Why Bitcoin Lagged While Gold Rallied

The Last Trade: Gold and silver surge while bitcoin stalls — Mel Mattison unpacks the macro divergence, the Clarity Act's failure, and why the fundamental case for non-USD assets is only getting stronger.

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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

Mel Mattison returns to explain why bitcoin hasn't participated in the broader rally in non-USD assets — even as gold hits all-time highs and emerging markets outperform. Rather than abandoning his thesis, Mel frames bitcoin as being in its "puberty stage," with uneven growth before reaching adult stability.

The conversation unpacks the real reason the Clarity Act failed: stablecoins with yield threaten the banking system's core business model. We explore the sovereign debt picture, why Europe may be the real powder keg, and how the Fed will eventually be forced to expand its balance sheet as traditional treasury buyers exit.

We close on potential upside surprises — including Trump's possible use of Defense Department vehicles to buy bitcoin — and why deflationary forces from AI and demographics may thread the needle between debasement and collapse.

🧠 Chapters

00:00 — 2026 Market Recap & Why Bitcoin Is Stalling

09:29 — Bitcoin's "Puberty Stage" & Investor Base Turnover

24:55 — Emerging Markets, Gold & Non-USD Assets Winning

35:00 — The Clarity Act, Banks & the Inflation Tax

50:23 — Europe as the Powder Keg & Sovereign Debt Risks

58:06 — AI, Demographics & the Permanent Underclass

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