Bitcoin Hasn’t Changed—So Why Is Everyone Selling?

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Bitcoin hasn’t changed—but market sentiment, Bitcoin treasury companies, institutional adoption, and the custody landscape are shifting fast. In this episode, Jackson Mikalic explains the Bitcoin bear market, why investors are panicking, and what may drive the next phase of adoption.

We also explore Bitcoin self-custody, multi-institution custody, inheritance planning, AI agents using Bitcoin, Wall Street’s growing involvement, and whether the Trump administration delivered on its promises to the Bitcoin industry.

Jackson Mikalic is the host of The Last Trade podcast and works with Onramp Bitcoin, where he helps individuals and families think through long-term Bitcoin ownership, security, custody, and generational wealth.

This conversation is for educational purposes only and should not be considered financial advice.

Timestamps

00:00 Inflation, Bitcoin and the political rug pull

01:23 Bitcoin hasn’t changed—so what has?

02:11 Understanding Bitcoin’s latest market cycle

03:01 Leverage, liquidations and collapsing crypto assets

05:30 Is now the time to buy more Bitcoin?

06:25 Financial institutions are building during the bear market

08:09 Why Bitcoin treasury companies may be permanently impaired

10:32 Own Bitcoin—not just Bitcoin exposure

12:39 Why Onramp Bitcoin was created

14:39 Bitcoin inheritance and generational wealth

15:20 The risks of leaving Bitcoin on exchanges

16:26 When self-custody becomes too complicated

17:12 How multi-institution custody works

20:31 Proof of reserves versus proof of ownership

23:19 Why podcasts build trust for Bitcoin businesses

29:12 Does Bitcoin’s price need to keep rising?

31:30 Is there a ceiling to Bitcoin self-custody?

33:25 AI, leaked data and physical security risks

35:22 Protecting your family versus complete sovereignty

39:12 Bitcoin as money, savings and a unit of account

40:10 Why hyperbitcoinization is taking longer than expected

41:30 Could AI adopt Bitcoin before humans?

46:49 Did Trump rug pull the Bitcoin industry?

47:58 What went wrong with Bitcoin treasury companies

48:34 Wall Street’s Bitcoin infrastructure buildout

50:45 Why financial institutions will eventually bend the knee to Bitcoin

53:29 How Bitcoin changes the way you see the world

56:22 Podcasting, creativity and meaningful relationships

58:50 Where to follow Jackson and learn about Onramp Bitcoin

Connect with Us:

Jackson on LinkedIn:https://www.linkedin.com/in/jacksonmikalic/

Onramp Media Podcast: https://open.spotify.com/show/15ONfoz8s1vqyVGbg7re4H

Onramp Bitcoin: https://onrampbitcoin.com/

Kyle on X: https://x.com/thekylehuber

Kyle on Instagram: @kylehuber21

Kyle's Website: kylehuber.com

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