Onramp Bitcoin Media Everyone’s Short Bitcoin — Wall Street Is Buying the Plumbing
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Nov 3, 2025 The hosts dive into MasterCard's $2 billion acquisition of ZeroHash, discussing its implications for Bitcoin and stablecoins. They explore the dominance of stablecoins, with insights on their capital attraction and yield dynamics. A key topic is the ongoing institutional hesitance towards Bitcoin, alongside Coinbase's strategic moves and partnerships. The conversation critiques crypto’s short-term hype cycles, while also examining the evolving trust needs for institutional adoption in finance. Finally, they touch on AI's role in business efficiency and recent layoffs impacting the industry.
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Wall Street Buys The Plumbing, Not The Asset
- MasterCard's $2B ZeroHash buy shows incumbents are buying payment plumbing, not Bitcoin exposure.
- Michael Tanguma argues banks are underestimating Bitcoin's eventual centrality as a settlement layer.
Many Firms Are Short Bitcoin
- Firms chasing stablecoins and orchestration are missing that Bitcoin likely becomes the net-settlement layer.
- Michael Tanguma warns many institutions are effectively short Bitcoin by ignoring custody and settlement.
Partner Pragmatically While Building Custody
- Use Coinbase as a pragmatic partner to access institutional flows while building custody capabilities.
- Michael Tanguma recommends firms import best practices from incumbents and digital natives to win distribution.