Gold, US Debt Costs and Bitcoin Custody

Jackson Mikalic, Michael Tanguma and Brian Cubellis discuss reported reseller-channel incidents involving hardware wallets, JPMorgan's estimate of crypto inflows and Standard Chartered's reported UAE launch. Michael argues that neither self-custody alone nor a single custodian is enough for bitcoin to serve as global money. The hosts then cover federal interest costs relative to US gold reserves, a 3.7% CPI print, gold revaluation versus a bitcoin reserve, and Alphabet's reported $205 billion AI spending plan. This is the show's framing, not investment advice from Onramp.

Chapters

00:00 - Welcome and the Minneapolis meetup 03:02 - JPMorgan's Crypto Inflow Estimate and Standard Chartered's Reported UAE Launch 04:20 - Reported Hardware-Wallet Reseller Incidents and Trezor's Reseller Changes 05:50 - The Hosts on Banks and Self-Custody 09:47 - Michael's Case for a Third Way 13:18 - The Hosts on Self-Custody Tradeoffs and Inheritance 15:52 - The Hosts on How Wealthy Investors View Bitcoin 20:50 - Galaxy's Research on Bitcoin Ownership 25:40 - The Hosts on Federal Interest Costs and US Gold Reserves 27:14 - Long bonds, global yields and a 3.7% CPI print 29:50 - Gold revaluation vs a Bitcoin reserve 33:33 - The Hosts' Case on Tokenization and Bitcoin 37:54 - The Hosts on Qualified Custody and ETFs 42:08 - The Hosts on France, Blackstone and US Monetary Policy 49:41 - Alphabet's $205B AI spending plan 56:10 - The Hosts on Inflation and AI Spending 59:14 - Ten stocks, 39.5% of the S&P 500