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.

00:00:00 – Intro + Why This Episode Matters 00:02:42 – BPI’s Strategic Reserve Toolkit: Origin Story 00:05:05 – Toolkit Design Philosophy: Modular, Open Source, Comprehensive 00:07:05 – Why States (Not Just Feds) Should Lead 00:09:14 – Execution Challenges: Buying, Custody, and Governance 00:16:15 – The Case for Multi-Institution Custody 00:19:05 – Custody Standards, QCs, and Onramp’s Role 00:25:30 – How States Can Actually Buy Bitcoin 00:29:15 – Funding Sources: Taxes, Pensions, Bit Bonds 00:35:15 – Toolkit as an Educational Resource 00:54:15 – Bitcoin Opportunity Zones & Energy Development 00:57:45 – Property Rights & Custody Protections 01:01:45 – Why Self-Custody Is Non-Negotiable