Onramp Bitcoin Media Yield Traps, Paper Games, & Bitcoin's Path to $10M
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Sep 22, 2025 This discussion highlights the booming interest in multi-institution custody and its crucial role in Bitcoin's evolution. They delve into Bitcoin treasury acquisitions and critique traditional treasury strategies. A focus on digital identity raises concerns about security, while stablecoins face global backlash. The conversation shifts to macroeconomic stress and AI's potential to transform investment landscapes. Finally, the implications of the BitGo IPO for digital asset custody shed light on the future of finance.
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Multi-Institution Custody Is The Scaling Path
- Multi-institution custody (MIC) is essential for Bitcoin to scale to institutional levels and remove concentrated counterparty risk.
- MIC provides fault tolerance and distribution of key custody responsibilities that single-custody or self-custody cannot at scale.
Guns, Police, And Custody Analogy
- Michael compares self-custody to guns: important for freedom, but impractical for universal adoption.
- He argues police-like fault-tolerant institutions (multi-institution custody) will be needed when Bitcoin reaches mass adoption.
Apply To The Stables Accelerator
- Apply to Early Riders' Stables accelerator if you build Bitcoin-native infrastructure or startups needing base-level support.
- Use the Texas headquarters and funding program to focus on durable Bitcoin-denominated foundations, not superficial product noise.