Gold Is Pumping, Bitcoin Is Next — Inside the Debasement Trade with James Check

Analyst James Check (Checkmate) joins to unpack the current state of bitcoin and gold markets, the impact of shifting liquidity conditions, the relevance of four-year cycles, the future of bitcoin treasury companies, and why understanding market structure, capital flows, and the debasement trade is key to anticipating bitcoin’s next major move.

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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.

00:00 — Market Overview & Sentiment

03:39 — Are 4-Year Cycles Dead?

06:26 — Liquidity & Macro Regime

09:24 — Gold vs Bitcoin: Signals & Sovereign Bid

11:39 — Institutions vs Retail Demand

13:44 — Onchain: Retail, OG Supply, Smart Money

19:59 — Treasury Companies: MNAV, Risks, Reality

32:15 — Who Buys Next? ETFs, WM, Sovereigns

37:44 — Retail Reflexivity & Hardware Tell

41:42 — Real Inflation & BTC vs Traditional Assets

56:33 — BTC Dominance, Altcoins & Valuation

01:05:40 — Liquidations, Tokenomics & Value Capture

01:13:29 — Barbell: Gold + BTC, Cycles & Leverage

01:24:44 — Outro

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