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…

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