Mike Belshe says tokenization isn’t really about trading — it’s about access. The BitGo CEO walks through how the current system dates back to the 1960s paper crisis, when the New York Stock Exchange had to shut down weekly just to settle physical share certificates, and why the structure built to fix it still caters to the largest players. He explains why retail’s inability to borrow against assets, rather than sell them, is what drives the K-shaped economy. In this BMTV interview he describes what ghost stocks and tokenized equities change about that.

Chapters:00:00 — Does Custody Concentration Create a New Centralization Risk00:35 — Multisig, MPC, and Eliminating Single Points of Failure01:49 — What the US Regulatory Framework Still Needs Beyond Clarity02:39 — How Boardrooms Actually Decide Without a Legislative Path04:17 — Ghost Stocks and Tokenized Equities04:51 — The 1960s Paper Crisis and the System Built to Fix It05:31 — The K-Shaped Economy and Who Can Borrow Against Assets06:54 — Proof of Reserves and Time-Locking Shares to Show Conviction08:18 — Where AI Agents Fit Into Managing Assets10:04 — What He Actually Meant About the Dollar Going to Zero

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