Vanguard Just Flipped On Bitcoin
July 9, 2026
In the July 9, 2026 episode of The Last Trade, presented by Onramp Media, hosts Jackson Mikalic, Michael Tanguma, and Brian Cubellis break down Vanguard's surprise job listing for a head of digital assets inside its personal wealth division and what TradFi's reluctant capitulation really signals. The episode also covers bitcoin's roughly 50% retrace into the $60Ks, Bill Miller's case for bitcoin's intrinsic value, and the culture downstream of debasement.
The crew opens on Vanguard's listing for a head of digital assets in its personal wealth division, weighing whether it's a career-maker or a bureaucratic trap inside a $10T passive giant that only recently allowed Bitcoin ETFs on its platform. They compare the inertia across TradFi, from Fidelity Digital Assets and Charles Schwab's live brokerage to Franklin Templeton's more aggressive push, and note the new Vanguard CEO ran iShares during the iBit launch. Brian unpacks Bill Miller's piece on Bitcoin's intrinsic value, arguing a 17-year discount to terminal value persists because so few understand money itself. Michael ties the monetization path to education, micropayments (Spark, Cash App), and the Bitcoin and AI convergence, while Jackson points to Scott Bessent's speech on America writing the rules of the next economy alongside stablecoins, the Genius Act, and OpenUSD. The back half turns social: the Mises Institute on the socialist moment and Mamdani, the Cantillon effect and wealth concentration since 1971, skyrocketing gambling-disorder diagnoses in legal sports-betting states, and Apple raising hardware prices 10 to 50% overnight. They wrap on a running tally of crypto and KYC data breaches, 29 incidents and 31M+ records over seven years, and why self-custody and sovereignty matter more than ever.
Chapters
00:00 - Introduction and Excitement for the Episode 01:30 - Discussion on Vanguard's New Role in Digital Assets 04:57 - Challenges of Traditional Financial Institutions 09:30 - Market Dynamics and Bitcoin's Momentum 13:52 - Bitcoin's Intrinsic Value and Market Perception 18:05 - The Role of Education in Bitcoin Adoption 24:19 - The Future of Digital Assets and Inflation 30:44 - Convergence of Bitcoin and AI in the Future 36:17 - The Future of Money and Tokenization 41:43 - Understanding Bitcoin's Value and Scarcity 42:01 - The Rise of Socialism in America 49:11 - Wealth Concentration and Economic Inequality 52:59 - Gambling Disorders and Economic Desperation 58:21 - Consumer Product Price Increases and Class Divides 01:03:57 - Data Breaches and the Permanent Underclass
Frequently Asked Questions
Why is Vanguard hiring a head of digital assets?
Vanguard, a $10 trillion passive giant that only recently allowed Bitcoin ETFs on its platform, posted a listing for a head of digital assets in its personal wealth division. The Last Trade hosts weigh whether the role is a career-maker or a bureaucratic trap beginning at 01:30, noting the new Vanguard CEO ran iShares during the iBit launch.
Why has bitcoin retraced 50%?
Bitcoin has retraced roughly 50% into the $60Ks, and the hosts argue momentum, not Saylor, is what has been driving price. The market dynamics discussion begins at 09:30.
What is Bill Miller's case for bitcoin's intrinsic value?
Bill Miller argues bitcoin has intrinsic value, and the hosts contend a 17-year discount to terminal value persists because so few people understand money itself. The segment begins at 13:52.
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.