Bitcoin custody firm Onramp released a report in July 2026 advocating for direct ownership of spot bitcoin instead of paper claims, as bitcoin's price trades around 50% below its late-2025 high.
Key Points from Onramp's 'Back to Basics' Report
The report highlights bitcoin's fixed supply capped at 21 million coins as a core value factor, contrasting it with fiat currencies that lose purchasing power over time due to inflationary policies. It shows bitcoin's issuance schedule, halving events, and decentralized governance where authority lies with full node operators rather than miners or corporations.
Onramp defends proof of work by noting miners' use of flared gas and excess renewable energy, positioning bitcoin as a digital successor to gold that is scarce, durable, and globally transferable with full auditability by holders.
Volatility is characterized as an inherent feature during bitcoin's monetization phase, with historical drawdowns of 50% or more eventually followed by recoveries surpassing previous highs. The firm recommends a mechanical dollar cost averaging strategy over market timing, aligning with recent analyst advice during price dips.
In its strongest argument, the report differentiates between owning bitcoin directly and holding "paper bitcoin," implying that spot bitcoin offers more reliable long-term value. This perspective builds on bitcoin's scarcity and transparent protocol rules to support accumulation at current price levels.
Onramp's previous analysis also emphasized the opportunity presented by the recent 50% price decline.
This article is for informational purposes and does not constitute financial advice.
