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The Sovereign Shift: Bitcoin, Gold, & Nation-State Game Theory

Sep 26, 2025

Blake Killian, newly appointed Chief Marketing Officer at OnRamp, joins Jackson Mikalic, Michael Tanguma, and Brian Cubellis for his first appearance on The Last Trade. The discussion begins with Blake's background spanning over 20 years in digital strategy and media, his Bitcoin orange-pilling journey starting in 2020, and his vision for closing the messaging and clarity gap that holds Bitcoin adoption back from the mainstream. The team then pivots to nation-state Bitcoin adoption and the shifting sovereign game theory, examining data from the Bitcoin Policy Institute showing one in six nations already holds Bitcoin exposure through mining, reserves, or legislative proposals. Brian highlights that this sovereign accumulation is not yet priced into Bitcoin and represents a fundamental repricing catalyst as countries recognize gold and Bitcoin as the only neutral reserve assets.

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