According to Cointelegraph, MicroStrategy founder Michael Saylor's suggestion that crypto users should place their Bitcoin in custody with a big bank has been strongly criticized by Ethereum co-founder Vitalik Buterin. Buterin called Saylor's suggestion "ridiculous".
On Oct. 21, Saylor suggested that Bitcoin holders rely on âtoo big to failâ banks, contradicting his previous comments on self-custody. Buterin saw Saylor as defending a regulatory capture strategy.
Saylor warned in an interview that non-regulated entities that do not recognize government, tax or reporting requirements increase the risk of assets being seized. ShapeShift founder Erik Voorhees also disagreed, arguing that self-custody is key to preventing centralization and corruption.
Jameson Lopp, chief security officer at Casa, also emphasized that self-custody is not only important for individual Bitcoin holders, but is also critical to the continued strengthening and improvement of the entire network.
