Jackson, Brian, and Michael break down the escalating Middle East conflict and its ripple effects across oil, gold, and Bitcoin markets. The episode covers oil's spike to $120 per barrel, why physical gold is trapped at a discount in Dubai while Bitcoin thrives as a portable risk-off asset, and Bitcoin reaching its 20 million supply milestone. The hosts debut their new Signal or Noise segment, discussing NASDAQ and Kraken's tokenized equity partnership, cracks emerging in private credit funds like Cliffwater and Blue Owl, and the IRS's controversial new crypto audit form. The episode closes with Last Takes on asymmetric drone warfare, Bitcoin environmental misinformation, and the importance of first-principles thinking.