Gold, US Debt Costs and Bitcoin Custody
October 15, 2026
This episode of The Last Trade, a show from Onramp Media, has Jackson Mikalic, Michael Tanguma and Brian Cubellis discussing bitcoin custody, banks entering crypto, federal interest costs and AI spending. Onramp Media produces the show for informational purposes only, and nothing in it is investment advice.
Jackson Mikalic, Michael Tanguma and Brian Cubellis discuss reported reseller-channel incidents involving hardware wallets, JPMorgan's estimate of crypto inflows and Standard Chartered's reported UAE launch. Michael argues that neither self-custody alone nor a single custodian is enough for bitcoin to serve as global money. The hosts then cover federal interest costs relative to US gold reserves, a 3.7% CPI print, gold revaluation versus a bitcoin reserve, and Alphabet's reported $205 billion AI spending plan. This is the show's framing, not investment advice from Onramp.
Chapters
00:00 - Welcome and the Minneapolis meetup 03:02 - JPMorgan's Crypto Inflow Estimate and Standard Chartered's Reported UAE Launch 04:20 - Reported Hardware-Wallet Reseller Incidents and Trezor's Reseller Changes 05:50 - The Hosts on Banks and Self-Custody 09:47 - Michael's Case for a Third Way 13:18 - The Hosts on Self-Custody Tradeoffs and Inheritance 15:52 - The Hosts on How Wealthy Investors View Bitcoin 20:50 - Galaxy's Research on Bitcoin Ownership 25:40 - The Hosts on Federal Interest Costs and US Gold Reserves 27:14 - Long bonds, global yields and a 3.7% CPI print 29:50 - Gold revaluation vs a Bitcoin reserve 33:33 - The Hosts' Case on Tokenization and Bitcoin 37:54 - The Hosts on Qualified Custody and ETFs 42:08 - The Hosts on France, Blackstone and US Monetary Policy 49:41 - Alphabet's $205B AI spending plan 56:10 - The Hosts on Inflation and AI Spending 59:14 - Ten stocks, 39.5% of the S&P 500
Frequently Asked Questions
What custody topics do the hosts cover?
The hosts discuss reported hardware-wallet reseller incidents (04:20), banks entering custody (05:50), and Michael's argument for a middle path between self-custody and a single custodian (09:47). This is the show's framing, not investment advice from Onramp.
What do the hosts say about US gold reserves and federal interest?
At 25:40 the hosts discuss federal interest costs relative to the value of US gold reserves, followed by long bonds, global yields and a 3.7% CPI print (27:14), and gold revaluation versus a bitcoin reserve (29:50).
Which institutional news items are discussed?
The hosts cover JPMorgan's estimate of crypto inflows and Standard Chartered's reported UAE launch (03:02), Galaxy research on bitcoin ownership (20:50), and Blackstone and France (42:08), as the episode presents them.
How does the episode treat AI spending and the stock market?
The hosts discuss Alphabet's reported $205 billion AI spending plan (49:41), whether inflation is AI driven (56:10), and the share of the S&P 500 held by ten stocks (59:14). This is the show's framing, not investment advice from Onramp.
This episode is editorial and educational content. Onramp does not provide tax, legal, or investment advice. Bitcoin is volatile and may lose value. Past performance does not guarantee future results.