BitGo CEO Mike Belshe says tokenization is about access, not trading
BitGo's Mike Belshe says tokenization is about access
BitGo CEO Mike Belshe said in a Bitcoin Magazine video interview that tokenization is not really about trading. In his view, it is about access. Bitcoin Magazine published the interview on September 23, 2026, with Patrick Green credited as the author.
In the same interview, Belshe explains his view of how today's market settlement system developed and why he thinks it still favors the largest players. He also links the way ordinary investors manage their assets to what he calls the K-shaped economy.
Key points from the interview
- Belshe says tokenization is about expanding access rather than about trading.
- He traces the current settlement system back to the 1960s paper crisis, when the New York Stock Exchange had to shut down weekly to settle physical share certificates.
- He says the structure built to fix that problem still caters to the largest players.
- He argues that retail investors' inability to borrow against assets instead of selling them is what drives the K-shaped economy.
- The interview also covers ghost stocks, tokenized equities, custody, proof of reserves, time-locking shares and AI agents that manage assets.
Why he points to the 1960s paper crisis
According to the interview summary, Belshe says the system used today dates back to the 1960s, when the New York Stock Exchange had to close every week just to process physical share certificates. He describes the structure that was built to solve that problem, and says it still serves the biggest market participants first. This is his account and interpretation, presented in the interview.
Retail borrowing and the K-shaped economy
Belshe's central economic point in the interview is about borrowing. He says retail investors cannot easily borrow against the assets they hold, so they have to sell those assets instead. He says this difference is what drives the K-shaped economy. The interview description presents this as his explanation, not as a confirmed finding.
Custody, rules and AI agents on the agenda
The interview is divided into chapters that show the range of topics. They include whether custody concentration creates a new centralization risk, the use of multisig and MPC to remove single points of failure, what the US regulatory framework still needs beyond clarity, and how boardrooms make decisions when there is no legislative path.
Other chapters cover ghost stocks and tokenized equities, proof of reserves and time-locking shares to show conviction, where AI agents fit into managing assets, and what Belshe says he actually meant about the dollar going to zero. The source material lists these topics but does not give the full details of his answers.
What is confirmed
Bitcoin Magazine published the BMTV interview on September 23, 2026, and credits Patrick Green as the author. The statements described here are Belshe's views as presented in that interview. Bitcoin Magazine's disclaimer states that the views and opinions in the show belong to the participants and do not necessarily reflect the policy or position of BTC Inc., Bitcoin Magazine or affiliated entities, and that the content is for information and education only and is not investment, legal, tax or accounting advice.
What is still unclear
The source material is a summary with a chapter list, not a full transcript. It does not include complete quotes, exact figures or dates for the events discussed, and it does not spell out the details behind each chapter. It notes that Belshe explains what he actually meant about the dollar going to zero, but it does not say what that explanation is. The source also gives no announced next steps, decisions or timeline.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.
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