Through Dec 31: $100/month (or $1,000/year) for your first year of Multi-Institution Custody, normally $2,400. Open a vault, set up a recurring buy, and use code TLT at onrampbitcoin.com. Discounted pricing covers vaults holding up to 25 BTC. Bitwise just raised its Bitcoin target to $1.6 million by 2036, and Galaxy says the bear market ended in June, even as Jason Calacanis calls Bitcoin done. Jackson, Michael and Brian explain why Wall Street is turning bullish at $80,000, then cover Google's custody push and the Fed's hold. BOOK A CONSULTATION Holding Bitcoin for decades raises two questions: who protects it, and how it reaches your family. Onramp answers both. Three institutions protect it, and no single one can lose it, move it, or use it. Inheritance built in. Insured through Lloyd's of London. Speak with our team to see if it fits. 👉 https://go.onrampbitcoin.com/consult-tlt-pod GET ON THE LIST Our research, event invites, and the week's Bitcoin news in one free email. 📩 https://go.onrampbitcoin.com/research-tlt-pod ABOUT THIS EPISODE Bitwise's new long-term capital market assumptions put Bitcoin at $1.6 million by 2036, about 34% a year and more than three times JPMorgan's 10%. Galaxy Research argues the bear market ended in June and that Bitcoin has entered the accumulation phase that preceded every prior advance. Against that, Jason Calacanis says Bitcoin will never set a new high, and the hosts explain why loud bear calls tend to show up near bottoms. Franklin Templeton filed for ETFs that reinvest stock dividends into Bitcoin, and VanEck launched a Wealth Builder fund with a Bitcoin sleeve. The single point of failure of the week is Datavault AI, which says it cannot withdraw its Bitcoin from the Biconomy exchange. The hosts also cover Keystone's store breach, Google's MPC custody plans, ICE's 24/7 perpetual futures on Hyperliquid, the Fed's hold, Alphabet's capex and Anthropic's IPO filing. CHAPTERS 00:00 - Welcome and the Onramp roadshow 03:24 - The third way: Brian's custody report 06:23 - JPMorgan's 10% Bitcoin call, revisited 09:51 - Bitwise goes to 34% a year 10:40 - Jason Calacanis says Bitcoin is done 17:54 - Bitwise's $1.6 million target for 2036 19:21 - Franklin Templeton and VanEck put Bitcoin in the portfolio 22:59 - Galaxy: the bear market ended in June 25:57 - Coiled at $80,000 28:24 - Single point of failure of the week: Datavault AI 31:39 - Keystone's breach and the physical attack problem 37:42 - Google's MPC custody vs Bitcoin multisig 45:34 - ICE, Hyperliquid and 24/7 perpetual futures 48:35 - The Fed holds, and nobody has a plan 54:33 - Alphabet's capex and Anthropic's IPO 57:57 - Why the contrarian trade is gold and Bitcoin ABOUT THE SHOW The Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, and finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, and Brian Cubellis. Join us for the biggest stories shaping bitcoin and digital asset adoption, and what they mean for investors protecting their wealth for the long term. MORE FROM ONRAMP MEDIA • Signal vs Noise, live once a week: https://www.youtube.com/@SignalvsNoiseLIVE • Final Settlement and First Principles: https://www.youtube.com/@OnrampMedia • Audio, every show: https://podcasts.apple.com/us/podcast/id1690709152 or search Onramp Bitcoin Media on Spotify • News and data: https://onramp.media Onramp does not provide financial, tax, or legal advice. Nothing here is a recommendation to buy or sell any asset. This episode is for entertainment purposes only.
