Before we get started…

We recently announced the launch of Onramp Trade, our new introductory account tier that provides clients with a cost-efficient, segregated and insured venue to accumulate bitcoin—and a seamless path to long-term custody and financial services.

Sign up before June 30 to access our launch promo:
→ 0% trading fees through October 1
→ 50% off account fees—just $25/month

If you're already an Onramp client, take advantage of our referral program: earn $50 in BTC for each new Trade referral and $150 for each new Multi-Institution Custody referral. It's a simple way to help others get started with a trusted partner—and be rewarded for doing so.

And now, for the weekly roundup…

Bitcoin, Bearer Assets, and Looming Custody Risks

Bitcoin, once considered an intriguing but speculative novelty, has transformed into a global monetary asset priced at over $100,000 per coin. As allocations have grown from modest holdings into significant portions of individual and institutional wealth, the stakes—and risks—of custody have risen exponentially.

Yet, many bitcoin holders continue to secure their wealth on hardware devices stored at home or otherwise on their person. This direct self-custody, while empowering at smaller scales, introduces severe security risks as the value of holdings grows.

Recent headlines demonstrate that targeted theft and physical violence—colloquially known as "wrench attacks"—are escalating precisely because attackers are becoming increasingly aware holders often keep custody of bitcoin personally. In just the past few months, we've seen alarming examples of these attacks:

• High-profile crypto investors have been targeted by armed robbers and kidnappers in major cities globally, from London to Dubai, seeking to gain access to private keys.
• Sophisticated social engineering schemes, including SIM swaps and phishing attacks, are increasingly successful at penetrating even cautious security setups.

The broader trend is clear: with increased value comes increased vulnerability.

Lessons from History: Gold's Rise and Centralization

This scenario echoes a familiar historical pattern. Centuries ago, gold served as money due to its inherent scarcity and universality. However, as individuals amassed significant wealth, personal custody of gold became impractical—and dangerous. Gold holders were inevitably targeted, leading directly to the creation of specialized custodians and, ultimately, banks.

Initially, banks solved a real problem: secure storage and protection from physical threats. However, custodianship inevitably led to centralization. Over time, the gold standard failed precisely because centralization introduced new vulnerabilities—governments could seize reserves, banks could manipulate supplies, and auditability was compromised. The very centralization meant to secure gold ultimately undermined it as sound money.

Bitcoin's Unique Advantage: Multisignature Custody

Fortunately, bitcoin’s digital nature offers us the opportunity to avoid repeating gold’s mistakes. Unlike physical bearer assets, bitcoin’s native multisignature (multisig) capability allows custody to be decentralized across multiple independent parties. This revolutionary property makes it possible to mitigate the risk of theft without sacrificing decentralization or auditability.

Through multisig—particularly multi-institution custody as pioneered by Onramp—no single institution or individual maintains unilateral control of the bitcoin holdings. Instead, multiple key-holding entities must coordinate to authorize transactions, significantly reducing the risks of collusion, theft, fraud, or coercion. This decentralized custody model removes the "honeypot" problem that plagued gold and other monetary assets, where centralized custodians were eventually compromised.

At Onramp, we believe multisig is bitcoin's most underappreciated breakthrough. By distributing trust and removing single points of failure, multisig offers an unprecedented level of security and resilience. It represents a fundamental shift from centralized institutions controlling vast wealth to decentralized, fault-tolerant custody structures that empower holders rather than constrain them.

While multisig technology is a powerful tool for enhancing bitcoin security, it’s only as effective as its implementation. Simply using multisig doesn’t eliminate single points of failure if all the keys are held by the same entity—as is often the case with large custodians like Coinbase or personal DIY setups. True fault tolerance comes from distributing key control across independent institutions, as is done in Onramp’s Multi-Institution Custody (MIC) model. This structure eliminates unilateral control, significantly reducing the risk of loss from compromise, coercion, or internal failure.

Avoiding Gold's Fate: Decentralized Custody as the Path Forward

Today, we stand at a critical juncture. As threats to holders grow, the market risks defaulting into centralized custody solutions—whether ETFs, large exchanges, or traditional financial institutions. This path would risk repeating gold’s historic mistake, reintroducing systemic vulnerabilities through centralization.

But we don't have to follow that path. MIC provides a superior alternative. It combines the best attributes of personal custody—individual control and transparency—with institutional-grade security through distributed control. This decentralized model is uniquely suited for a digital, borderless monetary asset in an increasingly unstable geopolitical and financial environment.

As bitcoin’s adoption continues to scale into significant generational wealth, the stakes for custody grow ever higher. Choosing decentralized, multi-institution custody solutions will not only protect individual holdings but also ensure bitcoin remains resilient and resistant to the threats that have historically undermined sound money.

Leveraging bitcoin's native capabilities, we can establish a custody model fit for the challenges—and opportunities—of a new monetary era.

Chart of the Week

"Came across this great valuation matrix in the new In Gold We Trust report showing where Bitcoin’s price could go if it captures different percentages of gold’s future market cap. If gold hits $5,000/oz by 2030 and Bitcoin captures 50% of its market cap, that puts BTC at $924K."

— Sam Callahan on X / Chart from Incrementum

Quote of the Week

"Bitcoin doesn't care. It's back in the six figures with a lot of room to go.

If you compare its primary functional use case—which is actually a check and a balance on the lack of accountability in fiat unit creation—we still have a long way to go. So gold is a $20 trillion market cap, bitcoin is still $2 trillion despite functional superiority to gold."

— Bill Miller IV on CNBC

Podcasts of the Week

Back Above $100K: The Great Bitcoin Awakening Has Begun

In this episode of The Last Trade, hosts Jackson Mikalic, Michael Tanguma, & Brian Cubellis are joined by Robert Breedlove & Bram Kanstein to discuss bitcoin back above $100K, price driving awareness, rethinking money, media, and meaning, state & sovereign adoption, the bitcoin x AI convergence & more!

Why This Wall Street CEO Says Bitcoin’s Price Isn’t Nearly High Enough

In this episode of The Last Trade, hosts Jackson Mikalic, Michael Tanguma, Brian Cubellis & Tim Kotzman are joined by Tad Smith to discuss why bitcoin’s price isn’t high enough, what drives institutional adoption, liquidity cycles and market divergence, the rise of corporate BTC strategies, sovereign accumulation game theory & more!

Tariffs, Treasuries & $100K BTC: Decoding the China-US Deal’s Ripple Effects

In this episode of Final Settlement, hosts Michael Tanguma, Liam Nelson, & Brian Cubellis discuss the latest deals and news items of the week across bitcoin, technology, and venture capital.

Inside the Monetary Reset: Why Gold and Bitcoin Must Go Higher

In this episode of Scarce Assets, hosts Jackson Mikalic & MIchael Tanguma are joined by David Foley & Larry Lepard to discuss the looming bond market crisis & sovereign debt unraveling, gold & Bitcoin as emerging neutral reserves, BRICS & the global sound money shift, lessons from history & the coming reset.

Closing Note

Onramp provides bitcoin financial services built on multi-institution custody. To learn more about our products for individuals and institutions, schedule a consultation to chat with us about your situation and needs.

Until next week,

Brian Cubellis