On the 100th episode of The Last Trade, Mark Yusko of Morgan Creek Capital joins to unpack the MetaPlanet story, explaining why Japan's unique tax arbitrage — 52% on directly held Bitcoin versus 20% inside a corporate wrapper — gave MetaPlanet and CEO Simon Gerovich a structural advantage unavailable to US-based Bitcoin treasury companies. Yusko draws parallels between Gerovich and Michael Saylor, arguing that charismatic, visionary leadership is the common thread behind every great Bitcoin treasury company, and that size eventually becomes the enemy of alpha for large institutional managers reluctant to allocate to non-consensus assets. The conversation broadens into Bitcoin's long-term price thesis, with Yusko predicting Bitcoin will reach $1 million by September 2029, driven by each halving cycle adding a zero to the price, and framing Bitcoin as digital gold destined to absorb the monetary premium currently embedded in gold, real estate, and bonds. Yusko also discusses stablecoins as a necessary payment rail bridge to a Bitcoin-native financial system, the importance of self-custody, and emerging investment opportunities in photonic computing and in-memory processing as AI infrastructure plays.