This week’s episode examines how nation-states, institutions, and investors are reassessing reserves and risk in a shifting monetary landscape.
With 32 countries already pursuing Bitcoin through reserves, mining, or legislation, the sovereign game theory is accelerating. Gold is simultaneously being repriced as central banks and asset managers acknowledge the fragility of bonds.
The conversation also dives into Tether’s audacious push toward a $500 billion valuation, the rise (and risks) of Bitcoin treasury companies, and how new accelerators like The Stables are fostering Bitcoin-native businesses. The theme: power is shifting from debt-based assets to scarce, neutral, and verifiable stores of value — Bitcoin and gold.
Nation-State Adoption and Strategic Reserves
Roughly one in six nations now have exposure to Bitcoin through mining, legislation, or reserves.
Neutral assets, such as Bitcoin and gold, are increasingly viewed as alternatives to U.S. Treasuries.
The three key rationales for sovereigns adopting Bitcoin are reserve diversification, trade facilitation, and defensive game theory.
Once G7 or G20 states move, others will be forced to follow to avoid strategic disadvantage.
The U.S. risks politicizing adoption, but the long-term driver remains protection of purchasing power.
Tether’s $500 Billion Ambition
Tether is seeking a valuation that would place it among the world’s most valuable private firms.
The move signals a bid for dominance and deeper integration into global financial institutions.
Valuation would rival that of major global banks, forcing TradFi to acknowledge stablecoins as a systemic asset.
Tether’s story underscores the market’s willingness to accept opacity if the utility is high enough.
For Bitcoiners, it highlights the contrast: transparency, decentralization, and auditability.
Bitcoin Treasury Companies and Custody Risk
Digital asset treasury firms (DATs) have proliferated, offering corporate exposure to Bitcoin.
Many trade below net asset value, exposing execution risk and fragile structures.
Custody remains the elephant in the room - Coinbase custodies 9 of 11 ETFs and many of the leading DATs, creating concentration risk.
Sophisticated investors recognize multi-institution custody (MIC) as the long-term solution.
Education and clarity are essential to move adoption away from wrappers and toward direct ownership.
Gold’s Repricing and Institutional Convergence
Morgan Stanley’s CIO now recommends a “60/20/20” portfolio, with 20% in gold.
Other voices (Deutsche Bank, Gundlach, Dalio) are echoing large gold allocations.
Central banks are leading the bid — ETF inflows are only beginning to catch up.
Gold and Bitcoin are converging as a single “sound money” sleeve in portfolios.
Most investors today still hold neither, leaving them unprepared for debasement.
The Stables and Building Bitcoin Businesses
Onramp and Early Riders launched The Stables, Texas’ first Bitcoin-focused accelerator.
The program combines capital (2–5 BTC investment), legal infrastructure, and mentorship.
Entrepreneurs gain an environment designed for focus and wellness, away from city noise.
Participants can build alongside Onramp and Early Riders teams during four-week residencies.
The goal: foster fundamental, Bitcoin-first businesses rather than speculative noise.
Whether you’re making an initial allocation or already have a significant position, Onramp helps you protect and grow your Bitcoin with institutional-grade custody insured by Lloyd’s of London, seamless inheritance planning, and access to financial services such as bitcoin-backed loans and IRAs.
Private client experience. Multi-institution security. Total peace of mind.
Onramp — Where Security Meets Simplicity.