Trump Says Inflation Will Pay Off the Debt
October 8, 2026
In this episode of The Last Trade from Onramp Media, the hosts react to President Trump telling Time that certain levels of inflation will pay off the national debt. They argue debasement strengthens the case for hard assets like bitcoin; this is the hosts' view, not a recommendation.
In an interview with Time, President Trump said certain levels of inflation will pay off the national debt very rapidly, a sharp break from the tough talk on inflation from the Fed and the Treasury. Brian argues there is no political room for spending cuts or higher taxes, which in his view leaves debasement as the way out and makes the case for hard assets like bitcoin. Michael argues most people still miss that the money is broken. The hosts then look at a lopsided S&P 500, which they say has 52% of stocks at least 20% below their highs, AI capex draining hyperscaler free cash flow, the White House AI Accord, and OpenAI's reported $30 billion raise with UAE funds. They debate whether institutional smart money is really smart, answer an Ask Onramp question on multi-institution custody, discuss FinCEN withdrawing its unhosted wallet and mixer proposals, and close on BitGo's push into prime brokerage and why the hosts see custody as not a race to zero.
Chapters
00:00 - Bee stings, rattlesnakes and the Minneapolis meetup 05:19 - Trump says inflation will pay off the debt 06:22 - Why debasement is the only way out 12:35 - Digital price tags and inflation amnesia 14:09 - Half the S&P 500 is in a bear market 17:40 - AI capex, Anthropic's S-1 and the burn rate 19:57 - The White House AI Accord 24:56 - OpenAI, DeepSeek and the AI funding frenzy 30:54 - Is smart money actually smart? 36:21 - Institutions are still underweight Bitcoin 37:06 - Gold, sovereigns and Bitcoin on the balance sheet 39:03 - Single point of failure of the week 42:10 - Ask Onramp: do I hold a key? 44:34 - FinCEN drops the unhosted wallet and mixer rules 50:54 - BitGo bets on prime brokerage 57:27 - Why custody is not a race to zero 1:00:08 - Custody that lets you hold more Bitcoin 1:04:38 - Robinhood's Bitcoin buy
Frequently Asked Questions
What did Trump say about inflation and the national debt?
In an interview with Time, President Trump said certain levels of inflation will pay off the national debt very rapidly, which the hosts contrast with the Fed and Treasury's tougher tone (see 05:19).
Why do the hosts connect debasement to bitcoin?
Brian argues there is no political room for spending cuts or higher taxes, which in his view leaves debasement as the way out and supports the case for hard assets like bitcoin (see 06:22).
What changed at FinCEN in this episode?
The hosts discuss FinCEN withdrawing its proposed unhosted wallet and mixer rules (see 44:34).
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.