Saylor Is Buying 10,000 Bitcoin a Day — Here's the Problem

The Last Trade: Jackson, Michael, and Brian break down Saylor's Stretch product absorbing 10k BTC per day, the Goldman Bitcoin ETF filing, Kevin Warsh's crypto portfolio, Justin Sun suing Trump, Allbirds pivoting from shoes to AI, & why record consumer pessimism makes the case for bitcoin.

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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

Stretch is now the marginal buyer of bitcoin and the crew breaks down why marketing it as "money-market-like" is misleading when it's preferred equity with no legal claim on the bitcoin. Meanwhile, treasury companies have quietly sold their holdings while nobody noticed, Goldman filed a Bitcoin Premium Income ETF, Justin Sun is suing the Trump family over World Liberty Financial, and Allbirds pivoted from shoes to AI and mooned 800%. A record 54% of Americans say their financial situation is worse than a year ago, inflation expectations just hit 4.8%, and the case for holding spot bitcoin has never been clearer.

🧠 Chapters

00:00 — Back to All-Time Highs (Except Bitcoin)

02:33 — Stretch: Marketing vs The Real Risks

09:07 — Don't Mess Up the Monetization Phase

13:20 — Treasury Companies Quietly Selling Bitcoin

19:32 — Retail vs. Institutional: Both Sides of the Mouth

22:01 — Kevin Warsh's Crypto Portfolio

25:18 — World Liberty Financial & Justin Sun

28:58 — Goldman's Bitcoin ETF Filing

38:02 — Allbirds Pivots to AI, Moons 800%

42:42 — Record Consumer Pessimism

47:41 — Fake Ledger App Drains $9.5M

56:42 — Last Takes: Gold Exports & Intangible Value

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