The Wolf Of All Streets "This One Catalyst Could Trigger Bitcoin’s Next Collapse" | Mike Belshe
Feb 7, 2026
Mike Belshe, CEO of BitGo and veteran digital-asset infrastructure executive, explains how custody, market structure, and institutional behavior shape crypto risk. He discusses BitGo’s IPO timing and public-market rationale. The conversation covers custody versus exchange conflicts, stablecoin design and yield debates, consolidation dangers, and the push to preserve safe tokenized capital markets.
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Separate Custody From Trading
- Market structure must separate custody and trading to avoid single points of catastrophic failure.
- Exchanges should not hold custody or extend counterparty credit risk to protect the capital markets.
Digital Assets Are Hardest To Custody
- Digital assets are bearer instruments, making custody uniquely risky compared with traditional assets.
- If a central exchange holding assets fails, those digital assets may be irretrievably lost.
Route To Best Global Price
- Build platforms that route orders to the best global price rather than trading only on one venue.
- Provide a duty of best execution commercially to match institutional expectations.