Saylor Bitcoin Custody Comments Called ‘Batshit Insane’

Chill Out, Saylor

Dude, Vitalik Buterin, the brains behind Ethereum, is not holding back on MicroStrategy’s big guy Michael Saylor. He’s completely slammed Saylor’s take on Bitcoin custody. This guy, Saylor, thinks transferring Bitcoin to “too big to fail” banks is the way to go. Honestly, it sounds wild.

Saylor’s Wild Shift

In a recent sit-down with Madison Reidy, Saylor insisted Bitcoin holders should hand over their BTC to major banks. He believes these banks can provide better security than self-custody. When the topic of potential government seizures came up, he wrote it off. “It’s a myth and a trope that goes on over and over again,” he said. He isn’t afraid to label worried folks as “paranoid crypto-anarchists.” Crazy, right?

Instead of advocating for hardware wallets or other forms of self-custody, he’s pushing the idea that these huge banks would make great guardians of your crypto. Seriously, this has set off mad alarms in the Bitcoin community.

Vitalik Fires Back

Vitalik, not one to shy away, shot back at Saylor’s comments. He even admitted his role in promoting some of the Bitcoin narratives in the past. But that’s history. Now, he thinks those ideas are outdated with new tech like snarks shaking up the scene.

He criticized Saylor’s regulatory capture angle. “He seems to be explicitly arguing for a regulatory capture approach to protecting crypto,” Vitalik stated. He added that it’s not the right move for crypto culture. “There’s plenty of precedent for how this strategy can fail,” he noted, calling Saylor’s ideas batshit insane.

Concerns Over Custody

Jameson Lopp, a big name at Casa HODL, has also joined the convo. He shared serious concerns about institutional custody. The centralization of coins is risky! It can lead to loss and seizure, and it totally takes the power away from the Bitcoin community. “Self-custody is not merely important to individual Bitcoin holders,” he emphasized. This is a big deal for the future of the entire network.

Saylor’s Response

After the buzz, Saylor tweeted a pic of himself with a red rose, saying, “Spread Bitcoin with love.” Was it a peace offering? Hard to say, but he might be trying to cool down the heat.

MicroStrategy’s Bitcoin Stash

By the way, Saylor’s company, MicroStrategy, holds a whopping 252,220 Bitcoin. That’s worth about $16.95 billion at today’s rate. They’ve been stacking Bitcoin since way back, with unrealized gains soaring high.

So, while Saylor’s pushing his “banks are the best” theory, Vitalik and the rest aren’t about to let it slide without a fight. Remember, Saylor Bitcoin Custody isn’t just about convenience; it’s about preserving the spirit of Bitcoin.

Source: https://www.cryptopolitan.com/vitalik-buterin-saylors-comment-insane/