

BitGo CEO Says Wrapped Bitcoin's Critics Aren't Being 'Intellectually Honest' About Their Concerns
The loudest critics of BitGo's deal with Justin Sun-affiliated BiT Global also want to see their 'number go up.'
BitGo’s deal with BiT Global, a Hong Kong-based crypto custodian, has drawn criticism from some quarters. However, BitGo CEO Mike Belshe believes that this criticism lacks intellectual honesty.
One of the loudest critics, Threshold, has proposed merging its BTC wrapper, tBTC, into Wrapped Bitcoin (wBTC) to address concerns over the shift in control. But Belshe points out that Threshold’s own stated goal is to increase the value of its token.
“They’ve even said publicly that if they had all of Wrapped Bitcoin’s market share, their token's value would be 35 times higher. I understand that they want their token to go up, but we’re facing attacks from every tBTC holder who wants to see that happen,” Belshe said. “Let’s be intellectually honest here: criticizing our efforts to decentralize Wrapped Bitcoin just to boost their token’s value is beyond ridiculous."
Another competitor in the works is cbBTC, an offering from Base blockchain, which Belshe said he finds interesting. However, he believes that if cbBTC were to gain a following and the “DeFi community picks central bank Coinbase as the ultimate steward, then I think all DeFi hope should be lost.”
"Of course, the central bank, CB, Coinbase, they also would love to have Wrapped Bitcoin under their belt. There is no doubt that the model that BitGo is proposing, how we're going to store the keys, is far superior to anything that Coinbase can or would concoct."
Belshe also noted that many critics may not fully understand the legal structure of BiT Global. The company is licensed as a Trust or Company Service Provider (TCSP) in Hong Kong, which gives it a fiduciary duty – like BitGo – to the Wrapped Bitcoin DAO to ensure the security of the bitcoin in its custody.
"We are a fiduciary today, and it’s our duty to ensure that the assets are protected, regardless of where they are held," he said.
Ultimately, the deal is about “eliminating single points of failure” and expanding BitGo’s footprint in Asia, Belshe said.
"We use deep cold storage, separating keys across multiple people, he said. “And now we're taking it a step further by separating them across multiple institutions."
Despite an initial strong reaction from some in the MakerDAO community, on-chain data shows that there hasn’t been a mass exodus out of wBTC via burns.
"It’s not like a 'why Sun' type of thing. It’s about who is a qualified custodian that can receive these assets," he continued.
And that qualified custodian just happens to be in Justin Sun’s portfolio. But it's a portfolio company he can’t control by its very design.
The above is the detailed content of BitGo CEO Says Wrapped Bitcoin's Critics Aren't Being 'Intellectually Honest' About Their Concerns. For more information, please follow other related articles on the PHP Chinese website!

We all watched Bitcoin decline after the massive tariffs imposed by Donald Trump and rebound when he eased them for everyone but China.

In today's fast-paced blockchain world, building a crypto application that seamlessly interacts with multiple networks shouldn't take hours or require juggling endless APIs.

The crypto market is showing positive signs right now. The total market is worth $2.6 trillion, up 0.36%. Bitcoin trades just under $83,000, up 2.27%, while Cardano ADA sits at $0.6268, up 1.79%.

Bitcoin prices fell below a key psychological threshold on Monday, dipping to $79,000 in the afternoon. Although recovering some of its earlier losses

FARTCOIN has been one of the standout performers in the meme coin space, with its price soaring nearly 250% over the last 30 days.

Crypto analyst Saeed has outlined a bearish case for the Bitcoin price, predicting that it could still drop to as low as $74,000.

Grayscale Investments has released its updated “Assets Under Consideration” list for Q2 2025, highlighting a new batch of altcoins that may be featured in future crypto investment products.

The world of cryptocurrency regulation is heating up, with the SEC actively seeking advice from major players like Uniswap (UNI) and Coinbase.

Hot AI Tools

Undresser.AI Undress
AI-powered app for creating realistic nude photos

AI Clothes Remover
Online AI tool for removing clothes from photos.

Undress AI Tool
Undress images for free

Clothoff.io
AI clothes remover

AI Hentai Generator
Generate AI Hentai for free.

Hot Article

Hot Tools

MinGW - Minimalist GNU for Windows
This project is in the process of being migrated to osdn.net/projects/mingw, you can continue to follow us there. MinGW: A native Windows port of the GNU Compiler Collection (GCC), freely distributable import libraries and header files for building native Windows applications; includes extensions to the MSVC runtime to support C99 functionality. All MinGW software can run on 64-bit Windows platforms.

SublimeText3 Linux new version
SublimeText3 Linux latest version

DVWA
Damn Vulnerable Web App (DVWA) is a PHP/MySQL web application that is very vulnerable. Its main goals are to be an aid for security professionals to test their skills and tools in a legal environment, to help web developers better understand the process of securing web applications, and to help teachers/students teach/learn in a classroom environment Web application security. The goal of DVWA is to practice some of the most common web vulnerabilities through a simple and straightforward interface, with varying degrees of difficulty. Please note that this software

Atom editor mac version download
The most popular open source editor

Safe Exam Browser
Safe Exam Browser is a secure browser environment for taking online exams securely. This software turns any computer into a secure workstation. It controls access to any utility and prevents students from using unauthorized resources.