Asset Rotation 27:24 — Stablecoins, CBDCs, Digital ID Risk 34:28 — AI, Privacy, Productivity, Agency Divide 52:07 — Gold & Silver Dislocations, Physical vs Paper 58:03 — Broken Denominator, Supercycle Framing 01:08:53 — Guest Requests & Onramp Update 01:11:28 — Outro & Disclaimer