The Trade Bitcoin Waited Five Years For
August 20, 2026
On this episode of The Last Trade, the hosts argue the Treasury's move to double its debt buybacks functions as early yield curve control, the scenario that has anchored their bitcoin thesis for five years. They also discuss Citi's confirmed bitcoin custody offering and argue for spreading key control across independent keyholders rather than one vendor or exchange -- the design behind Onramp's Multi-Institution Custody.
Jackson opens on the Bloomberg headline that Bessent deployed the buyback in a sign of concern over rising yields, then walks the mechanics: a $2B cap is now a $4B floor, the Treasury's own release claims strong sponsorship from market participants while doing the opposite, and Fred Hickey reads it as desperation after a poor 20-year auction. Brian frames it as inevitable, arguing that euphoric tops become resistance bottoms, that a 70K top five years ago is now a floor, and that this drawdown ran about 54% against past drawdowns of 70 to 80%. Michael points at Japan, where the yen lost roughly half its purchasing power in twelve months, and at Paul Tudor Jones adding back to a position he had shaved down. The back half turns to custody: Citi confirming its Custody Plus platform, the SEC proposing its own rules while the Clarity Act stalls, the Trezor shipping breach weeks after Coldcard, and why an ETF you cannot exit in kind is the wrong answer.
Chapters
04:06 - The Treasury doubles its debt buybacks: $2B cap becomes a $4B floor 07:35 - Euphoric tops become resistance bottoms: this is why Bitcoin exists 08:59 - Japan, the yen, and Paul Tudor Jones adding back 11:35 - The Treasury's press release says the opposite of what it is doing 12:40 - The 1940s precedent: a decade of yield curve control at 120% debt to GDP 16:00 - Fred Hickey on a poor 20-year auction and gold jumping $100 17:37 - Citi confirms Bitcoin custody under its Custody Plus platform 20:17 - Why the Clarity Act may not matter anymore 25:54 - Travis Kling on apathy, and why the price did not move on the SEC news 31:46 - Single point of failure of the week: the Trezor shipping breach 34:21 - Changing the logic of violence: how not to be the easiest target 39:40 - In-kind subscriptions: you can get into the ETF, not out of it 45:04 - The third way: neither trusting yourself nor trusting Coinbase 52:02 - Bloomberg on beating inflation, with no mention of gold or Bitcoin 1:01:19 - Robinhood's super cycle and the grand super cycle of rugged 1:06:14 - Young Americans turn on AI, and what that means for Bitcoin 1:13:00 - The New York happy hour, and what is next
Frequently Asked Questions
What did the Treasury's debt buyback increase mean for bitcoin, according to The Last Trade?
Jackson explains the Treasury doubled its daily debt buyback cap from $2B to $4B, which the hosts read as the start of yield curve control, the debt-monetization scenario central to their bitcoin thesis. (04:06)
Why do the hosts say bitcoin's old price top has become a floor?
Brian argues bitcoin's cycle top from roughly five years ago has become a new price floor, and that this drawdown ran about 54% versus the 70-80% declines seen in past cycles. (07:35)
What did Citi's bitcoin custody announcement signal for institutional adoption?
The hosts discuss Citi confirming a bitcoin custody offering under its Custody Plus platform, framing it alongside the SEC's proposed digital-asset rules and the stalled Clarity Act. (17:37)
How does Onramp's custody model address the risks the hosts raise about self-custody and exchange custody?
Discussing the Trezor shipping breach and ETF in-kind redemption limits, the hosts argue for spreading key control across independent keyholders rather than trusting a single device or exchange, the structure behind Onramp's Multi-Institution Custody. (34:21-45:04)
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.