With David Thayer (ex-Blackstone), we reset after the pullback: the 5-year lens over daily noise; fiscal dominance and valuations in a broken fiat denominator; AI as a national-security project (energy, chips, compute) that backstops spending; and gold + BTC as “liquidity sponges.” We hit SLR tweaks and stablecoin rails as engineered demand for Treasuries, realistic quantum timelines, Texas’ first ETF allocation, JPM’s new IBIT-linked structured note (what it signals), and why “treasury companies” can’t outrun spot. We close on politicization risk—and how to keep bitcoin’s message human, bipartisan, and savings-focused.

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.

Chapters: 00:00 – Intro to David Thayer, price check, 5-year lens 04:12 – Volatility as opportunity: Thanksgiving playbook 06:07 – AI “bubble” or policy mandate? 11:15 – National security, AI, and quantum risk 17:01 – Fiscal dominance: engineered Treasury demand 26:33 – Gold, China, and the U.S. Bitcoin edge 28:16 – Texas ETF buy & the sound money revival 38:27 – Bitcoin and politics: partisan risk 54:20 – JPM’s BTC note: structure and signal 1:02:28 – Treasury companies vs spot BTC 1:09:29 – Gratitude and the monetary revolution