MicroStrategy CEO Michael Saylor is once again at the center of a heated debate in the bitcoin community following his recent comments recommending that bitcoins be stored in too big to fail financial institutions rather than too big to fail. The company has becomeOne of the things he recommends is to store bitcoins in financial institutions.
The statement was made on October 21 in an #interview with financial journalist Madison Reidy and sparked a backlash from many #bitcoin supporters. His remarks have been criticized for contradicting his long-standing advocacy for self-storage and individual financial sovereignty in the #cryptocurrency space. His previous statements in favor of self-storage as a protection against corruption and the concentration of power in centralized vaults contrast with his recent statements.
Many bitcoin advocates have accused Saylor of abandoning the basic principles of the cryptocurrency movement. Critics argue that Saylor's suggestion that the risks associated with self-storage are exaggerated undermines bitcoin's decentralized philosophy, similar to the historic ban on private ownership of gold in 1933, and the possibility that the U. S. government will deny bitcoin holders the right to self-storage. When asked if such a thing was possible, Saylor said it was an unrealistic fear spread by paranoid crypto-anarchists.
In the interview, Mr. Saylor talked about a lot of unnecessary fears.
He argued that large financial institutions designed to hold financial assets would do a better job of managing their bitcoin funds than relying on hardware wallets.
The change in his stance is particularly surprising given his comments immediately after the FTX collapse in November 2022.
At the time, Sailor was a vocal advocate of self-storage of bitcoins, believing it was an important measure to prevent centralized custodians from gaining significant power and potentially corrupting the b
itcoin network. You can't create a decentralized network if you can't self-store your coins, he argued at the time, urging people to learn the first 12-word phrase and be prepared to protect their bitcoins.
Reaction to Mr.
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