Bitcoin’s Biggest Opportunity Just Opened Up

Most people holding Bitcoin haven't worked out where it should live, and Michael argues that gap is now the biggest opportunity in Bitcoin. Plus Black October, the Pentagon's 90-day grid plan, Visa and Fireblocks, and Anthropic's S-1.

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ABOUT THIS EPISODE

Most people holding Bitcoin have not worked out where it should live, and Michael argues that gap is the opportunity: custody and financial services built for real balances, as exchanges and other single points of failure keep getting tested. Black October sharpened the point. AI found a long-known PHP flaw and a wave of critical vulnerabilities, and Michael argues the safest assets are the ones severed from the internet. The Pentagon's Fortress America plan wants every major base able to run 90 days without civilian power, and Brian notes what a grid failure would do to the money printer. Also: a thought experiment on lab-made and asteroid gold, a rumored Visa deal for Fireblocks at a steep discount to its 2022 valuation, the OCC's final GENIUS Act stablecoin rule, AI agents inside bank accounts, Standard Chartered buying Zodia Custody, Mastercard Agent Pay, OpenAI at $1.4 trillion, and Anthropic's S-1.

CHAPTERS

00:00 - Is the internet down? Critical infrastructure under strain

05:31 - What if new tech rugs gold, and it flows into Bitcoin

08:18 - Visa and Fireblocks: the rumored $2.5B deal

12:20 - MPC vs multisig, and why custodians sell for billions

22:27 - The OCC finalizes its GENIUS Act stablecoin rule

28:10 - AI agents inside bank accounts

29:02 - Standard Chartered signs to buy Zodia Custody

30:47 - DekaBank, Mastercard Agent Pay and Bitcoin as internet money

34:05 - Black October: PHP and a wave of critical vulnerabilities

37:38 - There is no moat, and a flatter world

43:23 - The Pentagon's Fortress America: 90 days off grid

48:39 - OpenAI at $1.4T and Anthropic's S-1

54:26 - Elon on neocloud debt, Meta and Big Tech's AI spend

59:22 - Single point of failure of the week, and the custody opportunity

01:03:53 - a16z drops "crypto" from its new fund name

ABOUT THE SHOW

Final Settlement is a weekly show on capital markets, dealmaking, early-stage venture, Bitcoin applications, and protocol development, presented by Early Riders and Onramp Media with Michael Tanguma, Liam Nelson, and Brian Cubellis.

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• Michael: https://x.com/MTanguma · Liam: https://x.com/Lnelson_21 · Brian: https://x.com/BackslashBTC

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Onramp does not provide financial, tax, or legal advice. Nothing here is a recommendation to buy or sell any asset. This episode is for entertainment purposes only.