Supply Shock Bitcoin’s Biggest Unsolved Problem is Custody | Michael Tangum
Sep 9, 2025
Michael Tanguma, co-founder and CEO of Onramp, shares insights on Bitcoin's evolving market dynamics and the necessity of innovative custody solutions. He highlights the surge in institutional interest and the implications of gold's performance for Bitcoin’s future. Tanguma argues current custody models are insufficient and advocates for collaborative approaches beyond self-storage. He reflects on the lessons from 2022's market collapse, while discussing the promising outlook for ETFs and the cryptocurrency landscape ahead.
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Sovereign Bid Could Reshape The Cycle
- Michael Tanguma argues this cycle is different because sovereigns and institutions are accumulating sound money like gold and will follow into Bitcoin.
- If sovereign bids scale, Bitcoin will see higher highs and persistently higher lows, changing cyclical dynamics.
Sovereigns Accumulate By Proxy
- Tanguma says sovereign accumulation often happens by proxy, such as national mining and using natural resources to acquire Bitcoin.
- He expects U.S. policy (SBR) clarity to accelerate sovereign participation and institutional flows.
Custody Limits Bitcoin's Growth
- Tanguma: custody remains the fundamental unresolved constraint limiting Bitcoin's market size.
- Existing models (self-custody vs third-party) are two-dimensional solutions to a three-dimensional problem.