Proof of Reserves Is Insufficient

The Last Trade: Jackson, Michael, and Brian break down Operation Epic Fury's energy shock, private credit gates, the wealth gap going parabolic, Morgan Stanley's Bitcoin ETF, Fidelity's case for getting off zero, and why the money printer excuse just arrived.

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The Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset… in the digital age, it's The Last Trade that investors will ever need to make.

🎙️ About This Episode

Four weeks into the Iran conflict and the system is cracking. Inflation expectations are reversing, private credit funds are gating withdrawals, and the Philippines just declared a national energy emergency. The Fed is boxed in — can't cut, shouldn't hike, and the excuse to print is writing itself. Meanwhile, Morgan Stanley is about to launch a Bitcoin ETF that will force active solicitation over latent demand, Fidelity says fiduciaries at zero need a reason they don't have, and Bybit's proof of reserves exposes why snapshots aren't security. The crew makes the case that the big print is coming — and Bitcoin is the exit.

🧠 Chapters

00:00 — Energy Crisis & Macro Backdrop

04:40 — Inflation Was Never Handled

06:47 — The Excuse to Print

13:13 — Private Credit Unwind

19:20 — Sellers Are Exhausted

23:33 — Things Are Breaking

31:49 — ETF Inflows & Morgan Stanley

38:26 — Fidelity: Getting Off Zero

44:25 — Bybit & Proof of Ownership

48:28 — Tucker's Gold Scam Exposé

53:47 — Australia Pension Fund Allocation

54:35 — Last Takes, Outro & Disclaimer

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