In Episode 21 of The ₿roadcast, Bram Kanstein, Michael Tanguma, and Brian Cubellis break down the most important Bitcoin and macro developments from the past few weeks.

The conversation centers on Morgan Stanley’s Bitcoin ETF filing, what it really signals about institutional demand, and why the shift from “allowed” to “recommended” marks a new phase of adoption. From AI-driven abundance and information slop to Bitcoin’s role as a verifiable truth anchor, the episode connects Wall Street, custody, regulation, energy, and game theory into a single framework.

00:00 — Bullish on Bitcoin (We’re Back)

03:40 — AI, Vibe Coding, and the Return of the Builder Era

08:10 — Morgan Stanley Files a Bitcoin ETF

12:45 — From Access to Recommendation

17:30 — Financialization, Collateral, and Bitcoin’s Wall Street Endgame

22:20 — “Bear Market” Psychology vs Structural Reality

27:40 — The Supply Problem No One Is Positioned For

32:10 — Gold, Bonds, and the Real Rotation Trade

36:50 — Regulation Signals: The Clarity Act & Political BTC Buys

41:20 — Venezuela, Sovereign Bitcoin, and Strategic Reserves

46:30 — AI, Consciousness, and the Coming Slop Era

52:10 — Bitcoin as a Truth Anchor

57:40 — Prediction Markets, Degeneracy, and Growing Pains

1:01:30 — Hashrate: The Signal That Never Lies

1:06:10 — The Real Adoption Bottleneck: Custody & Physical Risk

1:12:30 — CNBC Panic, Monetary Debasement, and the Inevitable Trend

1:15:40 — Final Thoughts + Where Should We Meet in 2026?

The ₿roadcast: Bitcoin culture meets Business & Finance. We catch up LIVE on news, tweets, videos, charts, trends, and other Bitcoin related content that stood out to us in the past two weeks ⚡️ Published on Saturday at 9AM EST / 3PM CET.

The Last Trade: Morgan Stanley’s ETF filing and Bank of America’s allocation guidance mark a shift in Bitcoin’s market structure. We discuss institutional flows, the limits of cycle models, and why custody risk is becoming central to adoption.

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🎙️ About This Episode

In the first Last Trade of 2026, we unpack why Morgan Stanley’s ETF filing and Bank of America’s advisor rollout are major signals of Bitcoin’s institutional maturation. We discuss how shifting access and solicitation may reshape the cycle debate, why fundamentals can strengthen even when price chops, and what it means that Bitcoin settled roughly $25T in value in 2025.

We also explore the rise of “long degeneracy” as a symptom of broken incentives, then close on the part of adoption most people avoid: custody risk. As Bitcoin’s value grows, so does the incentive for attacks and concentration failures, which is why market structure and resilient custody models matter more than ever.

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.

🧠 Chapters

00:00 — Why This Year Feels Different for Bitcoin

02:05 — Morgan Stanley’s ETF Filing & Institutional Demand

11:30 — Sentiment vs. Fundamentals: 2026 Bitcoin Setup

21:34 — Degeneracy, Nihilism, Work, & Money

34:12 — Agency, AI, & the Future of Wealth Creation

37:14 — Dead Internet, Slop, & the Return to Analog Signal

39:22 — Running It Hot: AI, Growth Narratives, & Asset Inflation

43:09 — Fraud, GDP, & the Trust Breakdown

49:43 — Institutional Trust Erosion & Market Consequences

53:17 — Mimetic Momentum: What Ignites the Next Reflexive Move

01:04:10 — Gold vs. Bitcoin: Wealth Effects & the Broken Denominator

01:07:56 — Custody Risk Comes Into Focus

01:22:16 — Market Structure, Custody, & Bitcoin’s Path Forward

01:27:08 — Outro & Disclaimer

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🎧 The Last Trade | Final Settlement | Scarce Assets

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Presented collaboratively by Early Riders & Onramp Media…

Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.

00:00 - Welcome Back and Market Overview

02:47 - Inflation and Asset Trends

05:44 - Regulatory Changes and Institutional Adoption

08:53 - Security Risks and Custody Solutions

11:52 - Market Sentiment and Long-Term Thinking

14:57 - The Role of AI and Future Predictions

33:15 - Navigating the Content Proliferation Challenge

35:59 - The Future of Value in Digital Content

40:19 - Stablecoins vs. Bitcoin: The Future of Transactions

42:10 - Tether's Strategic Positioning in Global Markets

48:43 - The Shift of Talent and Capital to Favorable Jurisdictions

56:17 - Understanding the Economic Landscape and Future Opportunities

If you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly.

Links discussed:
https://x.com/exec_sum/status/2005751198725640395?s=20
https://x.com/bearlyai/status/2006474217206985085?s=20
https://x.com/paoloardoino/status/2002414704753586398?s=20

Keep up with Michael:

https://x.com/MTanguma
https://www.linkedin.com/in/mtanguma/

Keep up with Brian:

https://x.com/BackslashBTC
https://www.linkedin.com/in/brian-cubellis-00b1a660/

Keep up with Liam:

https://x.com/Lnelson_21
https://www.linkedin.com/in/liam-nelson1/