Bitcoin’s Biggest Unsolved Problem is Custody | Michael Tangum

In this episode, co-founder & CEO of Onramp Michael Tanguma argues that this Bitcoin cycle is fundamentally different due to the rising sovereign and institutional bid, suppressed volatility, and structural changes in custody. He explains why gold’s surge is a smoke detector for sound money adoption, why collaborative custody must evolve beyond self-storage and third-party custodians, and why 2022’s collapse was just a “dry run” for the risks ahead. Enjoy!
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Timestamps:
00:00 Introduction
04:06 Where Are the Sovereigns?
08:10 Whales Selling BTC
09:34 Where is the Cycle Headed?
12:26 Market Infrastructure & Self-Custody
18:43 DATs & Bitcoin Custody
23:30 Why is Custody an Issue?
26:53 Lending Market & FTX 2.0
31:07 Wild West of Crypto
36:13 ETFs & Tokenization
38:19 Altcoins in a Maturing Market
40:54 2025 Predictions
42:25 Final Thoughts

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Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

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