Bitcoin, AI, and the Credit Air Pocket with Michael Tanguma

Originally aired on Joe Consorti's "Over the Horizon" podcast.Watch the full episode on Joe's channel.Michael Tanguma joins Joe Consorti to break down the launch of Onramp Finance, the macro setup heading into the next leg of Bitcoin's run, and why custody remains the most underappreciated risk in the entire digital asset stack. The conversation covers the institutional groundwork being laid across Wall Street, the case against digital credit products marketed to retail, and how AI plus Bitcoin are converging into the most asymmetric business opportunity of this cycle.Over the Horizon: https://www.youtube.com/@JoinHorizonJoe Consorti on X: https://x.com/JoeConsortiMichael Tanguma on X: https://x.com/MTangumaOnramp Finance: https://onrampbitcoin.com/finance00:00 — What's behind the rally04:17 — Institutional groundwork falling into place11:31 — ETFs as the on-ramp to MIC15:30 — Why custody is existential for Bitcoin19:36 — How MIC works24:47 — Announcing Onramp Finance33:45 — Why everyone is converging on this architecture44:44 — Stretch and the digital credit problem53:26 — The custody question nobody asks about DATs55:05 — AI, credit air pockets, and the Treasury market1:06:08 — Bitcoin + AI as the asymmetric opportunity1:12:19 — Closing thoughtsTopics CoveredThe macro setup heading into the back half of 2026, including Morgan Stanley's MSBT launch, Charles Schwab opening Bitcoin trading, Goldman's premium income ETF as a trial balloon, the Iran conflict's impact on commodity settlement, and Hank Paulson's call for a Treasury demand backstop.The Onramp Finance launch — a unified platform combining a cash-earning account paying up to 5%, the lowest-cost Bitcoin brokerage, an earn card with up to 1.5% rewards, IRAs, lending, and spot gold exposure through Argo with optional physical delivery from the Royal Canadian Mint. Built on Stripe-powered settlement infrastructure, with the Genesis founding cohort capped at 210 members.Why multi-institution custody is the inevitable end state for serious Bitcoin holders, the limits of single-custodian ETF structures, and the case that DATs holding billions across three custodians without addressing custody-layer risk are building on a faulty premise.A direct take on Stretch and the digital credit category — why retail-driven preferreds priced at marginal spreads over real inflation are not compensating holders for the risk being taken.The convergence of Bitcoin and AI as the two defining technologies of the next decade, and why bootstrapped Bitcoin-denominated businesses leveraging AI tooling have the structural advantage over fiat-funded incumbents carrying bureaucratic overhead.