Michael Saylor, a staunch believer in Bitcoin and the founder of MicroStrategy, has recently faced fierce criticism for suggesting that Bitcoin be custodied through financial institutions like BlackRock. Even Ethereum founder Vitalik could not hold back, stating that there are many cases of failure for this strategy and that it is not the purpose of cryptocurrency.
Saylor again makes shocking comments!
Michael Saylor, founder of MicroStrategy, frequently promotes the value of Bitcoin in the media and has transformed MicroStrategy into a Bitcoin development company, emphasizing that buying Bitcoin is better than buying MicroStrategy, even stating that the final battle of MicroStrategy is to become a trillion-dollar Bitcoin bank.
(The final battle of MicroStrategy, becoming a trillion-dollar Bitcoin bank)
In an interview with financial journalist Madison Reidy on October 21, Saylor spoke extensively on various topics regarding Bitcoin. When discussing the issue of Bitcoin custody, Michael Saylor believes that having Bitcoin custodied by regulated public institutions, such as BlackRock, Fidelity, JP Morgan, and State Street Bank, would be safer than custody by unregulated private entities, as these public institutions are protected by law and regulation, which can also reduce volatility and loss risks and be more easily accepted by society.
When asked whether the U.S. government would confiscate Bitcoin holders' self-custody rights similarly to how it declared gold ownership illegal in 1933, Saylor stated that there is currently no 'Bitcoin standard' like there was a 'gold standard,' so he believes there is no need for excessive concern. Most people who think the state might approve the confiscation of Bitcoin are 'paranoid crypto-anarchists.'
Vitalik: This is not the purpose of cryptocurrency.
Saylor's remarks sparked a lot of criticism in the community, with even Ethereum founder Vitalik unable to hold back from speaking out. He believes Saylor's comments are too crazy; Saylor seems to clearly advocate for a regulatory approach to protect cryptocurrencies, but there are many precedents of failure for this strategy, and this is not the purpose of cryptocurrency.
Saylor: Bitcoin should welcome all forms of investors.
In fact, the author believes that Saylor's remarks are merely intended to promote Bitcoin, as the entry of traditional finance allows many people who do not understand or dare to touch cryptocurrencies to get to know or invest in Bitcoin through channels they are more familiar with. When mentioning large institutions like BlackRock, Saylor compares them to those overseas exchanges with barely a few operators that are unregulated, stating that large institutions are government-regulated, with politicians' pensions stored in them, so they will naturally protect these institutions from having their assets confiscated. When mentioning those 'paranoid crypto-anarchists,' it is merely a reference to many conspiracy theories circulating online. Saylor believes that if people fear everything, they cannot enjoy the progress brought by technology. As a staunch believer in Bitcoin, Saylor certainly continues to promote the benefits of Bitcoin; he just privately hopes that everyone who wants to buy Bitcoin will choose to buy MicroStrategy instead.
Saylor also indicated this morning with a rose that love should spread Bitcoin, and stated:
I support those who are willing and able to self-custody; everyone has the right to self-custody or choose institutional custody. Bitcoin benefits from various forms of investment from all kinds of entities and should welcome everyone.
This article discusses Michael Saylor's controversial remarks on Bitcoin custody, and Vitalik: This is not the purpose of cryptocurrency. It first appeared on Chain News ABMedia.
