Jesse Kobernick returns to The Last Trade to examine the sound money supercycle playing out across gold and Bitcoin markets as both assets outpace the dollar simultaneously. The episode covers the structural divergence between Bitcoin treasury company equity prices and Bitcoin's spot price, why MicroStrategy and peers have underperformed Bitcoin year-to-date despite bullish sentiment, and the risks inherent in leveraged proxy Bitcoin exposure. The team explores the nation-state adoption acceleration documented by the Bitcoin Policy Institute showing 32 countries with Bitcoin exposure, and how sovereign game theory is reshaping reserve asset diversification away from US Treasury debt. Brian Cubellis frames the macro backdrop as a historic debasement trade where gold and Bitcoin are the only two neutral reserve assets in the world.