Michael Saylor, the big boss of MicroStrategy, stirred up a hornet’s nest in the Bitcoin world with his recent comments about custody and regulation. He argued that Bitcoin is actually safer when held by big institutions like BlackRock, Fidelity, and JPMorgan Chase, rather than by individuals.
The Bitcoin Community Pushes Back
This didn’t sit well with the Bitcoin community. People who believe in Bitcoin’s decentralized nature were furious. Even Vitalik Buterin, the co-founder of Ethereum, called Saylor’s statement “batshit insane.”
Saylor Backpedals
Facing a ton of criticism, Saylor seemed to change his tune. He clarified on X (formerly Twitter) that he supports self-custody and the freedom to choose how you store your Bitcoin.
Different Perspectives
While some people appreciated Saylor’s clarification, others weren’t convinced. Some pointed out that self-custody is a crucial part of Bitcoin’s value proposition. Others speculated that MicroStrategy is positioning itself as a Bitcoin bank, which might be a smart move given the current regulatory landscape.
The Takeaway
Saylor’s initial statement and subsequent backtrack highlight the ongoing debate about custody and regulation in the Bitcoin world. The Bitcoin community is passionate about self-custody, but there’s also a growing interest in institutional involvement and easier access to Bitcoin. It remains to be seen how this debate will play out in the future.
